Penobscot Investment Management Company Inc. Buys 321 Shares of Trane Technologies plc (NYSE:TT)

Penobscot Investment Management Company Inc. boosted its position in shares of Trane Technologies plc (NYSE:TT) by 7.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 4,379 shares of the company’s stock after acquiring an additional 321 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Trane Technologies were worth $1,617,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of TT. Raymond James Financial Inc. bought a new position in shares of Trane Technologies during the fourth quarter worth about $611,322,000. Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of Trane Technologies by 455.2% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 427,226 shares of the company’s stock valued at $167,977,000 after purchasing an additional 350,277 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Trane Technologies by 42.9% in the fourth quarter. Nordea Investment Management AB now owns 978,275 shares of the company’s stock valued at $361,874,000 after purchasing an additional 293,916 shares during the last quarter. Proficio Capital Partners LLC lifted its position in shares of Trane Technologies by 47,293.6% in the fourth quarter. Proficio Capital Partners LLC now owns 253,082 shares of the company’s stock worth $93,476,000 after purchasing an additional 252,548 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Trane Technologies by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 19,235,570 shares of the company’s stock valued at $7,104,658,000 after purchasing an additional 152,353 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on TT. Citigroup reduced their price objective on shares of Trane Technologies from $478.00 to $476.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Melius cut Trane Technologies from a “buy” rating to a “hold” rating and set a $398.00 price target for the company. in a research report on Tuesday, January 28th. Wells Fargo & Company lowered their price target on Trane Technologies from $380.00 to $360.00 and set an “underweight” rating on the stock in a research report on Friday, January 31st. Barclays cut their price objective on Trane Technologies from $500.00 to $475.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Finally, Melius Research restated a “hold” rating and set a $398.00 target price on shares of Trane Technologies in a report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $413.69.

Trane Technologies Stock Down 3.2 %

Shares of TT opened at $352.29 on Thursday. The firm has a market cap of $79.01 billion, a P/E ratio of 31.31, a price-to-earnings-growth ratio of 2.50 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.88 and a current ratio of 1.21. Trane Technologies plc has a 52 week low of $286.32 and a 52 week high of $422.00. The firm’s 50-day simple moving average is $359.83 and its 200 day simple moving average is $380.06.

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

Trane Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 7th will be issued a dividend of $0.94 per share. The ex-dividend date is Friday, March 7th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.07%. This is an increase from Trane Technologies’s previous quarterly dividend of $0.84. Trane Technologies’s dividend payout ratio (DPR) is currently 33.42%.

Insider Activity

In related news, SVP Mairead Magner sold 198 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $357.61, for a total value of $70,806.78. Following the completion of the sale, the senior vice president now directly owns 13,401 shares in the company, valued at approximately $4,792,331.61. The trade was a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Evan M. Turtz sold 318 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $358.12, for a total value of $113,882.16. Following the transaction, the senior vice president now owns 20,513 shares in the company, valued at approximately $7,346,115.56. This trade represents a 1.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,234 shares of company stock valued at $2,588,102. 0.38% of the stock is owned by company 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.