BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its stake in Trane Technologies plc (NYSE:TT) by 39.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 396,831 shares of the company’s stock after selling 263,882 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.17% of Trane Technologies worth $48,116,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. CVA Family Office LLC bought a new position in Trane Technologies during the 3rd quarter valued at about $27,000. Harbor Investment Advisory LLC bought a new position in Trane Technologies in the 3rd quarter worth about $29,000. NEXT Financial Group Inc bought a new position in Trane Technologies in the 3rd quarter worth about $29,000. CX Institutional grew its stake in Trane Technologies by 302.6% in the 3rd quarter. CX Institutional now owns 310 shares of the company’s stock worth $38,000 after acquiring an additional 233 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in Trane Technologies in the 3rd quarter worth about $44,000. Institutional investors and hedge funds own 81.03% of the company’s stock.
A number of research firms have recently issued reports on TT. Royal Bank of Canada increased their price objective on shares of Trane Technologies from $81.00 to $97.00 and gave the company a “sector perform” rating in a research note on Thursday, July 30th. TheStreet upgraded shares of Trane Technologies from a “c+” rating to a “b-” rating in a research note on Monday, July 27th. The Goldman Sachs Group cut shares of Trane Technologies from a “buy” rating to a “neutral” rating and set a $154.00 target price for the company. in a research report on Thursday. Credit Suisse Group increased their target price on shares of Trane Technologies from $132.00 to $141.00 in a research report on Thursday, October 29th. Finally, Smith Barney Citigroup increased their target price on shares of Trane Technologies from $147.00 to $152.00 in a research report on Thursday, October 29th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Trane Technologies currently has an average rating of “Hold” and a consensus price target of $124.88.
In other news, EVP Paul A. Camuti sold 15,815 shares of the stock in a transaction on Friday, September 4th. The shares were sold at an average price of $117.76, for a total value of $1,862,374.40. Following the sale, the executive vice president now owns 99,230 shares in the company, valued at $11,685,324.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Evan M. Turtz sold 20,003 shares of the stock in a transaction on Friday, September 4th. The stock was sold at an average price of $117.77, for a total transaction of $2,355,753.31. Following the completion of the sale, the senior vice president now owns 23,585 shares in the company, valued at approximately $2,777,605.45. The disclosure for this sale can be found here. Insiders sold 83,030 shares of company stock worth $9,859,333 in the last quarter. Company insiders own 0.92% of the company’s stock.
Shares of NYSE TT traded down $2.59 during midday trading on Friday, reaching $144.20. The company had a trading volume of 1,115,017 shares, compared to its average volume of 1,598,169. The business’s 50-day simple moving average is $134.42 and its 200 day simple moving average is $110.41. The stock has a market cap of $34.63 billion, a P/E ratio of 36.32, a P/E/G ratio of 6.16 and a beta of 1.08. Trane Technologies plc has a 1 year low of $70.00 and a 1 year high of $153.72. The company has a current ratio of 1.66, a quick ratio of 1.30 and a debt-to-equity ratio of 0.77.
Trane Technologies (NYSE:TT) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $1.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.34 by $0.38. Trane Technologies had a net margin of 6.76% and a return on equity of 18.82%. Analysts predict that Trane Technologies plc will post 3.9 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Friday, December 4th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Thursday, December 3rd. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.47%. Trane Technologies’s payout ratio is currently 33.28%.
Trane Technologies Profile
Trane Technologies plc provides climate control solutions for buildings, homes, and transportation. It offers offers air conditioners, exchangers, and handlers; airside and terminal devices; auxiliary power units; chillers; coils and condensers; gensets; furnaces; heat pumps; home automation products; humidifiers; hybrid and non-diesel transport refrigeration, and ice energy storage solutions; indoor air quality; industrial refrigeration products; large and light commercial unitary products;motor replacements; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.
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