Trane Technologies plc (NYSE:TT) Shares Sold by Magellan Asset Management Ltd

Magellan Asset Management Ltd decreased its stake in shares of Trane Technologies plc (NYSE:TT) by 63.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 262,526 shares of the company’s stock after selling 461,479 shares during the quarter. Magellan Asset Management Ltd owned about 0.12% of Trane Technologies worth $96,964,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of TT. Norges Bank acquired a new stake in shares of Trane Technologies in the 4th quarter valued at $1,117,816,000. Raymond James Financial Inc. purchased a new position in Trane Technologies during the 4th quarter worth $611,322,000. Bank Julius Baer & Co. Ltd Zurich raised its stake in shares of Trane Technologies by 455.2% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 427,226 shares of the company’s stock worth $167,977,000 after purchasing an additional 350,277 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Trane Technologies by 42.9% in the 4th quarter. Nordea Investment Management AB now owns 978,275 shares of the company’s stock worth $361,874,000 after acquiring an additional 293,916 shares during the period. Finally, Caisse Des Depots ET Consignations purchased a new stake in Trane Technologies in the 4th quarter valued at approximately $98,560,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on TT. Barclays cut their price target on Trane Technologies from $500.00 to $475.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Wells Fargo & Company decreased their price target on Trane Technologies from $380.00 to $360.00 and set an “underweight” rating on the stock in a research note on Friday, January 31st. Citigroup dropped their price objective on Trane Technologies from $478.00 to $476.00 and set a “buy” rating for the company in a report on Monday, January 13th. JPMorgan Chase & Co. raised their price target on shares of Trane Technologies from $387.00 to $396.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Finally, UBS Group lowered their target price on Trane Technologies from $500.00 to $470.00 and set a “buy” rating for the company in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $413.69.

Trane Technologies Stock Performance

Trane Technologies stock opened at $348.45 on Thursday. The firm has a market capitalization of $78.15 billion, a P/E ratio of 30.97, a P/E/G ratio of 2.50 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.21 and a quick ratio of 0.88. Trane Technologies plc has a 52-week low of $286.32 and a 52-week high of $422.00. The stock has a fifty day moving average price of $354.67 and a two-hundred day moving average price of $379.61.

Trane Technologies (NYSE:TT) last posted its quarterly earnings results on Thursday, January 30th. The company reported $2.61 earnings per share for the quarter, topping analysts’ consensus estimates of $2.52 by $0.09. Trane Technologies had a net margin of 12.94% and a return on equity of 35.37%. As a group, analysts anticipate that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 7th were paid a $0.94 dividend. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Trane Technologies’s previous quarterly dividend of $0.84. This represents a $3.76 dividend on an annualized basis and a yield of 1.08%. Trane Technologies’s dividend payout ratio is presently 33.42%.

Insider Activity at Trane Technologies

In other Trane Technologies news, CFO Christopher J. Kuehn sold 770 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $358.39, for a total transaction of $275,960.30. Following the completion of the sale, the chief financial officer now directly owns 62,221 shares in the company, valued at $22,299,384.19. This represents a 1.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Mairead Magner sold 198 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $357.61, for a total transaction of $70,806.78. Following the completion of the sale, the senior vice president now owns 13,401 shares in the company, valued at approximately $4,792,331.61. The trade was a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,234 shares of company stock valued at $2,588,102. 0.38% of the stock is owned by insiders.

About Trane Technologies

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.