Assenagon Asset Management S.A. Raises Stake in Trane Technologies plc (NYSE:TT)

Assenagon Asset Management S.A. boosted its position in Trane Technologies plc (NYSE:TT) by 76.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 417,193 shares of the company’s stock after buying an additional 181,335 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.18% of Trane Technologies worth $162,175,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. GoalVest Advisory LLC lifted its stake in Trane Technologies by 157.1% in the first quarter. GoalVest Advisory LLC now owns 90 shares of the company’s stock worth $27,000 after acquiring an additional 55 shares during the period. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Trane Technologies in the first quarter worth $27,000. BOK Financial Private Wealth Inc. purchased a new stake in Trane Technologies in the first quarter worth $30,000. Fortitude Family Office LLC lifted its stake in Trane Technologies by 63.2% in the second quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock worth $37,000 after acquiring an additional 43 shares during the period. Finally, Triad Wealth Partners LLC purchased a new stake in Trane Technologies in the second quarter worth $39,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

TT has been the subject of a number of research reports. Barclays increased their price objective on Trane Technologies from $394.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada increased their price objective on Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a report on Thursday, August 1st. The Goldman Sachs Group raised their price target on Trane Technologies from $364.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Stephens reaffirmed an “equal weight” rating and issued a $350.00 price target on shares of Trane Technologies in a research report on Monday, August 5th. Finally, Morgan Stanley started coverage on Trane Technologies in a research report on Friday, September 6th. They issued an “overweight” rating and a $425.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $373.58.

Trane Technologies Stock Performance

NYSE:TT traded down $1.72 during mid-day trading on Thursday, reaching $394.11. The company’s stock had a trading volume of 400,147 shares, compared to its average volume of 1,093,327. Trane Technologies plc has a 12-month low of $184.02 and a 12-month high of $406.96. The firm’s fifty day moving average price is $372.79 and its two-hundred day moving average price is $341.49. The company has a current ratio of 1.17, a quick ratio of 0.84 and a debt-to-equity ratio of 0.62. The stock has a market cap of $89.21 billion, a P/E ratio of 41.85, a PEG ratio of 2.75 and a beta of 1.01.

Trane Technologies (NYSE:TT) last issued its earnings results on Wednesday, July 31st. The company reported $3.30 earnings per share for the quarter, topping analysts’ consensus estimates of $3.08 by $0.22. Trane Technologies had a return on equity of 33.97% and a net margin of 12.33%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.13 billion. During the same quarter in the previous year, the firm earned $2.68 EPS. Trane Technologies’s revenue was up 12.8% on a year-over-year basis. On average, equities analysts forecast that Trane Technologies plc will post 10.88 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 6th will be paid a dividend of $0.84 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.85%. Trane Technologies’s dividend payout ratio is currently 35.90%.

Insider Buying and Selling at Trane Technologies

In other Trane Technologies news, EVP Raymond D. Pittard sold 1,805 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $328.65, for a total transaction of $593,213.25. Following the completion of the sale, the executive vice president now directly owns 83,517 shares in the company, valued at $27,447,862.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO David S. Regnery sold 29,450 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $321.25, for a total transaction of $9,460,812.50. Following the completion of the transaction, the chief executive officer now directly owns 132,946 shares in the company, valued at approximately $42,708,902.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Raymond D. Pittard sold 1,805 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $328.65, for a total value of $593,213.25. Following the transaction, the executive vice president now owns 83,517 shares of the company’s stock, valued at approximately $27,447,862.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.

Trane Technologies 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.