Franklin Resources Inc. Has $831.04 Million Stake in Trane Technologies plc $TT

Franklin Resources Inc. grew its holdings in Trane Technologies plc (NYSE:TT) by 17.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,135,250 shares of the company’s stock after acquiring an additional 318,458 shares during the period. Franklin Resources Inc.’s holdings in Trane Technologies were worth $831,042,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in TT. Norges Bank acquired a new stake in shares of Trane Technologies in the fourth quarter valued at approximately $1,163,124,000. JPMorgan Chase & Co. lifted its position in shares of Trane Technologies by 10.2% in the third quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock valued at $6,550,975,000 after buying an additional 1,433,563 shares during the last quarter. Capital International Investors acquired a new stake in shares of Trane Technologies in the fourth quarter valued at approximately $324,639,000. Corient Private Wealth LLC lifted its position in shares of Trane Technologies by 135.4% in the second quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock valued at $321,757,000 after buying an additional 423,090 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Trane Technologies by 13,460.8% in the fourth quarter. SG Americas Securities LLC now owns 423,504 shares of the company’s stock valued at $164,828,000 after buying an additional 420,381 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TT has been the subject of several research reports. KeyCorp raised their price objective on shares of Trane Technologies from $525.00 to $555.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Royal Bank Of Canada raised their price objective on shares of Trane Technologies from $440.00 to $501.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. Citigroup raised their price objective on shares of Trane Technologies from $525.00 to $570.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. BNP Paribas Exane initiated coverage on shares of Trane Technologies in a research report on Tuesday, April 14th. They set an “outperform” rating and a $550.00 price objective for the company. Finally, Evercore initiated coverage on shares of Trane Technologies in a research report on Monday, April 13th. They set an “outperform” rating and a $535.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $506.56.

Trane Technologies Stock Down 0.1%

Shares of TT opened at $456.51 on Monday. Trane Technologies plc has a 12 month low of $348.06 and a 12 month high of $503.47. The firm’s 50 day moving average is $458.85 and its 200-day moving average is $431.46. The stock has a market capitalization of $100.91 billion, a PE ratio of 35.31, a P/E/G ratio of 2.10 and a beta of 1.20. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46.

Trane Technologies (NYSE:TT) last announced its earnings results on Friday, May 1st. The company reported $2.63 EPS for the quarter, topping the consensus estimate of $2.53 by $0.10. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company had revenue of $4.97 billion for the quarter, compared to analysts’ expectations of $4.81 billion. During the same period last year, the firm earned $2.45 earnings per share. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. Equities research analysts forecast that Trane Technologies plc will post 14.88 EPS for the current year.

Trane Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 4th will be issued a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. Trane Technologies’s dividend payout ratio (DPR) is currently 32.48%.

Insider Activity at Trane Technologies

In related news, insider Donald E. Simmons sold 4,593 shares of Trane Technologies stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total value of $2,296,500.00. Following the transaction, the insider directly owned 3,819 shares of the company’s stock, valued at $1,909,500. This trade represents a 54.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the completion of the transaction, the chief financial officer directly owned 60,576 shares in the company, valued at $27,259,200. This trade represents a 12.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by company insiders.

Trane Technologies Company Profile

Trane Technologies (NYSE: TT) is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.