Magnetar Financial LLC bought a new stake in shares of Trane Technologies plc (NYSE:TT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 13,734 shares of the company's stock, valued at approximately $5,073,000.
Several other hedge funds also recently added to or reduced their stakes in the business. Tidal Investments LLC grew its position in shares of Trane Technologies by 22.2% during the 3rd quarter. Tidal Investments LLC now owns 15,827 shares of the company's stock valued at $6,152,000 after acquiring an additional 2,874 shares during the period. Synovus Financial Corp boosted its position in Trane Technologies by 16.8% during the third quarter. Synovus Financial Corp now owns 8,828 shares of the company's stock worth $3,431,000 after purchasing an additional 1,271 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of Trane Technologies in the fourth quarter valued at approximately $468,000. HB Wealth Management LLC raised its stake in shares of Trane Technologies by 14.3% during the 4th quarter. HB Wealth Management LLC now owns 5,689 shares of the company's stock worth $2,101,000 after buying an additional 711 shares during the period. Finally, Crossmark Global Holdings Inc. lifted its position in shares of Trane Technologies by 31.2% during the 4th quarter. Crossmark Global Holdings Inc. now owns 29,057 shares of the company's stock valued at $10,733,000 after buying an additional 6,910 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on TT shares. Royal Bank of Canada upped their price objective on shares of Trane Technologies from $390.00 to $395.00 and gave the stock a "sector perform" rating in a research report on Friday, January 3rd. Wells Fargo & Company lowered their price objective on Trane Technologies from $380.00 to $360.00 and set an "underweight" rating on the stock in a report on Friday, January 31st. JPMorgan Chase & Co. increased their target price on Trane Technologies from $387.00 to $396.00 and gave the company a "neutral" rating in a report on Friday, January 31st. Melius Research reiterated a "hold" rating and issued a $398.00 target price on shares of Trane Technologies in a research report on Tuesday, January 28th. Finally, Melius downgraded shares of Trane Technologies from a "buy" rating to a "hold" rating and set a $398.00 price target on the stock. in a research note on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $413.69.
Check Out Our Latest Analysis on TT
Trane Technologies Trading Up 3.3 %
Shares of TT stock traded up $11.44 during trading hours on Monday, hitting $358.58. The company had a trading volume of 1,587,788 shares, compared to its average volume of 1,167,792. Trane Technologies plc has a fifty-two week low of $286.32 and a fifty-two week high of $422.00. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.21 and a quick ratio of 0.88. The company's fifty day moving average is $360.87 and its 200 day moving average is $380.10. The stock has a market capitalization of $80.43 billion, a PE ratio of 31.87, a price-to-earnings-growth ratio of 2.50 and a beta of 1.08.
Trane Technologies (NYSE:TT - Get Free Report) last announced its earnings results on Thursday, January 30th. The company reported $2.61 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%. Research analysts expect that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.
Trane Technologies Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 7th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.05%. The ex-dividend date is Friday, March 7th. This is a boost from Trane Technologies's previous quarterly dividend of $0.84. Trane Technologies's dividend payout ratio (DPR) is currently 33.42%.
Insiders Place Their Bets
In other news, SVP Mairead Magner sold 198 shares of the company's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $357.61, for a total transaction of $70,806.78. Following the completion of the transaction, the senior vice president now directly owns 13,401 shares of the company's stock, valued at approximately $4,792,331.61. This represents a 1.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Christopher J. Kuehn sold 770 shares of the company's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $358.39, for a total value of $275,960.30. Following the completion of the transaction, the chief financial officer now directly owns 62,221 shares of the company's stock, valued at $22,299,384.19. This trade represents a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,234 shares of company stock worth $2,588,102 over the last 90 days. Corporate insiders own 0.38% of the company's stock.
Trane Technologies Profile
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Free Report)
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.
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