Trane Technologies plc $TT Shares Sold by Pitcairn Co.

Pitcairn Co. cut its stake in Trane Technologies plc (NYSE:TT) by 25.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,306 shares of the company’s stock after selling 2,898 shares during the period. Pitcairn Co.’s holdings in Trane Technologies were worth $3,505,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Trane Technologies during the second quarter worth about $1,356,065,000. JPMorgan Chase & Co. grew its holdings in Trane Technologies by 10.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock worth $6,550,975,000 after acquiring an additional 1,433,563 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in Trane Technologies by 229.3% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company’s stock worth $766,583,000 after acquiring an additional 1,220,388 shares in the last quarter. ABN AMRO Bank N.V. acquired a new stake in shares of Trane Technologies in the 2nd quarter valued at $291,206,000. Finally, Corient Private Wealth LLC lifted its position in shares of Trane Technologies by 135.4% during the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock worth $321,757,000 after purchasing an additional 423,090 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Trane Technologies Trading Down 2.0%

TT opened at $436.06 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. Trane Technologies plc has a 52 week low of $298.15 and a 52 week high of $479.37. The business’s 50 day moving average is $422.14 and its two-hundred day moving average is $417.17. The firm has a market cap of $96.51 billion, a price-to-earnings ratio of 33.59, a price-to-earnings-growth ratio of 2.34 and a beta of 1.19.

Trane Technologies (NYSE:TT) last announced its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.81 by $0.05. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The business had revenue of $5.14 billion for the quarter, compared to analysts’ expectations of $5.09 billion. During the same period in the previous year, the company posted $2.61 EPS. The company’s quarterly revenue was up 5.6% on a year-over-year basis. On average, research analysts predict that Trane Technologies plc will post 12.83 EPS for the current year.

Trane Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 6th will be issued a $1.05 dividend. The ex-dividend date of this dividend is Friday, March 6th. This is an increase from Trane Technologies’s previous quarterly dividend of $0.94. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.0%. Trane Technologies’s dividend payout ratio is presently 28.97%.

Insider Buying and Selling

In related news, CAO Elizabeth A. Elwell sold 137 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $462.48, for a total transaction of $63,359.76. Following the completion of the sale, the chief accounting officer directly owned 7,100 shares of the company’s stock, valued at $3,283,608. This trade represents a 1.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Donald E. Simmons sold 822 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $462.57, for a total transaction of $380,232.54. Following the completion of the transaction, the insider directly owned 3,819 shares in the company, valued at $1,766,554.83. This represents a 17.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 8,936 shares of company stock worth $4,133,991 over the last three months. 0.14% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on TT shares. Citigroup increased their target price on Trane Technologies from $513.00 to $525.00 and gave the company a “buy” rating in a report on Friday, January 30th. KeyCorp upgraded Trane Technologies from a “sector weight” rating to an “overweight” rating and set a $500.00 price objective on the stock in a report on Monday, December 15th. JPMorgan Chase & Co. boosted their target price on Trane Technologies from $434.00 to $460.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. UBS Group lowered their price target on Trane Technologies from $544.00 to $520.00 and set a “buy” rating for the company in a report on Monday, January 5th. Finally, Morgan Stanley cut their price objective on shares of Trane Technologies from $550.00 to $535.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $484.67.

About Trane Technologies

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.