Assenagon Asset Management S.A. Sells 296,833 Shares of Trane Technologies plc $TT

Assenagon Asset Management S.A. cut its stake in Trane Technologies plc (NYSE:TT) by 89.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 36,005 shares of the company’s stock after selling 296,833 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Trane Technologies were worth $14,013,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Breakwater Capital Group boosted its stake in Trane Technologies by 1.8% in the 4th quarter. Breakwater Capital Group now owns 12,767 shares of the company’s stock worth $4,969,000 after purchasing an additional 225 shares during the period. Carr Financial Group Corp increased its position in shares of Trane Technologies by 5.5% during the fourth quarter. Carr Financial Group Corp now owns 821 shares of the company’s stock valued at $320,000 after buying an additional 43 shares during the period. Fulton Bank N.A. lifted its holdings in shares of Trane Technologies by 24.0% in the fourth quarter. Fulton Bank N.A. now owns 2,337 shares of the company’s stock worth $910,000 after buying an additional 452 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Trane Technologies by 1.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 52,339 shares of the company’s stock valued at $19,914,000 after acquiring an additional 658 shares during the period. Finally, Gryphon Financial Partners LLC grew its stake in Trane Technologies by 10.4% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,536 shares of the company’s stock valued at $598,000 after acquiring an additional 145 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Trane Technologies Stock Performance

NYSE TT opened at $407.13 on Friday. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $479.37. The company has a fifty day moving average of $433.20 and a 200-day moving average of $417.60. The company has a market capitalization of $90.11 billion, a P/E ratio of 31.37, a P/E/G ratio of 2.29 and a beta of 1.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25.

Trane Technologies (NYSE:TT) last released its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.81 by $0.05. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The business had revenue of $5.14 billion for the quarter, compared to analysts’ expectations of $5.09 billion. During the same quarter in the prior year, the firm earned $2.61 earnings per share. The firm’s revenue was up 5.6% on a year-over-year basis. As a group, equities research analysts predict that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 6th will be given a dividend of $1.05 per share. This is a boost from Trane Technologies’s previous quarterly dividend of $0.94. The ex-dividend date is Friday, March 6th. This represents a $4.20 annualized dividend and a dividend yield of 1.0%. Trane Technologies’s dividend payout ratio is currently 32.36%.

Insider Transactions at Trane Technologies

In other Trane Technologies news, insider Donald E. Simmons sold 3,762 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $422.70, for a total transaction of $1,590,197.40. Following the transaction, the insider directly owned 3,819 shares in the company, valued at $1,614,291.30. This trade represents a 49.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Elizabeth A. Elwell sold 635 shares of Trane Technologies stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $422.70, for a total transaction of $268,414.50. Following the transaction, the chief accounting officer directly owned 7,100 shares in the company, valued at $3,001,170. This trade represents a 8.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 49,378 shares of company stock valued at $21,228,464. 0.14% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Citigroup increased their target price on shares of Trane Technologies from $513.00 to $525.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Morgan Stanley decreased their price target on shares of Trane Technologies from $550.00 to $535.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Melius Research upgraded 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. Weiss Ratings reissued a “buy (b)” rating on shares of Trane Technologies in a research note on Wednesday, January 21st. Finally, JPMorgan Chase & Co. upped their target price on Trane Technologies from $434.00 to $460.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $484.67.

Trane Technologies Company 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.