Corebridge Financial Inc. Boosts Stock Holdings in Trane Technologies plc (NYSE:TT)

Corebridge Financial Inc. boosted its holdings in Trane Technologies plc (NYSE:TT) by 0.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,146 shares of the company’s stock after acquiring an additional 103 shares during the quarter. Corebridge Financial Inc.’s holdings in Trane Technologies were worth $21,107,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in TT. Global Wealth Strategies & Associates purchased a new position in shares of Trane Technologies during the fourth quarter valued at approximately $26,000. Sound Income Strategies LLC grew its position in Trane Technologies by 1,314.3% in the 4th quarter. Sound Income Strategies LLC now owns 99 shares of the company’s stock worth $37,000 after purchasing an additional 92 shares during the period. Flagship Wealth Advisors LLC purchased a new stake in Trane Technologies during the 4th quarter valued at $37,000. Golden State Wealth Management LLC bought a new position in shares of Trane Technologies during the 4th quarter valued at $39,000. Finally, Legacy Investment Solutions LLC purchased a new position in shares of Trane Technologies in the 3rd quarter worth $44,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TT has been the topic of a number of recent research reports. Citigroup lowered their target price on Trane Technologies from $478.00 to $476.00 and set a “buy” rating on the stock in a report on Monday, January 13th. JPMorgan Chase & Co. raised their price objective on shares of Trane Technologies from $387.00 to $396.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Barclays reduced their target price on shares of Trane Technologies from $500.00 to $475.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Melius cut shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $398.00 price target on the stock. in a research note on Tuesday, January 28th. Finally, Melius Research restated a “hold” rating and issued a $398.00 price objective on shares of Trane Technologies in a research note on Tuesday, January 28th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $413.69.

Insider Activity

In related news, CEO David S. Regnery sold 2,754 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $357.34, for a total value of $984,114.36. Following the completion of the transaction, the chief executive officer now directly owns 132,969 shares of the company’s stock, valued at approximately $47,515,142.46. This trade represents a 2.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Christopher J. Kuehn sold 876 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $357.42, for a total transaction of $313,099.92. Following the sale, the chief financial officer now directly owns 63,841 shares in the company, valued at approximately $22,818,050.22. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,234 shares of company stock worth $2,588,102 over the last 90 days. Corporate insiders own 0.38% of the company’s stock.

Trane Technologies Stock Performance

NYSE:TT opened at $358.58 on Tuesday. The stock has a 50-day moving average price of $360.87 and a 200 day moving average price of $380.10. The company has a current ratio of 1.21, a quick ratio of 0.88 and a debt-to-equity ratio of 0.58. Trane Technologies plc has a 12-month low of $286.32 and a 12-month high of $422.00. The stock has a market capitalization of $80.43 billion, a P/E ratio of 31.87, a P/E/G ratio of 2.50 and a beta of 1.08.

Trane Technologies (NYSE:TT) last released its quarterly earnings data on Thursday, January 30th. The company reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.09. Trane Technologies had a net margin of 12.94% and a return on equity of 35.37%. Equities research analysts forecast that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 7th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Trane Technologies’s previous quarterly dividend of $0.84. Trane Technologies’s dividend payout ratio is 33.42%.

About Trane Technologies

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.