Trane Technologies plc (NYSE:TT) Announces Quarterly Dividend of $0.94

Trane Technologies plc (NYSE:TT - Get Free Report) announced a quarterly dividend on Thursday, June 5th, RTT News reports. Investors of record on Friday, September 5th will be paid a dividend of 0.94 per share on Tuesday, September 30th. This represents a $3.76 dividend on an annualized basis and a yield of 0.87%.

Trane Technologies has raised its dividend by an average of 12.5% annually over the last three years and has increased its dividend every year for the last 5 years. Trane Technologies has a dividend payout ratio of 26.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Trane Technologies to earn $14.11 per share next year, which means the company should continue to be able to cover its $3.76 annual dividend with an expected future payout ratio of 26.6%.

Trane Technologies Stock Performance

TT traded down $1.59 during trading on Thursday, reaching $431.03. 796,291 shares of the company's stock were exchanged, compared to its average volume of 1,350,200. 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 company's fifty day simple moving average is $379.31 and its 200-day simple moving average is $376.47. The stock has a market capitalization of $96.13 billion, a P/E ratio of 38.31, a price-to-earnings-growth ratio of 2.50 and a beta of 1.14.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $2.45 earnings per share for the quarter, topping analysts' consensus estimates of $2.20 by $0.25. Trane Technologies had a net margin of 12.94% and a return on equity of 35.37%. The firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.46 billion. During the same quarter in the prior year, the business earned $1.94 earnings per share. The business's quarterly revenue was up 11.2% compared to the same quarter last year. As a group, research analysts predict that Trane Technologies will post 12.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on the company. Robert W. Baird raised their target price on Trane Technologies from $360.00 to $396.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. 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. Barclays decreased their target price on shares of Trane Technologies from $500.00 to $475.00 and set an "overweight" rating for the company in a research note on Monday, March 10th. HSBC upgraded shares of Trane Technologies from a "hold" rating to a "buy" rating and raised their price target for the company from $405.00 to $415.00 in a research report on Friday, April 25th. Finally, Stephens upgraded shares of Trane Technologies from an "equal weight" rating to an "overweight" rating and set a $475.00 price objective for the company in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $427.47.

Insider Buying and Selling

In other Trane Technologies news, insider Donald E. Simmons sold 3,571 shares of Trane Technologies stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $380.00, for a total transaction of $1,356,980.00. Following the sale, the insider now owns 3,593 shares of the company's stock, valued at $1,365,340. The trade was a 49.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Trane Technologies

An institutional investor recently raised its position in Trane Technologies stock. Brighton Jones LLC increased its position in shares of Trane Technologies plc (NYSE:TT - Free Report) by 60.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,194 shares of the company's stock after acquiring an additional 2,323 shares during the quarter. Brighton Jones LLC's holdings in Trane Technologies were worth $2,288,000 as of its most recent filing with the Securities and Exchange Commission. 82.97% of the stock is owned by hedge funds and other institutional investors.

About Trane Technologies

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.