West Family Investments Inc. has acquired a stake in Trane Technologies plc, purchasing 1,048 shares valued at approximately $458,000 during the second quarter of 2023. This information was disclosed in the firm’s latest 13F filing with the U.S. Securities and Exchange Commission (SEC). The investment marks a significant addition to the portfolio of this institutional investor.
Other institutional investors have also adjusted their positions in Trane Technologies recently. Ameriflex Group Inc. invested around $28,000 to acquire a new position, while Hantz Financial Services Inc. significantly increased its holdings by an impressive 1,016.7%, bringing its total to 67 shares worth $29,000. Additionally, Saudi Central Bank and Dagco Inc. both purchased new stakes earlier this year for approximately $30,000 and $37,000, respectively. In total, institutional investors and hedge funds own 82.97% of Trane Technologies stock.
Analysts Adjust Price Targets for Trane Technologies
Trane Technologies has recently been the subject of numerous analyst reports, leading to adjusted price targets. Wells Fargo & Company raised its target price from $410.00 to $415.00 while maintaining an “underweight” rating. In contrast, Citigroup upped its price objective from $494.00 to $513.00 and assigned a “buy” rating.
Further adjustments were made by UBS Group, which increased its target from $500.00 to $544.00. Royal Bank of Canada also raised its target price from $467.00 to $469.00. As of the latest analysis, seven equities research analysts rate the stock as a “buy,” nine have assigned a “hold” rating, and one has given it a “sell” rating. According to data from MarketBeat, Trane Technologies currently holds an average rating of “hold” with a price target of $470.07.
Executive Sales and Company Performance
In other developments, David S. Regnery, CEO of Trane Technologies, sold 22,497 shares on September 2, 2023, for an average price of $410.00, totaling approximately $9.22 million. Following this sale, Regnery retains 123,713 shares, worth around $50.72 million, which represents a 15.39% decrease in his ownership. This transaction was documented in a filing with the SEC.
Additionally, Elizabeth A. Elwell, Chief Accounting Officer, sold 600 shares on October 30, with an average sale price of $440.00, summing to $264,000.00. After this sale, Elwell holds 7,148 shares, valued at approximately $3.15 million, reflecting a 7.74% decrease in her stake.
Currently, company insiders hold 0.14% of Trane Technologies stock, indicating limited insider ownership.
Trane Technologies’ shares opened at $421.75 on the New York Stock Exchange. The company boasts a market capitalization of $93.52 billion, a P/E ratio of 33.45, and a beta of 1.16. The stock’s performance over the past year shows a low of $298.15 and a high of $476.18.
On October 30, 2023, Trane Technologies reported earnings of $3.88 per share, surpassing analysts’ expectations of $3.80. The company recorded a net margin of 13.76% and a return on equity of 36.61%. Revenue for the quarter was $5.74 billion, slightly below the anticipated $5.80 billion, but reflecting a year-over-year increase of 5.5%.
Looking ahead, Trane Technologies has set its fiscal year 2025 earnings guidance between $12.950 and $13.050 per share. Analysts forecast an average of $12.83 earnings per share for the current year.
Trane Technologies has also declared a quarterly dividend of $0.94 per share, scheduled for distribution on December 31, 2023. Shareholders of record on December 5, 2023, will receive this dividend, which translates to an annualized yield of 0.9%. The company’s dividend payout ratio stands at 28.92%.
Founded in Ireland, Trane Technologies plc designs and manufactures solutions for heating, ventilation, air conditioning, and refrigeration. The firm’s extensive product offerings include air conditioners, heat pumps, chillers, and various controls and automation products.
For those interested in tracking further institutional activities, detailed information regarding Trane Technologies can be accessed through financial platforms that provide insights into hedge fund holdings and recent insider trades.
