Magellan Asset Management Ltd Has $262.91 Million Holdings in Trane Technologies plc (NYSE:TT)

Magellan Asset Management Ltd grew its holdings in shares of Trane Technologies plc (NYSE:TT) by 7.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,374,631 shares of the company’s stock after purchasing an additional 89,642 shares during the quarter. Trane Technologies comprises about 2.3% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 19th biggest position. Magellan Asset Management Ltd owned approximately 0.60% of Trane Technologies worth $262,912,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Capital Advisors Ltd. LLC lifted its position in Trane Technologies by 453.6% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 155 shares of the company’s stock worth $30,000 after acquiring an additional 127 shares during the last quarter. Live Oak Investment Partners acquired a new position in Trane Technologies in the fourth quarter valued at about $30,000. WealthPLAN Partners LLC bought a new stake in Trane Technologies during the 1st quarter worth approximately $33,000. 1832 Asset Management L.P. bought a new stake in shares of Trane Technologies during the first quarter worth $34,000. Finally, Dark Forest Capital Management LP bought a new stake in Trane Technologies during the 1st quarter worth about $43,000. Institutional investors and hedge funds own 80.66% of the company’s stock.

Trane Technologies Stock Performance

Shares of TT stock traded up $0.06 on Tuesday, hitting $227.01. The company’s stock had a trading volume of 185,590 shares, compared to its average volume of 1,340,978. Trane Technologies plc has a fifty-two week low of $162.04 and a fifty-two week high of $229.94. The stock’s 50 day moving average is $205.62 and its 200-day moving average is $195.35. The company has a market capitalization of $51.66 billion, a PE ratio of 26.77, a PEG ratio of 1.85 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.87 and a current ratio of 1.29.

Trane Technologies (NYSE:TT) last issued its quarterly earnings results on Wednesday, November 1st. The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.66 by $0.13. The business had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.80 billion. Trane Technologies had a return on equity of 31.97% and a net margin of 11.30%. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.27 earnings per share. Equities research analysts expect that Trane Technologies plc will post 9.01 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.32%. The ex-dividend date is Thursday, November 30th. Trane Technologies’s dividend payout ratio is currently 35.34%.

Analyst Ratings Changes

Several research firms have recently commented on TT. JPMorgan Chase & Co. raised Trane Technologies from an “underweight” rating to a “neutral” rating and set a $191.00 target price for the company in a research note on Friday, October 6th. HSBC started coverage on shares of Trane Technologies in a report on Friday, September 15th. They set a “buy” rating and a $256.00 target price on the stock. Wells Fargo & Company cut their price target on Trane Technologies from $195.00 to $190.00 in a report on Monday, October 9th. Mizuho boosted their price objective on shares of Trane Technologies from $185.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, August 3rd. Finally, Bank of America raised Trane Technologies from an “underperform” rating to a “neutral” rating and increased their price target for the company from $187.00 to $210.00 in a research report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Trane Technologies presently has an average rating of “Hold” and a consensus target price of $207.31.

Insider Activity

In other Trane Technologies news, SVP Keith A. Sultana sold 1,637 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $217.36, for a total transaction of $355,818.32. Following the completion of the sale, the senior vice president now directly owns 42,257 shares in the company, valued at $9,184,981.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Trane Technologies news, EVP Raymond D. Pittard sold 13,144 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $218.24, for a total value of $2,868,546.56. Following the completion of the transaction, the executive vice president now directly owns 82,235 shares in the company, valued at approximately $17,946,966.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Keith A. Sultana sold 1,637 shares of Trane Technologies stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $217.36, for a total transaction of $355,818.32. Following the transaction, the senior vice president now owns 42,257 shares in the company, valued at approximately $9,184,981.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,366 shares of company stock worth $7,093,065. 0.39% of the stock is currently owned by corporate insiders.

Trane Technologies Profile

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.