Trane Technologies (TT), the former Ingersoll-Rand PLC, will raise its quarterly dividend by 11.3 percent to 59 cents per share in 2021. This follows a dividend hike of 17.8 percent to $0.53 per share in 2018 by Ingersoll-Rand. 

The dividend is payable March 31, 2021, to shareholders of record on March 5, 2021. The new dividend yield for Trane Technologies is 1.6% based on a stock price of $149 and an annual dividend rate of $2.36 per share.

“Today’s announcements reflect our strong balance sheet and liquidity position and underscore our continued confidence in our ability to generate strong free cash flow, maintain high levels of business reinvestment, and to deploy 100% of excess cash over time through our balanced capital allocation strategy to deliver differentiated returns for shareholders,” said Michael Lamach, chairman and chief executive officer of Trane Technologies in the company's press release dated Feb 4, 2021 announcing this dividend hike.

Trane Technologies, known for its focus on ESG and solutions for a better climate, will now pay an annual dividend of $567 million to shareholders. 

Trane Technologies, formerly Ingersoll-Rand Public Limited Company, provides products, services and solutions to improve the quality and comfort of air in homes and buildings, transport and protect food and perishables. The company's brand names include Trane and Thermo King. The company formerly known as Ingersoll-Rand has paid consecutive quarterly cash dividends on its common shares since 1919 and annual dividends since 1910.