NEOS Investment Management LLC Grows Position in Trane Technologies plc $TT

NEOS Investment Management LLC boosted its position in shares of Trane Technologies plc (NYSE:TT) by 54.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 26,638 shares of the company’s stock after acquiring an additional 9,417 shares during the period. NEOS Investment Management LLC’s holdings in Trane Technologies were worth $11,240,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Trane Technologies by 1.7% during the second quarter. Vanguard Group Inc. now owns 19,792,410 shares of the company’s stock valued at $8,657,398,000 after purchasing an additional 335,634 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Trane Technologies by 10.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock valued at $6,550,975,000 after buying an additional 1,433,563 shares in the last quarter. State Street Corp boosted its holdings in Trane Technologies by 0.3% in the 2nd quarter. State Street Corp now owns 10,077,267 shares of the company’s stock worth $4,407,904,000 after buying an additional 31,826 shares during the last quarter. Geode Capital Management LLC increased its stake in Trane Technologies by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 4,973,217 shares of the company’s stock worth $2,164,764,000 after buying an additional 56,293 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Trane Technologies during the second quarter valued at approximately $1,356,065,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on TT. KeyCorp raised shares of Trane Technologies from a “sector weight” rating to an “overweight” rating and set a $500.00 target price on the stock in a research note on Monday, December 15th. Barclays lifted their price objective on Trane Technologies from $505.00 to $507.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Oppenheimer raised their target price on Trane Technologies from $460.00 to $468.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Royal Bank Of Canada raised their price objective on shares of Trane Technologies from $469.00 to $470.00 and gave the stock a “sector perform” rating in a research report on Friday, January 30th. Finally, Melius Research raised shares of Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 price target for the company in a research note on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $484.67.

Trane Technologies Stock Performance

NYSE TT opened at $470.10 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.92. The company has a market cap of $104.05 billion, a P/E ratio of 36.22, a P/E/G ratio of 2.45 and a beta of 1.21. The stock has a 50-day moving average of $406.69 and a two-hundred day moving average of $414.72. Trane Technologies plc has a 1-year low of $298.15 and a 1-year high of $479.37.

Trane Technologies (NYSE:TT) last posted its quarterly earnings data on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating the consensus estimate of $2.81 by $0.05. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The business had revenue of $5.14 billion during the quarter, compared to analyst estimates of $5.09 billion. During the same quarter last year, the firm posted $2.61 earnings per share. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, analysts anticipate that Trane Technologies plc will post 12.83 EPS for the current year.

Trane Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 6th will be given a $1.05 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. This is a boost from Trane Technologies’s previous quarterly dividend of $0.94. Trane Technologies’s payout ratio is currently 28.97%.

Insiders Place Their Bets

In other news, CFO Christopher J. Kuehn sold 2,389 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $462.70, for a total transaction of $1,105,390.30. Following the sale, the chief financial officer owned 60,486 shares of the company’s stock, valued at approximately $27,986,872.20. This trade represents a 3.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Elizabeth A. Elwell sold 137 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $462.48, for a total value of $63,359.76. Following the completion of the transaction, the chief accounting officer directly owned 7,100 shares of the company’s stock, valued at $3,283,608. This trade represents a 1.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 8,936 shares of company stock valued at $4,133,991 in the last three months. Corporate insiders own 0.14% of the company’s stock.

Trane Technologies Profile

Trane Technologies (NYSE: TT) is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.