Bank of New York Mellon Corp Has $952.80 Million Position in Trane Technologies plc $TT

Bank of New York Mellon Corp lowered its stake in shares of Trane Technologies plc (NYSE:TT) by 1.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,448,087 shares of the company’s stock after selling 43,392 shares during the period. Bank of New York Mellon Corp’s holdings in Trane Technologies were worth $952,796,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Aptus Capital Advisors LLC boosted its stake in shares of Trane Technologies by 169.8% during the 3rd quarter. Aptus Capital Advisors LLC now owns 14,738 shares of the company’s stock valued at $6,219,000 after buying an additional 9,276 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Trane Technologies by 64.0% in the 4th quarter. Farther Finance Advisors LLC now owns 7,478 shares of the company’s stock valued at $2,911,000 after buying an additional 2,917 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Trane Technologies by 2.9% in the 4th quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company’s stock valued at $1,010,419,000 after buying an additional 72,998 shares in the last quarter. Varma Mutual Pension Insurance Co grew its stake in shares of Trane Technologies by 9.0% in the 3rd quarter. Varma Mutual Pension Insurance Co now owns 43,811 shares of the company’s stock valued at $18,486,000 after buying an additional 3,600 shares in the last quarter. Finally, Dara Capital US Inc. bought a new stake in shares of Trane Technologies in the 4th quarter valued at approximately $966,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on TT shares. JPMorgan Chase & Co. boosted their target price on shares of Trane Technologies from $460.00 to $476.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Evercore initiated coverage on shares of Trane Technologies in a research note on Monday, April 13th. They issued an “outperform” rating and a $535.00 price objective for the company. BNP Paribas Exane initiated coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They issued an “outperform” rating and a $550.00 price objective for the company. Citigroup lifted their price objective on shares of Trane Technologies from $525.00 to $570.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Finally, KeyCorp lifted their price objective on shares of Trane Technologies from $525.00 to $555.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Trane Technologies has an average rating of “Moderate Buy” and a consensus target price of $506.56.

Insider Activity

In related news, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total value of $3,878,550.00. Following the transaction, the chief financial officer owned 60,576 shares in the company, valued at $27,259,200. This trade represents a 12.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David S. Regnery sold 36,045 shares of Trane Technologies stock in a transaction on Friday, March 6th. The stock was sold at an average price of $422.69, for a total transaction of $15,235,861.05. Following the completion of the transaction, the chief executive officer owned 96,948 shares in the company, valued at $40,978,950.12. This trade represents a 27.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 53,654 shares of company stock worth $23,269,523. Insiders own 0.43% of the company’s stock.

Trane Technologies Stock Up 1.5%

TT stock opened at $465.72 on Thursday. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. Trane Technologies plc has a 1 year low of $348.06 and a 1 year high of $503.47. The company has a fifty day simple moving average of $457.72 and a 200 day simple moving average of $430.83. The firm has a market cap of $102.95 billion, a PE ratio of 36.02, a PEG ratio of 2.11 and a beta of 1.20.

Trane Technologies (NYSE:TT) last released its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.10. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The business had revenue of $4.97 billion during the quarter, compared to analyst estimates of $4.81 billion. During the same quarter in the previous year, the business earned $2.45 EPS. Trane Technologies’s quarterly revenue was up 6.0% compared to the same quarter last year. Sell-side analysts anticipate that Trane Technologies plc will post 14.88 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be issued a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, June 5th. Trane Technologies’s dividend payout ratio (DPR) is 32.48%.

Trane Technologies Company 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.