Allianz SE Sells 670 Shares of Trane Technologies plc (NYSE:TT)

Key Points

• Allianz SE has reduced its stake in Trane Technologies plc by 1.8%, owning 35,713 shares worth approximately $12 million as of the end of the first quarter.
• Trane Technologies reported earnings of $3.88 per share, exceeding analysts' expectations, and experienced a 7.6% increase in quarterly revenue compared to the previous year.
• The company announced a quarterly dividend of $0.94 per share, providing an annualized yield of 0.9%, with payments scheduled for September 30th to shareholders on record as of September 5th.

Allianz SE cut its holdings in Trane Technologies plc (NYSE:TT - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,713 shares of the company's stock after selling 670 shares during the period. Allianz SE's holdings in Trane Technologies were worth $12,032,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Haven Private LLC grew its holdings in Trane Technologies by 1.6% during the first quarter. Haven Private LLC now owns 2,828 shares of the company's stock valued at $953,000 after purchasing an additional 44 shares during the period. Blair William & Co. IL raised its position in shares of Trane Technologies by 30.0% in the first quarter. Blair William & Co. IL now owns 22,230 shares of the company's stock worth $7,490,000 after buying an additional 5,128 shares in the last quarter. Heritage Trust Co raised its position in Trane Technologies by 2.4% during the first quarter. Heritage Trust Co now owns 2,620 shares of the company's stock valued at $883,000 after purchasing an additional 62 shares in the last quarter. Argent Trust Co raised its position in Trane Technologies by 8.9% during the first quarter. Argent Trust Co now owns 1,592 shares of the company's stock valued at $536,000 after purchasing an additional 130 shares in the last quarter. Finally, Manchester Capital Management LLC raised its position in Trane Technologies by 7.3% during the first quarter. Manchester Capital Management LLC now owns 1,615 shares of the company's stock valued at $544,000 after purchasing an additional 110 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

Trane Technologies Price Performance

Trane Technologies stock traded down $4.88 during mid-day trading on Tuesday, hitting $429.10. The stock had a trading volume of 433,488 shares, compared to its average volume of 1,489,980. The firm has a market capitalization of $95.48 billion, a P/E ratio of 34.08, a P/E/G ratio of 2.80 and a beta of 1.09. The company has a current ratio of 1.10, a quick ratio of 0.76 and a debt-to-equity ratio of 0.50. The firm's 50 day moving average is $435.77 and its 200 day moving average is $388.94. Trane Technologies plc has a one year low of $298.15 and a one year high of $476.18.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $3.88 EPS for the quarter, beating the consensus estimate of $3.79 by $0.09. Trane Technologies had a net margin of 13.76% and a return on equity of 36.61%. The business had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the firm earned $3.30 EPS. The business's revenue was up 7.6% on a year-over-year basis. On average, sell-side analysts forecast that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 5th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.9%. Trane Technologies's dividend payout ratio (DPR) is presently 29.82%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on TT shares. Robert W. Baird raised their price objective on Trane Technologies from $396.00 to $450.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Wells Fargo & Company lifted their price objective on Trane Technologies from $370.00 to $410.00 and gave the company an "underweight" rating in a research report on Tuesday, July 1st. Northcoast Research cut Trane Technologies from a "buy" rating to a "neutral" rating in a research report on Friday. Morgan Stanley lifted their target price on shares of Trane Technologies from $445.00 to $520.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Finally, HSBC lowered shares of Trane Technologies from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $415.00 to $460.00 in a report on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Trane Technologies presently has an average rating of "Hold" and a consensus target price of $458.60.

Trane Technologies Company Profile

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.