Trane Technologies plc (NYSE:TT - Get Free Report) was the recipient of a large decrease in short interest during the month of May. As of May 15th, there was short interest totalling 3,470,000 shares, a decrease of 18.9% from the April 30th total of 4,280,000 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average daily volume of 1,660,000 shares, the days-to-cover ratio is currently 2.1 days.
Insider Activity at Trane Technologies
In related news, insider Donald E. Simmons sold 3,571 shares of the business's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $380.00, for a total value of $1,356,980.00. Following the transaction, the insider now owns 3,593 shares in the company, valued at $1,365,340. The trade was a 49.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.38% of the stock is owned by insiders.
Institutional Investors Weigh In On Trane Technologies
Several hedge funds have recently made changes to their positions in TT. Vanguard Group Inc. increased its stake in shares of Trane Technologies by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 19,456,776 shares of the company's stock valued at $6,555,377,000 after acquiring an additional 221,206 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Trane Technologies by 9.8% during the 1st quarter. JPMorgan Chase & Co. now owns 15,722,530 shares of the company's stock worth $5,297,235,000 after buying an additional 1,408,421 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Trane Technologies by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 4,775,263 shares of the company's stock worth $1,760,549,000 after buying an additional 136,349 shares during the period. Ameriprise Financial Inc. boosted its holdings in Trane Technologies by 7.2% in the first quarter. Ameriprise Financial Inc. now owns 3,585,300 shares of the company's stock valued at $1,208,044,000 after acquiring an additional 241,910 shares during the last quarter. Finally, Norges Bank acquired a new stake in Trane Technologies during the fourth quarter worth about $1,117,816,000. Institutional investors and hedge funds own 82.97% of the company's stock.
Trane Technologies Price Performance
Trane Technologies stock traded up $0.18 during trading hours on Wednesday, hitting $432.93. The stock had a trading volume of 733,410 shares, compared to its average volume of 1,575,099. The stock has a market capitalization of $96.55 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 2.50 and a beta of 1.14. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.21 and a quick ratio of 0.88. Trane Technologies has a 1-year low of $298.15 and a 1-year high of $436.61. The stock's fifty day moving average is $377.29 and its two-hundred day moving average is $376.08.
Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.25. Trane Technologies had a net margin of 12.94% and a return on equity of 35.37%. The company had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter in the prior year, the firm earned $1.94 earnings per share. The company's revenue for the quarter was up 11.2% compared to the same quarter last year. As a group, analysts predict that Trane Technologies will post 12.83 earnings per share for the current fiscal year.
Trane Technologies Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 6th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $3.76 annualized dividend and a yield of 0.87%. Trane Technologies's dividend payout ratio (DPR) is presently 31.28%.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on TT shares. Barclays dropped their target price on Trane Technologies from $500.00 to $475.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Hsbc Global Res raised shares of Trane Technologies from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Robert W. Baird upped their price objective on shares of Trane Technologies from $360.00 to $396.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. UBS Group raised their target price on shares of Trane Technologies from $470.00 to $500.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, Citigroup lifted their target price on shares of Trane Technologies from $415.00 to $445.00 and gave the company a "buy" rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $427.47.
Read Our Latest Analysis on Trane Technologies
About Trane Technologies
(
Get Free Report)
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.
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