Westfield Capital Management Co. LP Buys 102,247 Shares of Trane Technologies plc $TT

Key Points

• Westfield Capital Management increased its Trane Technologies stake by 642.4% in Q4, buying 102,247 additional shares and lifting its holding to 118,163 shares worth about $46 million.
• Trane Technologies reported better-than-expected quarterly results, with EPS of $2.63 versus $2.53 expected and revenue of $4.97 billion, up 6% year over year.
• The company announced a quarterly dividend of $1.05 per share, and analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average target price of $506.56.

Westfield Capital Management Co. LP boosted its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 642.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 118,163 shares of the company's stock after acquiring an additional 102,247 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.05% of Trane Technologies worth $45,989,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in TT. Norges Bank bought a new stake in Trane Technologies during the 4th quarter worth about $1,163,124,000. JPMorgan Chase & Co. grew its holdings in Trane Technologies by 10.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock worth $6,550,975,000 after acquiring an additional 1,433,563 shares during the last quarter. Corient Private Wealth LLC grew its holdings in Trane Technologies by 135.4% during the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company's stock worth $321,757,000 after acquiring an additional 423,090 shares during the last quarter. SG Americas Securities LLC grew its holdings in Trane Technologies by 13,460.8% during the 4th quarter. SG Americas Securities LLC now owns 423,504 shares of the company's stock worth $164,828,000 after acquiring an additional 420,381 shares during the last quarter. Finally, Credit Agricole S A bought a new stake in Trane Technologies during the 3rd quarter worth about $118,129,000. Institutional investors own 82.97% of the company's stock.

Trane Technologies Stock Down 1.6%

Trane Technologies stock opened at $456.51 on Friday. The company's 50 day simple moving average is $458.85 and its 200 day simple moving average is $431.33. Trane Technologies plc has a fifty-two week low of $348.06 and a fifty-two week high of $503.47. The firm has a market capitalization of $100.91 billion, a price-to-earnings ratio of 35.31, a PEG ratio of 2.14 and a beta of 1.20. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.10. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The business had revenue of $4.97 billion for the quarter, compared to analyst estimates of $4.81 billion. During the same quarter last year, the firm earned $2.45 EPS. Trane Technologies's quarterly revenue was up 6.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Trane Technologies plc will post 14.88 EPS for the current year.

Trane Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be issued a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, September 4th. Trane Technologies's dividend payout ratio (DPR) is 32.48%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on TT shares. JPMorgan Chase & Co. raised their target price on shares of Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a research note on Thursday, May 14th. Royal Bank Of Canada raised their target price on shares of Trane Technologies from $440.00 to $501.00 and gave the company a "sector perform" rating in a research note on Friday, May 1st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Trane Technologies in a research note on Monday, April 20th. Evercore started coverage on shares of Trane Technologies in a research note on Monday, April 13th. They issued an "outperform" rating and a $535.00 target price on the stock. Finally, Citigroup raised their target price on shares of Trane Technologies from $525.00 to $570.00 and gave the company a "buy" rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Trane Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $506.56.

Insider Activity at Trane Technologies

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of the firm's stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the sale, the insider directly owned 3,819 shares in the company, valued at approximately $1,909,500. This trade represents a 54.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of the firm's stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the sale, the chief financial officer owned 60,576 shares in the company, valued at $27,259,200. This trade represents a 12.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.43% of the company's stock.

About Trane Technologies

Trane Technologies NYSE: TT is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.

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