Trane Technologies plc (NYSE:TT) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in Trane Technologies plc (NYSE:TT - Free Report) by 5.7% during the 1st quarter, according to the company in its most recent filing with the Securities and 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 approximately 1.22% of Trane Technologies worth $923,541,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TT. Minot DeBlois Advisors LLC purchased a new stake in Trane Technologies during the fourth quarter worth about $26,000. WFA Asset Management Corp increased its stake in Trane Technologies by 208.3% during the first quarter. WFA Asset Management Corp now owns 74 shares of the company's stock worth $25,000 after purchasing an additional 50 shares during the period. Vermillion & White Wealth Management Group LLC purchased a new stake in Trane Technologies during the fourth quarter worth about $28,000. Opal Wealth Advisors LLC purchased a new stake in Trane Technologies during the first quarter worth about $31,000. Finally, Tradewinds Capital Management LLC increased its stake in Trane Technologies by 46.2% during the first quarter. Tradewinds Capital Management LLC now owns 95 shares of the company's stock worth $32,000 after purchasing an additional 30 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on TT shares. Royal Bank Of Canada boosted their price target on shares of Trane Technologies from $363.00 to $408.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 1st. Wells Fargo & Company boosted their price target on shares of Trane Technologies from $370.00 to $410.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. boosted their price target on shares of Trane Technologies from $334.00 to $400.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. UBS Group upped their target price on shares of Trane Technologies from $470.00 to $500.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, Barclays cut their target price on shares of Trane Technologies from $500.00 to $475.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $430.13.

Insider Buying and Selling at Trane Technologies

In other news, insider Donald E. Simmons sold 3,571 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $380.00, for a total value of $1,356,980.00. Following the completion of the sale, the insider directly owned 3,593 shares of the company's stock, valued at approximately $1,365,340. This represents a 49.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.38% of the company's stock.

Trane Technologies Stock Up 1.6%

TT traded up $6.93 on Friday, reaching $439.64. The company's stock had a trading volume of 1,182,309 shares, compared to its average volume of 1,333,309. The stock has a 50 day moving average of $420.30 and a two-hundred day moving average of $379.29. The company has a quick ratio of 0.74, a current ratio of 1.09 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $98.05 billion, a price-to-earnings ratio of 36.58, a P/E/G ratio of 2.88 and a beta of 1.15. Trane Technologies plc has a fifty-two week low of $298.15 and a fifty-two week high of $438.15.

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

Trane Technologies Dividend Announcement

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. This represents a $3.76 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend is Friday, September 5th. Trane Technologies's dividend payout ratio (DPR) is 31.28%.

About Trane Technologies

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.