AlphaCrest Capital Management LLC Takes $689,000 Position in Trane Technologies plc (NYSE:TT)

Posted by Defense World Staff on Mar 8th, 2023

AlphaCrest Capital Management LLC purchased a new position in Trane Technologies plc (NYSE:TT – Get Rating) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,761 shares of the company’s stock, valued at approximately $689,000.

Several other institutional investors and hedge funds also recently bought and sold shares of TT. Heritage Wealth Management LLC bought a new stake in shares of Trane Technologies in the 2nd quarter worth about $31,000. 1832 Asset Management L.P. purchased a new position in shares of Trane Technologies during the first quarter valued at approximately $34,000. EverSource Wealth Advisors LLC grew its stake in shares of Trane Technologies by 70.4% during the third quarter. EverSource Wealth Advisors LLC now owns 363 shares of the company’s stock valued at $53,000 after buying an additional 150 shares during the last quarter. McClarren Financial Advisors Inc. purchased a new stake in shares of Trane Technologies in the third quarter worth approximately $56,000. Finally, Gradient Investments LLC lifted its stake in shares of Trane Technologies by 2,211.8% during the 3rd quarter. Gradient Investments LLC now owns 393 shares of the company’s stock worth $57,000 after acquiring an additional 376 shares during the last quarter. 81.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TT. Royal Bank of Canada increased their target price on Trane Technologies from $164.00 to $177.00 and gave the stock a “sector perform” rating in a research note on Friday, February 3rd. Barclays lifted their price objective on shares of Trane Technologies from $190.00 to $193.00 and gave the company an “overweight” rating in a report on Thursday, January 5th. Citigroup upped their target price on shares of Trane Technologies from $204.00 to $218.00 and gave the stock a “buy” rating in a research note on Friday, February 3rd. Argus lifted their price target on shares of Trane Technologies from $185.00 to $200.00 in a research note on Wednesday, February 8th. Finally, The Goldman Sachs Group increased their price objective on Trane Technologies from $178.00 to $203.00 and gave the stock a “neutral” rating in a research note on Monday, February 6th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $183.78.

Insider Buying and Selling

In other news, EVP Raymond D. Pittard sold 23,003 shares of the company’s stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $170.42, for a total transaction of $3,920,171.26. Following the transaction, the executive vice president now owns 87,718 shares in the company, valued at $14,948,901.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Raymond D. Pittard sold 23,003 shares of Trane Technologies stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $170.42, for a total transaction of $3,920,171.26. Following the completion of the sale, the executive vice president now directly owns 87,718 shares in the company, valued at $14,948,901.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Paul A. Camuti sold 434 shares of the company’s stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $185.98, for a total value of $80,715.32. Following the completion of the transaction, the executive vice president now directly owns 89,053 shares in the company, valued at $16,562,076.94. The disclosure for this sale can be found here. Insiders have sold a total of 38,970 shares of company stock worth $6,927,921 in the last ninety days. 0.74% of the stock is owned by insiders.

Trane Technologies Price Performance

Shares of TT stock opened at $190.87 on Wednesday. The company has a market cap of $43.72 billion, a P/E ratio of 25.48, a PEG ratio of 2.39 and a beta of 1.00. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.12 and a quick ratio of 0.77. The stock’s 50-day moving average is $179.80 and its 200 day moving average is $168.29. Trane Technologies plc has a 1-year low of $120.64 and a 1-year high of $196.22.

Trane Technologies (NYSE:TT – Get Rating) last issued its quarterly earnings data on Thursday, February 2nd. The company reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.18. Trane Technologies had a net margin of 10.98% and a return on equity of 29.14%. The firm had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $3.94 billion. During the same quarter in the previous year, the firm earned $1.36 EPS. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. Research analysts predict that Trane Technologies plc will post 8.29 earnings per share for the current fiscal year.

Trane Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 3rd will be given a $0.75 dividend. This is a boost from Trane Technologies’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, March 2nd. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.57%. Trane Technologies’s dividend payout ratio (DPR) is presently 40.05%.

Trane Technologies Profile

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Trane Technologies Plc engages in providing solutions to buildings, homes, and transportation. It operates through the following business segments: Americas, EMEA, and Asia Pacific. The Americas segment encompasses commercial heating and cooling systems, building controls, and energy services and solutions, residential heating and cooling, and transport refrigeration systems, and solutions in North America and Latin America regions.