Norges Bank Takes Position in Trane Technologies plc (NYSE:TT)

Norges Bank acquired a new position in shares of Trane Technologies plc (NYSE:TT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,026,440 shares of the company’s stock, valued at approximately $1,117,816,000. Norges Bank owned 1.34% of Trane Technologies at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Global Wealth Strategies & Associates bought a new position in shares of Trane Technologies in the 4th quarter valued at about $26,000. Sound Income Strategies LLC raised its holdings in Trane Technologies by 1,314.3% in the 4th quarter. Sound Income Strategies LLC now owns 99 shares of the company’s stock valued at $37,000 after acquiring an additional 92 shares in the last quarter. Flagship Wealth Advisors LLC bought a new stake in shares of Trane Technologies during the 4th quarter worth approximately $37,000. Golden State Wealth Management LLC bought a new stake in Trane Technologies during the fourth quarter worth $39,000. Finally, Legacy Investment Solutions LLC acquired a new stake in Trane Technologies in the third quarter valued at about $44,000. Institutional investors own 82.97% of the company’s stock.

Trane Technologies Price Performance

Shares of Trane Technologies stock opened at $346.58 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.88 and a current ratio of 1.21. Trane Technologies plc has a 52-week low of $286.32 and a 52-week high of $422.00. The company has a fifty day moving average of $358.99 and a 200-day moving average of $379.82. The stock has a market capitalization of $77.74 billion, a price-to-earnings ratio of 30.81, a price-to-earnings-growth ratio of 2.50 and a beta of 1.08.

Trane Technologies (NYSE:TT) last posted its quarterly earnings results on Thursday, January 30th. The company reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.09. Trane Technologies had a net margin of 12.94% and a return on equity of 35.37%. Equities research analysts expect that Trane Technologies plc will post 12.83 EPS for the current year.

Trane Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 7th will be given a $0.94 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $3.76 annualized dividend and a yield of 1.08%. This is an increase from Trane Technologies’s previous quarterly dividend of $0.84. Trane Technologies’s payout ratio is presently 33.42%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on TT shares. Wells Fargo & Company cut their price objective on Trane Technologies from $380.00 to $360.00 and set an “underweight” rating on the stock in a report on Friday, January 31st. Melius downgraded shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $398.00 price target on the stock. in a research report on Tuesday, January 28th. Barclays lowered their target price on Trane Technologies from $500.00 to $475.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Melius Research restated a “hold” rating and issued a $398.00 target price on shares of Trane Technologies in a research note on Tuesday, January 28th. Finally, Royal Bank of Canada upped their price objective on shares of Trane Technologies from $390.00 to $395.00 and gave the stock a “sector perform” rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, Trane Technologies currently has a consensus rating of “Hold” and an average target price of $413.69.

Insider Activity

In other news, CEO David S. Regnery sold 2,754 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $357.34, for a total transaction of $984,114.36. Following the completion of the transaction, the chief executive officer now directly owns 132,969 shares of the company’s stock, valued at approximately $47,515,142.46. This represents a 2.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Christopher J. Kuehn sold 876 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $357.42, for a total value of $313,099.92. Following the completion of the sale, the chief financial officer now directly owns 63,841 shares in the company, valued at $22,818,050.22. The trade was a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,234 shares of company stock valued at $2,588,102. 0.38% of the stock is currently owned by company insiders.

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.