Azzad Asset Management Inc. ADV Has $784,000 Stake in Trane Technologies plc $TT

Key Points

• Azzad Asset Management sharply reduced its Trane Technologies stake by 66.8% in the first quarter, selling 3,780 shares and leaving it with 1,881 shares valued at about $784,000.
• Trane Technologies reported better-than-expected earnings for the quarter, with EPS of $2.63 versus the $2.53 consensus and revenue of $4.97 billion, up 6% from a year earlier.
• The company also announced a quarterly dividend of $1.05 per share, payable September 30, while analysts currently rate the stock a Moderate Buy with a consensus target price of $512.50.

Azzad Asset Management Inc. ADV cut its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 66.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,881 shares of the company's stock after selling 3,780 shares during the quarter. Azzad Asset Management Inc. ADV's holdings in Trane Technologies were worth $784,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TT. Brighton Jones LLC boosted its position 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 acquiring an additional 2,323 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in Trane Technologies by 22.4% during the second quarter. Sivia Capital Partners LLC now owns 1,665 shares of the company's stock worth $728,000 after acquiring an additional 305 shares in the last quarter. Schnieders Capital Management LLC. acquired a new stake in Trane Technologies in the second quarter worth $227,000. Nebula Research & Development LLC grew its holdings in 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 period. Finally, Treasurer of the State of North Carolina increased its stake in Trane Technologies by 0.5% in 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. Institutional investors own 82.97% of the company's stock.

Insider Buying and Selling

In other news, insider Donald E. Simmons sold 4,593 shares of the stock in a transaction on Thursday, April 30th. The shares were 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 of the company's stock, valued at $1,909,500. This represents a 54.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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.

Trane Technologies Price Performance

Trane Technologies stock opened at $479.69 on Friday. Trane Technologies plc has a one year low of $348.06 and a one year high of $505.87. The business has a fifty day moving average price of $470.03 and a 200-day moving average price of $444.00. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77. The firm has a market capitalization of $106.04 billion, a P/E ratio of 37.10, a PEG ratio of 2.17 and a beta of 1.19.

Trane Technologies (NYSE:TT - Get Free Report) last posted its earnings results on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, beating analysts' consensus estimates of $2.53 by $0.10. The business had revenue of $4.97 billion during the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The company's quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.45 EPS. As a group, equities research analysts forecast that Trane Technologies plc will post 14.9 EPS for the current year.

Trane Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be given a dividend of $1.05 per share. The ex-dividend date is Friday, September 4th. This represents a $4.20 annualized dividend and a yield of 0.9%. Trane Technologies's payout ratio is presently 32.48%.

Analyst Upgrades and Downgrades

TT has been the topic of a number of research analyst reports. BNP Paribas Exane initiated coverage on shares of Trane Technologies in a research report on Tuesday, April 14th. They set an "outperform" rating and a $550.00 price objective on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Trane Technologies in a research report on Monday, April 20th. Sanford C. Bernstein set a $555.00 price target on Trane Technologies in a report on Thursday. Royal Bank Of Canada raised their price objective 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. Finally, KeyCorp upped their target price on Trane Technologies from $525.00 to $555.00 and gave the stock 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 assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Trane Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $512.50.

About Trane Technologies

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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