Cetera Investment Advisers Sells 9,589 Shares of Trane Technologies plc $TT

Key Points

• Cetera Investment Advisers reduced its Trane Technologies stake by 12.3% in the first quarter, selling 9,589 shares and retaining 68,561 shares valued at approximately $28.6 million. Institutional investors collectively own 82.97% of the company.
• Trane Technologies exceeded first-quarter expectations, reporting $2.63 in earnings per share and $4.97 billion in revenue, with revenue increasing 6% year over year. Analysts expect $14.89 in full-year EPS.
• The company declared a quarterly dividend of $1.05, equivalent to a $4.20 annualized payout and a 0.9% yield. Wall Street maintains a “Moderate Buy” consensus with an average price target of $516.67.

Cetera Investment Advisers cut its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 12.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 68,561 shares of the company's stock after selling 9,589 shares during the period. Cetera Investment Advisers' holdings in Trane Technologies were worth $28,572,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of TT. Brighton Jones LLC boosted its position in Trane Technologies by 60.0% in the fourth quarter. Brighton Jones LLC now owns 6,194 shares of the company's stock worth $2,288,000 after purchasing an additional 2,323 shares during the last quarter. Sivia Capital Partners LLC increased its position in shares of Trane Technologies by 22.4% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,665 shares of the company's stock valued at $728,000 after purchasing an additional 305 shares during the last quarter. Schnieders Capital Management LLC. purchased a new stake in shares of Trane Technologies during the 2nd quarter valued at about $227,000. Nebula Research & Development LLC lifted its stake in shares of Trane Technologies by 178.0% in the 2nd quarter. Nebula Research & Development LLC now owns 2,371 shares of the company's stock worth $1,037,000 after purchasing an additional 1,518 shares during the period. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of Trane Technologies by 0.5% in the second quarter. Treasurer of the State of North Carolina now owns 104,140 shares of the company's stock worth $45,552,000 after buying an additional 497 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Trane Technologies Price Performance

NYSE TT opened at $481.09 on Monday. Trane Technologies plc has a 12 month low of $348.06 and a 12 month high of $505.87. The stock has a market cap of $106.34 billion, a price-to-earnings ratio of 37.21, a PEG ratio of 2.21 and a beta of 1.19. The company's 50 day moving average is $470.13 and its two-hundred day moving average is $450.29. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, topping analysts' consensus estimates of $2.53 by $0.10. The business had revenue of $4.97 billion during the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company's revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.45 earnings per share. As a group, research analysts anticipate 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. Investors of record on Friday, September 4th will be issued a $1.05 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $4.20 annualized dividend and a yield of 0.9%. Trane Technologies's dividend payout ratio is currently 32.48%.

Insider Transactions at Trane Technologies

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total value of $2,296,500.00. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.43% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on TT. Citigroup upped their target price on shares of Trane Technologies from $525.00 to $570.00 and gave the company a "buy" rating in a report on Friday, May 1st. BNP Paribas Exane assumed coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They set an "outperform" rating and a $550.00 price target on the stock. KeyCorp boosted their price objective on shares of Trane Technologies from $525.00 to $555.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Sanford C. Bernstein set a $555.00 price objective on Trane Technologies in a research note on Thursday, July 9th. Finally, Barclays raised their target price on Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Trane Technologies has an average rating of "Moderate Buy" and a consensus price target of $516.67.

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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