Renaissance Technologies LLC Sells 108,880 Shares of Trane Technologies plc $TT

Renaissance Technologies LLC reduced its stake in Trane Technologies plc (NYSE:TT) by 35.4% during the first quarter, Holdings Channel.com reports. The fund owned 198,948 shares of the company’s stock after selling 108,880 shares during the quarter. Renaissance Technologies LLC’s holdings in Trane Technologies were worth $82,910,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Trane Technologies in the fourth quarter valued at approximately $1,163,124,000. Capital International Investors bought a new position in Trane Technologies in the fourth quarter worth approximately $324,639,000. First Trust Advisors LP increased its holdings in Trane Technologies by 536.6% during the 1st quarter. First Trust Advisors LP now owns 532,138 shares of the company’s stock worth $221,763,000 after purchasing an additional 448,547 shares during the period. Hsbc Holdings PLC increased its holdings in Trane Technologies by 215.9% during the 1st quarter. Hsbc Holdings PLC now owns 653,423 shares of the company’s stock worth $271,950,000 after purchasing an additional 446,598 shares during the period. Finally, Corient Private Wealth LLC raised its position in Trane Technologies by 135.4% during the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock valued at $321,757,000 after purchasing an additional 423,090 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Trane Technologies

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of Trane Technologies stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $500.00, for a total value of $2,296,500.00. Following the transaction, the insider owned 3,819 shares in the company, valued at $1,909,500. The trade was a 54.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

TT has been the topic of a number of recent research reports. Barclays increased their price target on Trane Technologies from $507.00 to $585.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Weiss Ratings restated a “buy (b)” rating on shares of Trane Technologies in a report on Friday, July 17th. Royal Bank Of Canada upped their price objective on shares of Trane Technologies from $440.00 to $501.00 and gave the stock a “sector perform” rating in a research note on Friday, May 1st. Sanford C. Bernstein set a $555.00 target price on shares of Trane Technologies in a report on Thursday, July 9th. Finally, Citigroup raised their target price on shares of Trane Technologies from $525.00 to $570.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Trane Technologies has a consensus rating of “Moderate Buy” and an average target price of $516.67.

Trane Technologies Stock Up 0.3%

Trane Technologies stock opened at $481.09 on Friday. The business has a fifty day moving average of $470.13 and a two-hundred day moving average of $449.87. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The firm has a market cap of $106.34 billion, a P/E ratio of 37.21, a P/E/G ratio of 2.21 and a beta of 1.19. Trane Technologies plc has a twelve month low of $348.06 and a twelve month high of $505.87.

Trane Technologies (NYSE:TT) last announced its earnings results on Friday, May 1st. The company reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.10. The business had revenue of $4.97 billion for the quarter, compared to analysts’ expectations of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The business’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.45 EPS. On average, analysts forecast that Trane Technologies plc will post 14.89 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be given a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. Trane Technologies’s dividend payout ratio (DPR) is presently 32.48%.

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.