Bank of New York Mellon Corp Trims Position in Trane Technologies plc (NYSE:TT)

Bank of New York Mellon Corp reduced its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 5.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,741,128 shares of the company's stock after selling 165,681 shares during the period. Bank of New York Mellon Corp owned about 1.22% of Trane Technologies worth $923,541,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quadrant Capital Group LLC boosted its holdings in Trane Technologies by 0.8% in the 4th quarter. Quadrant Capital Group LLC now owns 3,786 shares of the company's stock worth $1,398,000 after buying an additional 30 shares during the period. Tradewinds Capital Management LLC boosted its holdings in Trane Technologies by 46.2% in the 1st quarter. Tradewinds Capital Management LLC now owns 95 shares of the company's stock worth $32,000 after buying an additional 30 shares during the period. Smith Group Asset Management LLC boosted its holdings in Trane Technologies by 1.2% in the 1st quarter. Smith Group Asset Management LLC now owns 2,610 shares of the company's stock worth $879,000 after buying an additional 30 shares during the period. Tortoise Investment Management LLC boosted its holdings in Trane Technologies by 6.5% in the 4th quarter. Tortoise Investment Management LLC now owns 537 shares of the company's stock worth $198,000 after buying an additional 33 shares during the period. Finally, Foster Group Inc. boosted its holdings in Trane Technologies by 1.2% in the 1st quarter. Foster Group Inc. now owns 2,833 shares of the company's stock worth $954,000 after buying an additional 33 shares during the period. 82.97% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Donald E. Simmons sold 3,571 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $380.00, for a total value of $1,356,980.00. Following the transaction, the insider owned 3,593 shares in the company, valued at approximately $1,365,340. This represents a 49.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Stephens raised shares of Trane Technologies from an "equal weight" rating to an "overweight" rating and set a $475.00 price target for the company in a report on Thursday, May 1st. JPMorgan Chase & Co. raised their price target on shares of Trane Technologies from $334.00 to $400.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Royal Bank Of Canada raised their price target on shares of Trane Technologies from $363.00 to $408.00 and gave the company a "sector perform" rating in a report on Thursday, May 1st. HSBC raised shares of Trane Technologies from a "hold" rating to a "buy" rating and raised their price target for the company from $405.00 to $415.00 in a report on Friday, April 25th. Finally, Wells Fargo & Company raised their price objective on shares of Trane Technologies from $370.00 to $410.00 and gave the company an "underweight" rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $430.13.

Trane Technologies Trading Up 1.6%

Shares of TT stock traded up $6.93 during mid-day trading on Friday, reaching $439.64. The stock had a trading volume of 1,182,309 shares, compared to its average volume of 1,333,309. The stock's 50-day moving average price is $420.30 and its two-hundred day moving average price is $379.26. The firm has a market capitalization of $98.05 billion, a PE ratio of 36.58, a price-to-earnings-growth ratio of 2.88 and a beta of 1.15. The company has a current ratio of 1.09, a quick ratio of 0.74 and a debt-to-equity ratio of 0.52. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $438.15.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $2.45 EPS for the quarter, topping the consensus estimate of $2.20 by $0.25. Trane Technologies had a net margin of 13.47% and a return on equity of 36.10%. The business had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.46 billion. During the same quarter in the previous year, the firm posted $1.94 earnings per share. Trane Technologies's quarterly revenue was up 11.2% on a year-over-year basis. Equities analysts expect that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, September 5th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $3.76 annualized dividend and a dividend yield of 0.86%. Trane Technologies's dividend payout ratio is presently 31.28%.

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.