Trane Technologies plc (NYSE:TT) Announces $0.84 Quarterly Dividend

Trane Technologies plc (NYSE:TT - Get Free Report) declared a quarterly dividend on Thursday, April 4th, Zacks reports. Investors of record on Friday, June 7th will be given a dividend of 0.84 per share on Friday, June 28th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Friday, June 7th.

Trane Technologies has increased its dividend by an average of 23.6% annually over the last three years and has raised its dividend every year for the last 5 years. Trane Technologies has a dividend payout ratio of 29.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Trane Technologies to earn $11.37 per share next year, which means the company should continue to be able to cover its $3.36 annual dividend with an expected future payout ratio of 29.6%.

Trane Technologies Trading Up 2.4 %

Shares of TT stock traded up $7.15 during trading hours on Friday, reaching $304.66. 811,439 shares of the stock were exchanged, compared to its average volume of 1,024,323. Trane Technologies has a 12-month low of $162.04 and a 12-month high of $306.13. The company has a current ratio of 1.13, a quick ratio of 0.78 and a debt-to-equity ratio of 0.57. The company's 50-day moving average price is $282.90 and its 200-day moving average price is $243.60. The firm has a market capitalization of $69.18 billion, a price-to-earnings ratio of 34.66, a price-to-earnings-growth ratio of 2.36 and a beta of 1.05.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results on Thursday, February 1st. The company reported $2.17 EPS for the quarter, topping analysts' consensus estimates of $2.13 by $0.04. Trane Technologies had a net margin of 11.45% and a return on equity of 32.01%. The firm had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.43 billion. During the same period in the previous year, the company earned $1.82 EPS. The firm's revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities analysts anticipate that Trane Technologies will post 10.19 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Keith A. Sultana sold 1,983 shares of the company's stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $272.26, for a total value of $539,891.58. Following the transaction, the senior vice president now directly owns 42,575 shares of the company's stock, valued at approximately $11,591,469.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Trane Technologies news, SVP Keith A. Sultana sold 1,637 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $267.74, for a total transaction of $438,290.38. Following the sale, the senior vice president now directly owns 42,374 shares of the company's stock, valued at approximately $11,345,214.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Keith A. Sultana sold 1,983 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $272.26, for a total value of $539,891.58. Following the sale, the senior vice president now directly owns 42,575 shares in the company, valued at $11,591,469.50. The disclosure for this sale can be found here. Insiders sold a total of 29,874 shares of company stock worth $8,462,825 in the last 90 days. 0.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Trane Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC purchased a new stake in shares of Trane Technologies during the 1st quarter worth about $178,000. Blair William & Co. IL boosted its stake in shares of Trane Technologies by 3.0% during the 1st quarter. Blair William & Co. IL now owns 16,727 shares of the company's stock worth $2,554,000 after acquiring an additional 495 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in shares of Trane Technologies during the 1st quarter worth about $219,000. Vanguard Group Inc. boosted its stake in shares of Trane Technologies by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 18,133,851 shares of the company's stock worth $2,769,040,000 after acquiring an additional 77,924 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of Trane Technologies by 3.8% during the 1st quarter. Mackenzie Financial Corp now owns 956,177 shares of the company's stock worth $146,008,000 after acquiring an additional 34,591 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on TT. Wells Fargo & Company boosted their price objective on shares of Trane Technologies from $200.00 to $246.00 and gave the company an "underweight" rating in a research report on Tuesday, December 19th. Citigroup upped their price target on shares of Trane Technologies from $246.00 to $269.00 and gave the stock a "buy" rating in a research report on Monday, December 11th. The Goldman Sachs Group upped their price target on shares of Trane Technologies from $253.00 to $287.00 and gave the stock a "neutral" rating in a research report on Monday, February 5th. Stephens upped their price target on shares of Trane Technologies from $235.00 to $280.00 and gave the stock an "equal weight" rating in a research report on Tuesday, February 6th. Finally, Barclays upped their price target on shares of Trane Technologies from $286.00 to $325.00 and gave the stock an "overweight" rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $239.92.

Trane Technologies Company Profile

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.