Federated Hermes Inc. Trims Stock Position in Trane Technologies plc (NYSE:TT)

Federated Hermes Inc. lowered its holdings in shares of Trane Technologies plc (NYSE:TT) by 10.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,227,668 shares of the company’s stock after selling 143,521 shares during the quarter. Trane Technologies makes up approximately 0.7% of Federated Hermes Inc.’s investment portfolio, making the stock its 25th largest position. Federated Hermes Inc.’s holdings in Trane Technologies were worth $299,428,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Wellington Management Group LLP boosted its stake in Trane Technologies by 36.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,639,058 shares of the company’s stock worth $332,581,000 after purchasing an additional 436,997 shares during the period. CHICAGO TRUST Co NA boosted its position in shares of Trane Technologies by 2.1% during the 4th quarter. CHICAGO TRUST Co NA now owns 3,136 shares of the company’s stock valued at $765,000 after acquiring an additional 64 shares during the last quarter. Graypoint LLC boosted its position in shares of Trane Technologies by 46.0% during the 3rd quarter. Graypoint LLC now owns 2,043 shares of the company’s stock valued at $414,000 after acquiring an additional 644 shares during the last quarter. Wealth Effects LLC bought a new position in shares of Trane Technologies during the 4th quarter valued at approximately $239,000. Finally, Invera Wealth Advisors LLC bought a new position in shares of Trane Technologies during the 4th quarter valued at approximately $4,097,000. 82.97% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO David S. Regnery sold 6,990 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $286.19, for a total value of $2,000,468.10. Following the completion of the sale, the chief executive officer now directly owns 113,874 shares in the company, valued at $32,589,600.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Christopher J. Kuehn sold 3,762 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $286.48, for a total value of $1,077,737.76. Following the transaction, the chief financial officer now owns 61,691 shares of the company’s stock, valued at approximately $17,673,237.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO David S. Regnery sold 6,990 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $286.19, for a total value of $2,000,468.10. Following the completion of the transaction, the chief executive officer now directly owns 113,874 shares in the company, valued at approximately $32,589,600.06. The disclosure for this sale can be found here. Insiders sold 29,874 shares of company stock worth $8,462,825 over the last three months. 0.39% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TT. Stephens increased their target price on Trane Technologies from $235.00 to $280.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 6th. Citigroup increased their target price on Trane Technologies from $309.00 to $355.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Royal Bank of Canada increased their target price on Trane Technologies from $231.00 to $246.00 and gave the stock a “sector perform” rating in a research note on Friday, February 2nd. The Goldman Sachs Group increased their target price on Trane Technologies from $253.00 to $287.00 and gave the stock a “neutral” rating in a research note on Monday, February 5th. Finally, Barclays raised their price target on Trane Technologies from $286.00 to $325.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $251.83.

Trane Technologies Stock Performance

Shares of NYSE:TT traded up $2.02 during trading on Thursday, hitting $295.11. The stock had a trading volume of 177,728 shares, compared to its average volume of 990,818. Trane Technologies plc has a 12-month low of $162.04 and a 12-month high of $306.98. The stock has a market capitalization of $67.01 billion, a price-to-earnings ratio of 33.34, a price-to-earnings-growth ratio of 2.49 and a beta of 1.05. The company has a quick ratio of 0.78, a current ratio of 1.13 and a debt-to-equity ratio of 0.57. The stock has a 50-day simple moving average of $289.02 and a two-hundred day simple moving average of $250.01.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Thursday, February 1st. The company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.04. The company had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.43 billion. Trane Technologies had a return on equity of 32.01% and a net margin of 11.45%. Trane Technologies’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the business earned $1.82 earnings per share. On average, equities research analysts expect that Trane Technologies plc will post 10.2 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend is Thursday, June 6th. Trane Technologies’s dividend payout ratio (DPR) is presently 38.23%.

Trane Technologies Company 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.