Trane Technologies plc (NYSE:TT) Stake Reduced by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its holdings in Trane Technologies plc (NYSE:TT) by 7.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,494 shares of the company’s stock after selling 901 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Trane Technologies were worth $3,450,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank purchased a new position in Trane Technologies during the fourth quarter valued at approximately $655,804,000. International Assets Investment Management LLC increased its stake in shares of Trane Technologies by 24,670.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,034,423 shares of the company’s stock worth $252,296,000 after acquiring an additional 1,030,247 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Trane Technologies by 5.4% during the third quarter. JPMorgan Chase & Co. now owns 17,085,662 shares of the company’s stock worth $3,466,852,000 after acquiring an additional 880,583 shares in the last quarter. TD Asset Management Inc grew its stake in Trane Technologies by 719.8% in the fourth quarter. TD Asset Management Inc now owns 750,894 shares of the company’s stock valued at $183,143,000 after purchasing an additional 659,299 shares in the last quarter. Finally, Putnam Investments LLC increased its position in Trane Technologies by 27,824.4% in the 4th quarter. Putnam Investments LLC now owns 572,730 shares of the company’s stock worth $139,689,000 after purchasing an additional 570,679 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Trane Technologies Price Performance

NYSE:TT traded down $0.46 during mid-day trading on Tuesday, reaching $320.90. The stock had a trading volume of 205,169 shares, compared to its average volume of 1,084,170. The stock has a 50-day simple moving average of $325.86 and a two-hundred day simple moving average of $291.01. The stock has a market capitalization of $72.64 billion, a PE ratio of 34.32, a P/E/G ratio of 2.55 and a beta of 1.01. Trane Technologies plc has a 12 month low of $184.02 and a 12 month high of $345.46. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.13 and a quick ratio of 0.74.

Trane Technologies (NYSE:TT) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.30. The business had revenue of $4.22 billion during the quarter, compared to the consensus estimate of $3.99 billion. Trane Technologies had a return on equity of 32.78% and a net margin of 11.81%. Trane Technologies’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.41 EPS. On average, equities analysts anticipate that Trane Technologies plc will post 10.48 earnings per share for the current year.

Trane Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date is Friday, September 6th. Trane Technologies’s payout ratio is 35.90%.

Insider Buying and Selling at Trane Technologies

In other news, CFO Christopher J. Kuehn sold 4,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $318.67, for a total value of $1,274,680.00. Following the sale, the chief financial officer now directly owns 61,293 shares of the company’s stock, valued at approximately $19,532,240.31. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Trane Technologies news, CFO Christopher J. Kuehn sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $318.67, for a total value of $1,274,680.00. Following the transaction, the chief financial officer now directly owns 61,293 shares of the company’s stock, valued at $19,532,240.31. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Evan M. Turtz sold 8,988 shares of Trane Technologies stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $321.30, for a total transaction of $2,887,844.40. Following the completion of the sale, the senior vice president now owns 20,758 shares of the company’s stock, valued at approximately $6,669,545.40. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wells Fargo & Company boosted their price target on Trane Technologies from $281.00 to $295.00 and gave the stock an “underweight” rating in a research report on Thursday, May 2nd. JPMorgan Chase & Co. upped their price objective on shares of Trane Technologies from $247.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. The Goldman Sachs Group lifted their target price on shares of Trane Technologies from $287.00 to $326.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Barclays increased their target price on Trane Technologies from $354.00 to $380.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Finally, Robert W. Baird raised their price objective on shares of Trane Technologies from $315.00 to $344.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $309.79.

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.