Summit Global Investments Has $1.10 Million Position in Trane Technologies plc (NYSE:TT)

Summit Global Investments reduced its holdings in Trane Technologies plc (NYSE:TT) by 15.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,989 shares of the company’s stock after selling 544 shares during the period. Summit Global Investments’ holdings in Trane Technologies were worth $1,104,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TT. Swedbank AB increased its stake in Trane Technologies by 2.8% in the 3rd quarter. Swedbank AB now owns 743,794 shares of the company’s stock valued at $289,135,000 after buying an additional 20,400 shares during the last quarter. Advisors Asset Management Inc. increased its stake in Trane Technologies by 23.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,728 shares of the company’s stock valued at $1,449,000 after buying an additional 714 shares during the last quarter. Citizens Financial Group Inc. RI grew its position in shares of Trane Technologies by 41.9% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 2,405 shares of the company’s stock valued at $935,000 after acquiring an additional 710 shares during the period. Icon Wealth Advisors LLC grew its position in shares of Trane Technologies by 172.8% in the 3rd quarter. Icon Wealth Advisors LLC now owns 5,132 shares of the company’s stock valued at $1,995,000 after acquiring an additional 3,251 shares during the period. Finally, Stonebrook Private Inc. grew its position in shares of Trane Technologies by 0.9% in the 3rd quarter. Stonebrook Private Inc. now owns 5,348 shares of the company’s stock valued at $2,079,000 after acquiring an additional 49 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on TT. Melius Research reissued a “hold” rating and issued a $398.00 price objective on shares of Trane Technologies in a research report on Tuesday, January 28th. JPMorgan Chase & Co. lifted their target price on shares of Trane Technologies from $387.00 to $396.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Melius downgraded shares of 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. UBS Group reduced 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. Finally, Barclays reduced their target price on shares of Trane Technologies from $500.00 to $475.00 and set an “overweight” rating for the company in a report on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $413.69.

Insider Activity

In related news, CEO David S. Regnery sold 2,754 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $357.34, for a total transaction 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 Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Mairead Magner sold 198 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $357.61, for a total transaction of $70,806.78. Following the transaction, the senior vice president now owns 13,401 shares of the company’s stock, valued at approximately $4,792,331.61. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,234 shares of company stock worth $2,588,102. 0.38% of the stock is currently owned by corporate insiders.

Trane Technologies Price Performance

Shares of NYSE:TT opened at $347.30 on Friday. The firm has a 50 day moving average of $361.24 and a 200-day moving average of $379.75. The stock has a market capitalization of $77.90 billion, a PE ratio of 30.87, a PEG ratio of 2.50 and a beta of 1.08. The company has a current ratio of 1.21, a quick ratio of 0.88 and a debt-to-equity ratio of 0.58. Trane Technologies plc has a 12 month low of $286.32 and a 12 month high of $422.00.

Trane Technologies (NYSE:TT) last issued its earnings results on Thursday, January 30th. The company reported $2.61 EPS for the quarter, beating the consensus estimate of $2.52 by $0.09. Trane Technologies had a net margin of 12.94% and a return on equity of 35.37%. On average, equities research analysts predict that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

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

About Trane Technologies

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.