Bank of New York Mellon Corp Sells 82,143 Shares of Trane Technologies plc $TT

Key Points

• Bank of New York Mellon trimmed its Trane Technologies stake by 3.4% in Q1, selling 82,143 shares and still holding about 2.37 million shares worth roughly $986 million.
• Trane Technologies beat earnings and revenue expectations in its latest quarter, reporting $2.63 EPS on $4.97 billion in revenue, with revenue up 6% year over year.
• The company also announced a quarterly dividend of $1.05 per share, implying a 0.9% annual yield, while analysts remain broadly positive with a “Moderate Buy” consensus and an average price target of $512.50.

Bank of New York Mellon Corp reduced its stake in Trane Technologies plc (NYSE:TT - Free Report) by 3.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,365,944 shares of the company's stock after selling 82,143 shares during the period. Bank of New York Mellon Corp owned approximately 1.07% of Trane Technologies worth $985,983,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Tucker Asset Management LLC purchased a new position in Trane Technologies in the fourth quarter worth about $25,000. JPL Wealth Management LLC purchased a new stake in shares of Trane Technologies during the third quarter valued at approximately $32,000. Physician Wealth Advisors Inc. grew its holdings in shares of Trane Technologies by 192.6% during the first quarter. Physician Wealth Advisors Inc. now owns 79 shares of the company's stock valued at $33,000 after buying an additional 52 shares during the last quarter. Hilton Head Capital Partners LLC bought a new stake in shares of Trane Technologies during the fourth quarter valued at approximately $32,000. Finally, Kemnay Advisory Services Inc. purchased a new position in Trane Technologies in the 4th quarter worth approximately $34,000. 82.97% of the stock is currently owned by institutional investors.

Trane Technologies Trading Down 0.7%

NYSE:TT opened at $480.29 on Thursday. The company has a market cap of $106.17 billion, a PE ratio of 37.15, a price-to-earnings-growth ratio of 2.23 and a beta of 1.19. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The company has a 50 day simple moving average of $469.73 and a two-hundred day simple moving average of $446.24. Trane Technologies plc has a 12 month low of $348.06 and a 12 month high of $505.87.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.10. The firm had revenue of $4.97 billion for the quarter, compared to analysts' expectations of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The company's revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.45 EPS. Research analysts forecast that Trane Technologies plc will post 14.89 earnings per share for the current year.

Trane Technologies Dividend Announcement

The company 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 $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, September 4th. Trane Technologies's dividend payout ratio (DPR) is presently 32.48%.

Insider Activity

In other news, insider Donald E. Simmons sold 4,593 shares of the company's stock in a transaction dated 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 completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. KeyCorp upped their price objective on Trane Technologies from $525.00 to $555.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Weiss Ratings restated a "buy (b)" rating on shares of Trane Technologies in a research note on Monday, April 20th. JPMorgan Chase & Co. upped their price target on Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a report on Thursday, May 14th. Citigroup increased their price objective on Trane Technologies from $525.00 to $570.00 and gave the company a "buy" rating in a research report on Friday, May 1st. Finally, BNP Paribas Exane assumed coverage on Trane Technologies in a research report on Tuesday, April 14th. They issued an "outperform" rating and a $550.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $512.50.

Trane Technologies Company 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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