Burney Co. Trims Stake in Trane Technologies plc $TT

Key Points

• Burney Co. cut its Trane Technologies stake by 66.8% in the first quarter, selling 14,082 shares and leaving it with 6,999 shares worth about $2.9 million.
• Trane Technologies reported solid quarterly results, beating analyst expectations with EPS of $2.63 on revenue of $4.97 billion, while revenue rose 6% year over year.
• The company also announced a quarterly dividend of $1.05 per share, payable Sept. 30, which annualizes to $4.20 and yields about 0.9%.

Burney Co. lowered its position in Trane Technologies plc (NYSE:TT - Free Report) by 66.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,999 shares of the company's stock after selling 14,082 shares during the period. Burney Co.'s holdings in Trane Technologies were worth $2,917,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Trane Technologies by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 20,020,321 shares of the company's stock worth $7,791,909,000 after purchasing an additional 192,270 shares in the last quarter. State Street Corp boosted its holdings in shares of Trane Technologies by 0.6% during the 4th quarter. State Street Corp now owns 10,113,123 shares of the company's stock valued at $3,936,034,000 after buying an additional 61,393 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Trane Technologies by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 5,071,072 shares of the company's stock valued at $1,964,896,000 after buying an additional 14,179 shares in the last quarter. Norges Bank purchased a new stake in shares of Trane Technologies in the 4th quarter worth about $1,163,124,000. Finally, Nordea Investment Management AB increased its stake in shares of Trane Technologies by 2.9% in the 4th quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company's stock worth $1,010,419,000 after acquiring an additional 72,998 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Trane Technologies Trading Down 2.2%

NYSE:TT opened at $476.64 on Wednesday. The stock has a market cap of $105.36 billion, a price-to-earnings ratio of 36.86, a PEG ratio of 2.24 and a beta of 1.19. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The company's 50 day moving average price is $470.52 and its 200-day moving average price is $442.56. Trane Technologies plc has a 52 week low of $348.06 and a 52 week high of $505.87.

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

Trane Technologies Announces Dividend

The firm 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. The ex-dividend date of this dividend is Friday, September 4th. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. Trane Technologies's payout ratio is 32.48%.

Insiders Place Their Bets

In other Trane Technologies 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 transaction, the insider owned 3,819 shares in the company, valued at approximately $1,909,500. This represents a 54.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TT. Royal Bank Of Canada boosted their price objective on shares of Trane Technologies from $440.00 to $501.00 and gave the stock a "sector perform" rating in a research note on Friday, May 1st. BNP Paribas Exane began coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They set an "outperform" rating and a $550.00 target price for the company. Weiss Ratings reissued a "buy (b)" rating on shares of Trane Technologies in a research report on Monday, April 20th. JPMorgan Chase & Co. upped their price target on Trane Technologies from $460.00 to $476.00 and gave the stock a "neutral" rating in a research note on Thursday, May 14th. Finally, Evercore began coverage on Trane Technologies in a research report on Monday, April 13th. They set an "outperform" rating and a $535.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Trane Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $512.19.

Trane Technologies 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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