Lazard Asset Management LLC Raises Stock Position in Trane Technologies plc $TT

Lazard Asset Management LLC lifted its holdings in Trane Technologies plc (NYSE:TT) by 11.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 648,093 shares of the company’s stock after buying an additional 68,737 shares during the period. Lazard Asset Management LLC’s holdings in Trane Technologies were worth $270,086,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in Trane Technologies in the fourth quarter worth about $1,163,124,000. Capital International Investors bought a new stake in shares of Trane Technologies in the 4th quarter valued at approximately $324,639,000. First Trust Advisors LP lifted its stake in shares of Trane Technologies by 536.6% in the 1st quarter. First Trust Advisors LP now owns 532,138 shares of the company’s stock valued at $221,763,000 after purchasing an additional 448,547 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Trane Technologies by 215.9% in the 1st quarter. Hsbc Holdings PLC now owns 653,423 shares of the company’s stock worth $271,950,000 after purchasing an additional 446,598 shares during the period. Finally, Corient Private Wealth LLC boosted its holdings in shares of Trane Technologies by 135.4% in the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock worth $321,757,000 after purchasing an additional 423,090 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Donald E. Simmons sold 4,593 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the transaction, the insider directly owned 3,819 shares of the company’s stock, valued at approximately $1,909,500. This trade represents a 54.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on TT shares. BNP Paribas Exane assumed coverage on Trane Technologies in a report on Tuesday, April 14th. They set an “outperform” rating and a $550.00 price target on the stock. Barclays lifted their price objective on shares of Trane Technologies from $507.00 to $585.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. KeyCorp increased their target price on shares of Trane Technologies from $525.00 to $555.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Sanford C. Bernstein set a $555.00 target price on shares of Trane Technologies in a report on Thursday, July 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Trane Technologies from $460.00 to $476.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $516.67.

Trane Technologies Stock Performance

Shares of Trane Technologies stock opened at $481.09 on Monday. The stock’s fifty day moving average is $470.13 and its two-hundred day moving average is $450.29. The company has a market capitalization of $106.34 billion, a PE ratio of 37.21, a price-to-earnings-growth ratio of 2.21 and a beta of 1.19. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. Trane Technologies plc has a 52 week low of $348.06 and a 52 week high of $505.87.

Trane Technologies (NYSE:TT) last released its earnings results on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.10. The business had revenue of $4.97 billion during the quarter, compared to the consensus estimate of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the company earned $2.45 earnings per share. As a group, analysts expect that Trane Technologies plc will post 14.89 earnings per share for the current year.

Trane Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be given a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, September 4th. Trane Technologies’s payout ratio is 32.48%.

About Trane Technologies

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.