Arax Advisory Partners Sells 7,822 Shares of Trane Technologies plc $TT

Key Points

• Arax Advisory Partners cut its Trane Technologies stake by 51.6% in the fourth quarter, selling 7,822 shares and leaving it with 7,343 shares valued at about $2.86 million.
• Several analysts raised price targets on TT, and the stock now has a consensus Moderate Buy rating with an average target price of $509.12.
• Trane Technologies reported strong quarterly results, beating EPS and revenue expectations, while also declaring a quarterly dividend of $1.05 per share.

Arax Advisory Partners lessened its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 51.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,343 shares of the company's stock after selling 7,822 shares during the period. Arax Advisory Partners' holdings in Trane Technologies were worth $2,858,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC raised its stake in Trane Technologies by 60.0% during the fourth quarter. Brighton Jones LLC now owns 6,194 shares of the company's stock valued at $2,288,000 after buying an additional 2,323 shares during the last quarter. Sivia Capital Partners LLC increased its holdings in shares of Trane Technologies by 22.4% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,665 shares of the company's stock worth $728,000 after purchasing an additional 305 shares in the last quarter. Schnieders Capital Management LLC. purchased a new position in shares of Trane Technologies in the second quarter worth $227,000. Nebula Research & Development LLC raised its stake in shares of Trane Technologies by 178.0% in the second quarter. Nebula Research & Development LLC now owns 2,371 shares of the company's stock worth $1,037,000 after purchasing an additional 1,518 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of Trane Technologies by 0.5% during the second quarter. Treasurer of the State of North Carolina now owns 104,140 shares of the company's stock valued at $45,552,000 after purchasing an additional 497 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TT has been the subject of a number of research analyst reports. Royal Bank Of Canada lifted their price target 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. Barclays increased their price objective on shares of Trane Technologies from $507.00 to $585.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Evercore initiated coverage on shares of Trane Technologies in a report on Monday, April 13th. They issued an "outperform" rating and a $535.00 target price on the stock. KeyCorp lifted their target price on shares of Trane Technologies from $525.00 to $555.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Finally, Citigroup boosted their price target on Trane Technologies from $525.00 to $570.00 and gave the company a "buy" rating in a research note on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $509.12.

Insider Transactions at Trane Technologies

In related news, insider Donald E. Simmons sold 4,593 shares of the company's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the completion of the transaction, the insider owned 3,819 shares in the company, valued at approximately $1,909,500. This represents a 54.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of the business's stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the completion of the sale, the chief financial officer owned 60,576 shares in the company, valued at approximately $27,259,200. The trade was a 12.46% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by company insiders.

Trane Technologies Trading Down 0.1%

Shares of NYSE:TT opened at $457.69 on Monday. The stock has a 50 day moving average of $463.44 and a 200 day moving average of $433.30. The company has a market cap of $101.17 billion, a PE ratio of 35.40, a price-to-earnings-growth ratio of 2.11 and a beta of 1.20. Trane Technologies plc has a 12-month low of $348.06 and a 12-month high of $503.47. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46.

Trane Technologies (NYSE:TT - Get Free Report) last released its earnings results on Friday, May 1st. The company reported $2.63 EPS for the quarter, topping analysts' consensus estimates of $2.53 by $0.10. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company had revenue of $4.97 billion for the quarter, compared to analysts' expectations of $4.81 billion. During the same quarter last year, the business earned $2.45 EPS. The firm's revenue was up 6.0% compared to the same quarter last year. As a group, equities research analysts expect that Trane Technologies plc will post 14.88 EPS for the current year.

Trane Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be issued 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 currently 32.48%.

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.

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