Assenagon Asset Management S.A. Sells 12,917 Shares of Trane Technologies plc $TT

Key Points

• Assenagon Asset Management reduced its Trane Technologies stake by 35.9% in the first quarter, selling 12,917 shares and leaving it with 23,088 shares worth about $9.62 million.
• Trane Technologies reported better-than-expected Q1 results, with earnings of $2.63 per share versus estimates of $2.53 and revenue of $4.97 billion versus expectations of $4.81 billion.
• The company announced a quarterly dividend of $1.05 per share, payable Sept. 30, while analysts remain broadly positive with a consensus Moderate Buy rating and an average price target of $509.12.

Assenagon Asset Management S.A. lessened its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 35.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,088 shares of the company's stock after selling 12,917 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Trane Technologies were worth $9,622,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of TT. Aptus Capital Advisors LLC increased its position in Trane Technologies by 169.8% in the 3rd quarter. Aptus Capital Advisors LLC now owns 14,738 shares of the company's stock valued at $6,219,000 after acquiring an additional 9,276 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Trane Technologies by 2.9% during the fourth quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company's stock worth $1,010,419,000 after purchasing an additional 72,998 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Trane Technologies by 64.0% in the fourth quarter. Farther Finance Advisors LLC now owns 7,478 shares of the company's stock worth $2,911,000 after purchasing an additional 2,917 shares during the last quarter. Dara Capital US Inc. bought a new stake in shares of Trane Technologies in the fourth quarter worth $966,000. Finally, Korea Investment CORP increased its holdings in Trane Technologies by 17.5% in the third quarter. Korea Investment CORP now owns 204,695 shares of the company's stock valued at $86,373,000 after purchasing an additional 30,558 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Trane Technologies Stock Performance

Shares of TT opened at $478.08 on Monday. Trane Technologies plc has a one year low of $348.06 and a one year high of $505.87. The company has a market cap of $105.68 billion, a PE ratio of 36.97, a P/E/G ratio of 2.20 and a beta of 1.20. The stock has a 50-day moving average of $469.89 and a 200-day moving average of $438.28. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, topping analysts' consensus estimates of $2.53 by $0.10. The business had revenue of $4.97 billion for the quarter, compared to the consensus estimate of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The firm's revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the prior year, the business earned $2.45 EPS. On average, equities research analysts predict that Trane Technologies plc will post 14.88 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be issued a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, September 4th. Trane Technologies's dividend payout ratio (DPR) is currently 32.48%.

Analysts Set New Price Targets

Several brokerages have commented on TT. Citigroup lifted their target price on Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a report on Friday, May 1st. Royal Bank Of Canada increased their price target on Trane Technologies from $440.00 to $501.00 and gave the company a "sector perform" rating in a research note on Friday, May 1st. KeyCorp raised their price objective on Trane Technologies from $525.00 to $555.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Evercore initiated coverage on Trane Technologies in a report on Monday, April 13th. They issued an "outperform" rating and a $535.00 target price on the stock. Finally, Barclays increased their target price 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. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Trane Technologies has an average rating of "Moderate Buy" and an average price target of $509.12.

Insiders Place Their Bets

In other Trane Technologies 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 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 transaction was disclosed in a filing with the SEC, which is accessible 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 firm's stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the completion of the transaction, the chief financial officer directly owned 60,576 shares in the company, valued at $27,259,200. This trade represents a 12.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 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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