Trane Technologies, a leading provider of solutions for buildings, homes, and transportation, has announced an increase in its quarterly dividend to $0.75 per share, up from $0.67 per share previously. The dividend will be paid on March 31st to investors of record on March 3rd. Trane Technologies operates in three business segments and has a current market cap of $40.67 billion. Additionally, the company’s insiders sold 38,970 shares of company stock worth $6,927,921 over the last quarter, while institutional investors and hedge funds own 81.47% of the company’s stock. Trane Technologies’ shares are currently traded on the NYSE under the ticker symbol TT. The company had a revenue of $4.07 billion for the fourth quarter of 2022, an increase of 14.1% compared to the same quarter the previous year. Equities analysts predict that Trane Technologies will post 8.34 earnings per share for the current year.
Trane Technologies plc Receives “Hold” Consensus Recommendation from Analysts
Trane Technologies plc (NYSE:TT – Get Rating) has been given an average rating of “Hold” by 18 different ratings firms covering the company, according to a report by Marketbeat.com. Recent research reports have also been published about TT, including:
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UBS Group, which gave a “buy” rating and raised their target price from $200.00 to $224.00 on March 7th.
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Bank of America, which downgraded Trane Technologies from “neutral” to “underperform” and set a $160.00 target price on December 12th.
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Wells Fargo & Company, which raised their price target from $163.00 to $176.00 and gave the company an “underweight” rating on February 3rd.
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Royal Bank of Canada, which raised their price target from $164.00 to $177.00 and gave the company a “sector perform” rating on February 3rd.
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BMO Capital Markets, which downgraded Trane Technologies from “outperform” to “market perform” and set a $180.00 price target on December 21st.
These reports have influenced the overall consensus recommendation of “Hold” for Trane Technologies plc.
Trane Technologies Insiders Sell Shares, While Hedge Funds Show Interest
Trane Technologies (NYSE:TT) has seen recent insider selling activity. EVP Paul A. Camuti sold 7,950 shares of the company’s stock on March 3rd for an average price of $190.78, bringing in a total of $1,516,701. Following this sale, Camuti now holds 89,021 shares valued at $16,983,426.38. EVP Raymond D. Pittard also sold 23,003 shares of the company’s stock on January 3rd for an average price of $170.42, resulting in a total transaction of $3,920,171.26. Following the sale, Pittard holds 87,718 shares valued at $14,948,901.56.
According to a report by hedge fund tracking website Insider Monkey, Trane Technologies is attracting the interest of hedge funds. As of the end of the fourth quarter of 2021, 45 hedge funds tracked by Insider Monkey held stakes in TT, with a total value of $2.38 billion. This represents an increase of 2 hedge funds from the previous quarter.
As of December 31, 2021, insiders sold a total of 38,970 shares of company stock worth $6,927,921. Despite this insider selling, hedge funds have shown continued interest in Trane Technologies.
Trane Technologies Attracts Interest from Large Investors
Trane Technologies (NYSE:TT) has recently seen changes in the positions of several large investors. Acadian Asset Management LLC acquired a new position in Trane Technologies shares worth $178,000 during the first quarter. Blair William & Co. IL increased their position in the company by 3.0%, now owning 16,727 shares worth $2,554,000. Additionally, Sequoia Financial Advisors LLC acquired a new position in the company worth $219,000 during the first quarter. Vanguard Group Inc. raised their stake in Trane Technologies by 0.4% during the same period and now owns 18,133,851 shares worth $2,769,040,000. Finally, Mackenzie Financial Corp lifted their position in the company by 3.8%, owning 956,177 shares worth $146,008,000. Overall, 81.47% of the stock is owned by institutional investors and hedge funds.
Trane Technologies Stock Performance
On Friday, Trane Technologies stock opened at $177.53. The stock has a 1-year low of $120.64 and a 1-year high of $196.22. Its fifty-day moving average price is $181.96, and its 200-day moving average price is $169.74. The company has a market cap of $40.67 billion, a P/E ratio of 23.70, a price-to-earnings-growth ratio of 2.19, and a beta of 1.00. Trane Technologies has a debt-to-equity ratio of 0.62, a current ratio of 1.12, and a quick ratio of 0.77.
Trane Technologies Earnings and Dividend
In their earnings report on February 2nd, Trane Technologies announced earnings per share (EPS) of $1.82 for the quarter, exceeding analysts’ consensus estimates of $1.64 by $0.18. The company’s return on equity was 29.14%, and their net margin was 10.98%. Trane Technologies had revenue of $4.07 billion, up 14.1% compared to the same quarter the previous year. On average, analysts predict that the company will post $8.34 EPS for the current year.
Trane Technologies recently announced an increase in their dividend payout. The company’s Board of Directors declared a quarterly dividend of $0.59 per share, payable on June 30th, 2023 to shareholders of record as of June 16th, 2023.
Trane Technologies has declared a new quarterly dividend, which will be paid on March 31st to investors of record on March 3rd. The dividend amount is $0.75 per share, which represents a $3.00 annualized dividend and a yield of 1.69%. This marks an increase from the previous quarterly dividend of $0.67. Trane Technologies’ dividend payout ratio is currently 40.05%. Trane Technologies is a global leader in providing innovative solutions for buildings, homes, and transportation. The company operates in three business segments: Americas, EMEA, and Asia Pacific. The Americas segment includes commercial and residential heating and cooling systems, building controls, energy services and solutions, and transport refrigeration systems in North and Latin America. To stay updated on the latest news and analysts’ ratings for Trane Technologies, investors can subscribe to MarketBeat.com’s free daily email newsletter.
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