Synovus Financial Corp Buys 1,271 Shares of Trane Technologies plc (NYSE:TT)

Synovus Financial Corp raised its stake in shares of Trane Technologies plc (NYSE:TT) by 16.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 8,828 shares of the company’s stock after purchasing an additional 1,271 shares during the period. Synovus Financial Corp’s holdings in Trane Technologies were worth $3,431,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of TT. Hennion & Walsh Asset Management Inc. lifted its position in Trane Technologies by 1.5% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 24,951 shares of the company’s stock worth $8,207,000 after buying an additional 374 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Trane Technologies by 3.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 137,243 shares of the company’s stock worth $45,143,000 after acquiring an additional 4,180 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Trane Technologies by 3.9% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 589,313 shares of the company’s stock valued at $193,843,000 after purchasing an additional 22,179 shares in the last quarter. Parsons Capital Management Inc. RI grew its holdings in shares of Trane Technologies by 3.1% during the 2nd quarter. Parsons Capital Management Inc. RI now owns 9,348 shares of the company’s stock valued at $3,075,000 after purchasing an additional 280 shares during the last quarter. Finally, First Pacific Financial purchased a new position in Trane Technologies in the 2nd quarter worth $870,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Trane Technologies Price Performance

TT stock opened at $399.36 on Friday. The firm has a 50-day moving average of $402.05 and a 200 day moving average of $364.54. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.22 and a quick ratio of 0.92. The company has a market cap of $89.87 billion, a P/E ratio of 37.05, a PEG ratio of 2.43 and a beta of 1.03. Trane Technologies plc has a 1 year low of $233.76 and a 1 year high of $422.00.

Trane Technologies (NYSE:TT) last released its earnings results on Wednesday, October 30th. The company reported $3.37 EPS for the quarter, beating analysts’ consensus estimates of $3.23 by $0.14. The company had revenue of $5.44 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.79 EPS. On average, sell-side analysts forecast that Trane Technologies plc will post 11.13 EPS for the current year.

Trane Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 6th will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date is Friday, December 6th. Trane Technologies’s dividend payout ratio is presently 31.17%.

Insider Buying and Selling

In related news, SVP Mairead Magner sold 4,329 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $416.00, for a total value of $1,800,864.00. Following the sale, the senior vice president now owns 12,893 shares in the company, valued at $5,363,488. This represents a 25.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.38% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on TT shares. Mizuho upped their price target on shares of Trane Technologies from $325.00 to $400.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Robert W. Baird dropped their target price on Trane Technologies from $408.00 to $404.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. UBS Group initiated coverage on Trane Technologies in a research note on Wednesday, November 13th. They issued a “buy” rating and a $500.00 price target on the stock. Citigroup increased their price objective on Trane Technologies from $457.00 to $478.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, The Goldman Sachs Group lifted their target price on shares of Trane Technologies from $364.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Trane Technologies presently has a consensus rating of “Hold” and an average target price of $409.93.

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.