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

Bank of New York Mellon Corp trimmed its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 5.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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.

A number of other large investors have also modified their holdings of the business. World Investment Advisors raised its stake in shares of Trane Technologies by 3.1% during the 1st quarter. World Investment Advisors now owns 39,880 shares of the company's stock worth $13,436,000 after buying an additional 1,189 shares in the last quarter. Olde Wealth Management LLC purchased a new position in Trane Technologies in the 1st quarter valued at approximately $37,000. Truist Financial Corp increased its stake in Trane Technologies by 3.4% in the 1st quarter. Truist Financial Corp now owns 382,390 shares of the company's stock valued at $128,835,000 after purchasing an additional 12,567 shares in the last quarter. Strategic Blueprint LLC increased its stake in Trane Technologies by 11.1% in the 1st quarter. Strategic Blueprint LLC now owns 620 shares of the company's stock valued at $209,000 after purchasing an additional 62 shares in the last quarter. Finally, Catalyst Capital Advisors LLC increased its stake in Trane Technologies by 45.2% in the 1st quarter. Catalyst Capital Advisors LLC now owns 527 shares of the company's stock valued at $178,000 after purchasing an additional 164 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Trane Technologies

In other news, insider Donald E. Simmons sold 3,571 shares of Trane Technologies stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $380.00, for a total transaction of $1,356,980.00. Following the sale, the insider directly owned 3,593 shares of the company's stock, valued at approximately $1,365,340. The trade was a 49.85% 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. 0.38% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Trane Technologies from $334.00 to $400.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Wells Fargo & Company raised their price objective on Trane Technologies from $370.00 to $410.00 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. Royal Bank Of Canada raised their price objective on Trane Technologies from $363.00 to $408.00 and gave the stock a "sector perform" rating in a report on Thursday, May 1st. Robert W. Baird raised their price objective on Trane Technologies from $360.00 to $396.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. Finally, Barclays decreased their price objective on Trane Technologies from $500.00 to $475.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $430.13.

Trane Technologies Stock Down 1.2%

Shares of TT traded down $5.42 during midday trading on Monday, reaching $431.97. 796,748 shares of the company were exchanged, compared to its average volume of 1,521,665. The stock has a 50-day moving average price of $420.30 and a 200-day moving average price of $379.29. The company has a market cap of $96.34 billion, a price-to-earnings ratio of 35.94, a P/E/G ratio of 2.88 and a beta of 1.15. Trane Technologies plc has a 1-year low of $298.15 and a 1-year high of $438.95. 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 (NYSE:TT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $2.45 earnings per share (EPS) for the quarter, beating 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 company had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter last year, the company earned $1.94 earnings per share. Trane Technologies's revenue for the quarter was up 11.2% on a year-over-year basis. Research analysts expect that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 5th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 0.87%. The ex-dividend date is Friday, September 5th. Trane Technologies's dividend payout ratio (DPR) is 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.