Assenagon Asset Management S.A. Increases Stock Holdings in Trane Technologies plc (NYSE:TT)

Assenagon Asset Management S.A. lifted its stake in shares of Trane Technologies plc (NYSE:TT) by 822.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 91,083 shares of the company’s stock after buying an additional 81,214 shares during the period. Assenagon Asset Management S.A.’s holdings in Trane Technologies were worth $22,215,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of Trane Technologies by 36.4% in the third quarter. Wellington Management Group LLP now owns 1,639,058 shares of the company’s stock valued at $332,581,000 after buying an additional 436,997 shares during the period. CHICAGO TRUST Co NA raised its stake in shares of Trane Technologies by 2.1% in the fourth quarter. CHICAGO TRUST Co NA now owns 3,136 shares of the company’s stock valued at $765,000 after buying an additional 64 shares during the period. Graypoint LLC raised its stake in shares of Trane Technologies by 46.0% during the 3rd quarter. Graypoint LLC now owns 2,043 shares of the company’s stock valued at $414,000 after purchasing an additional 644 shares during the period. Keybank National Association OH raised its stake in shares of Trane Technologies by 3.2% during the 3rd quarter. Keybank National Association OH now owns 24,352 shares of the company’s stock valued at $4,941,000 after purchasing an additional 756 shares during the period. Finally, Invera Wealth Advisors LLC bought a new stake in shares of Trane Technologies during the 4th quarter valued at $4,097,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Trane Technologies Trading Up 0.1 %

NYSE TT opened at $299.71 on Thursday. Trane Technologies plc has a 1-year low of $162.04 and a 1-year high of $305.00. The firm has a market cap of $68.06 billion, a PE ratio of 34.10, a price-to-earnings-growth ratio of 2.34 and a beta of 1.05. The stock has a 50-day moving average of $276.03 and a 200-day moving average of $239.55. The company has a current ratio of 1.13, a quick ratio of 0.78 and a debt-to-equity ratio of 0.57.

Trane Technologies (NYSE:TT) last posted its quarterly earnings results on Thursday, February 1st. The company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.04. Trane Technologies had a return on equity of 32.01% and a net margin of 11.45%. The company had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same quarter in the prior year, the business posted $1.82 EPS. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Trane Technologies plc will post 10.18 EPS for the current year.

Trane Technologies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.84 dividend. This is an increase from Trane Technologies’s previous quarterly dividend of $0.75. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date is Thursday, February 29th. Trane Technologies’s dividend payout ratio (DPR) is 38.23%.

Analyst Ratings Changes

A number of research firms recently issued reports on TT. Royal Bank of Canada boosted their price objective on Trane Technologies from $231.00 to $246.00 and gave the company a “sector perform” rating in a research note on Friday, February 2nd. Citigroup boosted their target price on Trane Technologies from $246.00 to $269.00 and gave the stock a “buy” rating in a research report on Monday, December 11th. The Goldman Sachs Group boosted their target price on Trane Technologies from $253.00 to $287.00 and gave the stock a “neutral” rating in a research report on Monday, February 5th. Wells Fargo & Company boosted their target price on Trane Technologies from $200.00 to $246.00 and gave the stock an “underweight” rating in a research report on Tuesday, December 19th. Finally, Stephens boosted their target price on Trane Technologies from $235.00 to $280.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Trane Technologies has a consensus rating of “Hold” and an average price target of $232.31.

Insider Transactions at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 3,762 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $286.48, for a total value of $1,077,737.76. Following the transaction, the chief financial officer now directly owns 61,691 shares of the company’s stock, valued at approximately $17,673,237.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Trane Technologies news, EVP Paul A. Camuti sold 508 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $273.34, for a total transaction of $138,856.72. Following the sale, the executive vice president now directly owns 89,447 shares of the company’s stock, valued at $24,449,442.98. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Christopher J. Kuehn sold 3,762 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $286.48, for a total value of $1,077,737.76. Following the sale, the chief financial officer now directly owns 61,691 shares in the company, valued at $17,673,237.68. The disclosure for this sale can be found here. Insiders have sold a total of 29,874 shares of company stock worth $8,462,825 in the last ninety days. Insiders own 0.39% 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.