Griffin Asset Management Inc. Invests $766,000 in Trane Technologies plc (NYSE:TT)

Griffin Asset Management Inc. bought a new stake in shares of Trane Technologies plc (NYSE:TT) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 2,550 shares of the company’s stock, valued at approximately $766,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of Trane Technologies by 5.4% in the third quarter. JPMorgan Chase & Co. now owns 17,085,662 shares of the company’s stock valued at $3,466,852,000 after acquiring an additional 880,583 shares during the period. Ameriprise Financial Inc. grew its position in Trane Technologies by 2.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,050,779 shares of the company’s stock worth $821,952,000 after purchasing an additional 103,823 shares during the last quarter. Morgan Stanley increased its holdings in shares of Trane Technologies by 0.6% during the 3rd quarter. Morgan Stanley now owns 2,797,382 shares of the company’s stock worth $567,617,000 after purchasing an additional 17,758 shares during the period. Norges Bank acquired a new position in shares of Trane Technologies during the fourth quarter valued at about $655,804,000. Finally, Capital World Investors lifted its stake in shares of Trane Technologies by 0.6% in the fourth quarter. Capital World Investors now owns 2,176,595 shares of the company’s stock valued at $530,870,000 after buying an additional 11,930 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Buying and Selling at Trane Technologies

In other news, SVP Evan M. Turtz sold 8,988 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $321.30, for a total transaction of $2,887,844.40. Following the transaction, the senior vice president now directly owns 20,758 shares in the company, valued at $6,669,545.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Evan M. Turtz sold 8,988 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $321.30, for a total transaction of $2,887,844.40. Following the transaction, the senior vice president now owns 20,758 shares of the company’s stock, valued at $6,669,545.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Christopher J. Kuehn sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $318.67, for a total value of $1,274,680.00. Following the completion of the transaction, the chief financial officer now owns 61,293 shares in the company, valued at approximately $19,532,240.31. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

TT has been the subject of several recent research reports. Robert W. Baird upped their price target on Trane Technologies from $315.00 to $344.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. The Goldman Sachs Group lifted their price target on shares of Trane Technologies from $287.00 to $326.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. TD Cowen increased their price objective on shares of Trane Technologies from $325.00 to $360.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Stephens lifted their target price on shares of Trane Technologies from $310.00 to $320.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. increased their price target on shares of Trane Technologies from $247.00 to $300.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Trane Technologies has an average rating of “Hold” and an average target price of $309.79.

Trane Technologies Stock Performance

NYSE:TT opened at $328.93 on Friday. The stock has a market capitalization of $74.45 billion, a P/E ratio of 35.14, a price-to-earnings-growth ratio of 2.61 and a beta of 1.01. Trane Technologies plc has a 1 year low of $184.02 and a 1 year high of $345.46. The firm has a 50 day moving average of $325.25 and a 200-day moving average of $289.71. The company has a current ratio of 1.13, a quick ratio of 0.74 and a debt-to-equity ratio of 0.58.

Trane Technologies (NYSE:TT) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.30. The firm had revenue of $4.22 billion during the quarter, compared to the consensus estimate of $3.99 billion. Trane Technologies had a return on equity of 32.78% and a net margin of 11.81%. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.41 EPS. As a group, sell-side analysts anticipate that Trane Technologies plc will post 10.48 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date is Friday, September 6th. Trane Technologies’s dividend payout ratio is currently 35.90%.

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.