97,188 Trane Technologies plc $TT Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Trane Technologies stake by 6.2%, selling 97,188 shares in the third quarter; it retained 1.46 million shares valued at about $659.7 million.
• Quarterly results topped expectations: Trane reported adjusted earnings of $4.86 per share and revenue of $6.76 billion, with revenue up 17.7% year over year.
• The company declared a $1.05 quarterly dividend, equivalent to a 1.0% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $535.89.

Pictet Asset Management Holding SA lessened its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 6.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 1,459,546 shares of the company's stock after selling 97,188 shares during the quarter. Trane Technologies comprises approximately 0.6% of Pictet Asset Management Holding SA's holdings, making the stock its 28th largest position. Pictet Asset Management Holding SA owned approximately 0.66% of Trane Technologies worth $659,722,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Wilkerson Advisory Group LLC raised its stake in shares of Trane Technologies by 136.0% during the first quarter. Wilkerson Advisory Group LLC now owns 59 shares of the company's stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. Elevation Wealth Partners LLC grew its position in Trane Technologies by 153.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 66 shares of the company's stock valued at $32,000 after buying an additional 40 shares in the last quarter. Frazier Financial Advisors LLC bought a new position in Trane Technologies in the 1st quarter valued at about $33,000. James T. Borello RIA increased its stake in Trane Technologies by 41.7% during the 3rd quarter. James T. Borello RIA now owns 102 shares of the company's stock valued at $46,000 after buying an additional 30 shares during the period. Finally, MADDEN SECURITIES Corp acquired a new position in Trane Technologies during the 3rd quarter valued at about $46,000. Institutional investors own 82.97% of the company's stock.

Trane Technologies Stock Performance

Shares of TT opened at $401.98 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.12 and a quick ratio of 0.79. The firm's 50 day moving average is $445.69 and its 200-day moving average is $454.46. Trane Technologies plc has a 12-month low of $348.06 and a 12-month high of $505.87. The stock has a market capitalization of $87.99 billion, a P/E ratio of 28.39, a P/E/G ratio of 1.89 and a beta of 1.19.

Trane Technologies (NYSE:TT - Get Free Report) last released its earnings results on Thursday, October 29th. The company reported $4.86 EPS for the quarter, beating the consensus estimate of $4.74 by $0.12. The business had revenue of $6.76 billion during the quarter, compared to analyst estimates of $6.50 billion. Trane Technologies had a net margin of 13.56% and a return on equity of 37.26%. The business's quarterly revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the business earned $3.88 earnings per share. Equities research analysts anticipate that Trane Technologies plc will post 15.29 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Friday, December 4th will be given a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, December 4th. Trane Technologies's dividend payout ratio is 29.66%.

Insider Buying and Selling at Trane Technologies

In other news, CEO David Regnery sold 48,091 shares of the firm's stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $480.00, for a total transaction of $23,083,680.00. Following the completion of the sale, the chief executive officer directly owned 96,951 shares of the company's stock, valued at $46,536,480. This trade represents a 33.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TT shares. Royal Bank Of Canada reduced their price target on shares of Trane Technologies from $502.00 to $486.00 and set a "sector perform" rating for the company in a research note on Friday, October 30th. Argus set a $500.00 price objective on shares of Trane Technologies in a research note on Friday, October 30th. Sanford C. Bernstein boosted their target price on Trane Technologies from $555.00 to $575.00 and gave the stock an "outperform" rating in a report on Friday, August 14th. Mizuho upped their target price on Trane Technologies from $475.00 to $485.00 and gave the stock a "neutral" rating in a research report on Thursday, October 15th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Trane Technologies from $515.00 to $499.00 and set a "hold" rating for the company in a research note on Wednesday, September 30th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold 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 $535.89.

Trane Technologies Profile

Trane Technologies plc is a global climate innovator that designs, manufactures, and services heating, ventilation, air conditioning, and refrigeration systems. Its products and services support commercial buildings, homes, and transportation applications, including temperature-controlled shipping.

The company's portfolio includes the Trane brand of HVAC systems and building services, as well as Thermo King equipment for transport refrigeration and climate control. It also offers building controls, energy-efficiency solutions, system maintenance, and related services.

Trane Technologies was formed in 2020 when Ingersoll Rand completed the spin-off of its industrial businesses and adopted the Trane Technologies name.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.