Point72 Asia Singapore Pte. Ltd. Sells 19,835 Shares of Trane Technologies plc (NYSE:TT)

Point72 Asia Singapore Pte. Ltd. cut its holdings in Trane Technologies plc (NYSE:TT) by 79.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,107 shares of the company’s stock after selling 19,835 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Trane Technologies were worth $1,985,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in TT. MidAtlantic Capital Management Inc. bought a new position in Trane Technologies in the third quarter worth approximately $27,000. DT Investment Partners LLC bought a new position in Trane Technologies in the third quarter worth approximately $36,000. Fortitude Family Office LLC raised its position in Trane Technologies by 63.2% in the second quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock worth $37,000 after acquiring an additional 43 shares during the period. Triad Wealth Partners LLC bought a new position in Trane Technologies in the second quarter worth approximately $39,000. Finally, Quarry LP purchased a new stake in shares of Trane Technologies in the second quarter worth $39,000. 82.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TT. Wells Fargo & Company increased their price objective on shares of Trane Technologies from $320.00 to $360.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Mizuho increased their price objective on shares of Trane Technologies from $325.00 to $400.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Northcoast Research began coverage on shares of Trane Technologies in a research note on Friday, November 22nd. They issued a “buy” rating and a $500.00 price objective for the company. Hsbc Global Res cut shares of Trane Technologies from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Finally, HSBC cut shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $405.00 price objective for the company. in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $397.64.

Trane Technologies Stock Performance

Shares of NYSE:TT opened at $416.22 on Monday. Trane Technologies plc has a 52 week low of $221.22 and a 52 week high of $422.00. The stock has a market capitalization of $93.66 billion, a P/E ratio of 38.61, a PEG ratio of 2.52 and a beta of 1.02. The firm has a fifty day simple moving average of $398.01 and a two-hundred day simple moving average of $359.50. The company has a quick ratio of 0.92, a current ratio of 1.22 and a debt-to-equity ratio of 0.57.

Trane Technologies (NYSE:TT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.37 EPS for the quarter, topping analysts’ consensus estimates of $3.23 by $0.14. The business had revenue of $5.44 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Trane Technologies had a net margin of 12.73% and a return on equity of 34.62%. The business’s revenue was up 10.0% on a year-over-year basis. During the same period last year, the company posted $2.79 EPS. On average, analysts expect that Trane Technologies plc will post 11.14 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 6th will be issued a $0.84 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $3.36 annualized dividend and a dividend yield of 0.81%. Trane Technologies’s dividend payout ratio (DPR) is presently 31.17%.

Trane Technologies 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.