Victory Capital Management Inc. Decreases Stock Position in Trane Technologies plc $TT

Victory Capital Management Inc. trimmed its position in Trane Technologies plc (NYSE:TT) by 6.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 257,327 shares of the company’s stock after selling 17,548 shares during the period. Victory Capital Management Inc.’s holdings in Trane Technologies were worth $108,582,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. CI Investments Inc. grew its stake in Trane Technologies by 6.6% during the third quarter. CI Investments Inc. now owns 9,340 shares of the company’s stock worth $3,941,000 after buying an additional 581 shares during the period. Elo Mutual Pension Insurance Co boosted its stake in Trane Technologies by 32.9% during the 3rd quarter. Elo Mutual Pension Insurance Co now owns 32,612 shares of the company’s stock valued at $13,761,000 after purchasing an additional 8,077 shares during the period. Journey Strategic Wealth LLC grew its stake in shares of Trane Technologies by 21.4% in the third quarter. Journey Strategic Wealth LLC now owns 1,345 shares of the company’s stock worth $568,000 after purchasing an additional 237 shares in the last quarter. New Age Alpha Advisors LLC grew its holdings in Trane Technologies by 99.1% during the third quarter. New Age Alpha Advisors LLC now owns 6,923 shares of the company’s stock worth $2,975,000 after acquiring an additional 3,445 shares during the period. Finally, Aprio Wealth Management LLC bought a new stake in shares of Trane Technologies during the 3rd quarter worth $205,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Trane Technologies Stock Down 0.1%

Trane Technologies stock opened at $445.20 on Thursday. Trane Technologies plc has a fifty-two week low of $298.15 and a fifty-two week high of $479.37. The firm has a market capitalization of $98.54 billion, a price-to-earnings ratio of 34.30, a PEG ratio of 2.35 and a beta of 1.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.92. The company’s 50 day simple moving average is $421.28 and its 200 day simple moving average is $417.04.

Trane Technologies (NYSE:TT) last issued its quarterly earnings data on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.81 by $0.05. The business had revenue of $5.14 billion for the quarter, compared to analyst estimates of $5.09 billion. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the business posted $2.61 earnings per share. As a group, sell-side analysts anticipate that Trane Technologies plc will post 12.83 EPS for the current year.

Trane Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 6th will be paid a dividend of $1.05 per share. The ex-dividend date is Friday, March 6th. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. This is an increase from Trane Technologies’s previous quarterly dividend of $0.94. Trane Technologies’s dividend payout ratio is presently 28.97%.

Analysts Set New Price Targets

TT has been the topic of several recent analyst reports. Bank of America raised Trane Technologies from a “neutral” rating to a “buy” rating and upped their price target for the company from $490.00 to $550.00 in a research report on Thursday, November 13th. Melius Research upgraded shares of Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 target price on the stock in a research note on Wednesday, January 7th. Royal Bank Of Canada raised their target price on Trane Technologies from $469.00 to $470.00 and gave the company a “sector perform” rating in a report on Friday, January 30th. Morgan Stanley lowered their price target on Trane Technologies from $550.00 to $535.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 13th. Finally, UBS Group dropped their price objective on shares of Trane Technologies from $544.00 to $520.00 and set a “buy” rating for the company in a research note on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $484.67.

Insider Activity at Trane Technologies

In other news, CFO Christopher J. Kuehn sold 2,389 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $462.70, for a total value of $1,105,390.30. Following the completion of the transaction, the chief financial officer directly owned 60,486 shares in the company, valued at approximately $27,986,872.20. The trade was a 3.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Donald E. Simmons sold 822 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $462.57, for a total value of $380,232.54. Following the completion of the sale, the insider directly owned 3,819 shares in the company, valued at $1,766,554.83. This trade represents a 17.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 8,936 shares of company stock worth $4,133,991. 0.14% of the stock is currently owned by corporate insiders.

Trane Technologies Profile

Trane Technologies (NYSE: TT) is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.