Park Avenue Securities LLC Cuts Stock Position in Trane Technologies plc $TT

Park Avenue Securities LLC lessened its stake in shares of Trane Technologies plc (NYSE:TT) by 10.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 16,777 shares of the company’s stock after selling 1,867 shares during the period. Park Avenue Securities LLC’s holdings in Trane Technologies were worth $6,530,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Old Port Advisors grew its stake in shares of Trane Technologies by 3.2% in the third quarter. Old Port Advisors now owns 778 shares of the company’s stock worth $328,000 after acquiring an additional 24 shares during the last quarter. OneAscent Wealth Management LLC increased its holdings in shares of Trane Technologies by 1.5% during the third quarter. OneAscent Wealth Management LLC now owns 1,627 shares of the company’s stock valued at $686,000 after acquiring an additional 24 shares in the last quarter. Bridgewater Advisors Inc. raised its position in shares of Trane Technologies by 3.7% in the 3rd quarter. Bridgewater Advisors Inc. now owns 670 shares of the company’s stock worth $285,000 after purchasing an additional 24 shares during the last quarter. West Family Investments Inc. boosted its stake in Trane Technologies by 2.3% in the 3rd quarter. West Family Investments Inc. now owns 1,072 shares of the company’s stock worth $452,000 after purchasing an additional 24 shares in the last quarter. Finally, Cresset Asset Management LLC boosted its stake in Trane Technologies by 0.3% in the 3rd quarter. Cresset Asset Management LLC now owns 7,012 shares of the company’s stock worth $2,959,000 after purchasing an additional 24 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TT has been the subject of a number of analyst reports. Wells Fargo & Company raised their price objective on shares of Trane Technologies from $375.00 to $400.00 and gave the company an “underweight” rating in a research note on Friday, January 30th. JPMorgan Chase & Co. upped their target price on shares of Trane Technologies from $434.00 to $460.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. Morgan Stanley reduced their price target on shares of Trane Technologies from $550.00 to $535.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Oppenheimer boosted their price objective on shares of Trane Technologies from $460.00 to $468.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Finally, Melius Research raised Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 price objective on the stock in a research report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $484.67.

Insider Activity at Trane Technologies

In other news, CEO David S. Regnery sold 36,045 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $422.69, for a total transaction of $15,235,861.05. Following the transaction, the chief executive officer directly owned 96,948 shares of the company’s stock, valued at $40,978,950.12. This represents a 27.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Elizabeth A. Elwell sold 635 shares of the firm’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $422.70, for a total value of $268,414.50. Following the completion of the transaction, the chief accounting officer owned 7,100 shares in the company, valued at approximately $3,001,170. This trade represents a 8.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 49,378 shares of company stock valued at $21,228,464 in the last quarter. 0.14% of the stock is currently owned by corporate insiders.

Trane Technologies Price Performance

TT opened at $410.35 on Friday. The company’s 50-day simple moving average is $430.25 and its two-hundred day simple moving average is $417.29. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25. The stock has a market capitalization of $90.82 billion, a P/E ratio of 31.61, a P/E/G ratio of 2.16 and a beta of 1.19. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $479.37.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.81 by $0.05. The firm had revenue of $5.14 billion during the quarter, compared to analyst estimates of $5.09 billion. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.61 earnings per share. As a group, 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. Shareholders of record on Friday, March 6th will be given a $1.05 dividend. This is a boost from Trane Technologies’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Friday, March 6th. This represents a $4.20 dividend on an annualized basis and a yield of 1.0%. Trane Technologies’s payout ratio is presently 32.36%.

Trane Technologies Profile

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.