Norges Bank Takes $1.12 Billion Position in Trane Technologies plc (NYSE:TT)

Norges Bank purchased a new position in Trane Technologies plc (NYSE:TT) in the fourth quarter, HoldingsChannel reports. The fund purchased 3,026,440 shares of the company’s stock, valued at approximately $1,117,816,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Global Wealth Strategies & Associates bought a new stake in Trane Technologies during the fourth quarter worth about $26,000. Sound Income Strategies LLC grew its stake in shares of Trane Technologies by 1,314.3% in the 4th quarter. Sound Income Strategies LLC now owns 99 shares of the company’s stock worth $37,000 after buying an additional 92 shares during the last quarter. Flagship Wealth Advisors LLC purchased a new position in Trane Technologies during the fourth quarter valued at $37,000. Golden State Wealth Management LLC bought a new stake in Trane Technologies in the fourth quarter worth $39,000. Finally, Legacy Investment Solutions LLC purchased a new stake in shares of Trane Technologies in the third quarter worth $44,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Trane Technologies Price Performance

NYSE TT 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. The business’s fifty day moving average is $358.99 and its 200 day moving average is $379.82. The company has a market capitalization of $77.74 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 2.50 and a beta of 1.08. Trane Technologies plc has a fifty-two week low of $286.32 and a fifty-two week high of $422.00.

Trane Technologies (NYSE:TT) last announced its quarterly earnings data on Thursday, January 30th. The company reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.52 by $0.09. Trane Technologies had a return on equity of 35.37% and a net margin of 12.94%. Sell-side analysts predict that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 7th will be paid a dividend of $0.94 per share. This is a boost from Trane Technologies’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Friday, March 7th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.08%. Trane Technologies’s payout ratio is 33.42%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on TT shares. UBS Group decreased their target price on shares of Trane Technologies from $500.00 to $470.00 and set a “buy” rating for the company in a report on Friday, January 31st. Royal Bank of Canada upped their price objective on Trane Technologies from $390.00 to $395.00 and gave the company a “sector perform” rating in a research report on Friday, January 3rd. Melius lowered Trane Technologies from a “buy” rating to a “hold” rating and set a $398.00 target price for the company. in a report on Tuesday, January 28th. Melius Research reaffirmed a “hold” rating and set a $398.00 price objective on shares of Trane Technologies in a research report on Tuesday, January 28th. Finally, Citigroup decreased their target price on Trane Technologies from $478.00 to $476.00 and set a “buy” rating for the company in a research report on Monday, January 13th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Trane Technologies has a consensus rating of “Hold” and a consensus price target of $413.69.

Insider Buying and Selling

In other Trane Technologies news, CEO David S. Regnery sold 2,754 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $357.34, for a total value of $984,114.36. Following the completion of the transaction, the chief executive officer now directly owns 132,969 shares in the company, valued at $47,515,142.46. This represents a 2.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Christopher J. Kuehn sold 876 shares of Trane Technologies stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $357.42, for a total transaction of $313,099.92. Following the sale, the chief financial officer now owns 63,841 shares in the company, valued at approximately $22,818,050.22. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,234 shares of company stock valued at $2,588,102. Company 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.