Connor Clark & Lunn Investment Management Ltd. Sells 3,395 Shares of Trane Technologies plc (NYSE:TT)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its position in Trane Technologies by 9.8%, selling 3,395 shares, leaving it with 31,223 shares valued at approximately $10.52 million.
• During the same period, GAMMA Investing LLC significantly increased its stake in Trane Technologies by over 35,458%, acquiring 2,010,123 additional shares, bringing their total to about 2,015,792 shares worth $679.16 million.
• Trane Technologies plans to pay a quarterly dividend of $0.94 on September 30th, indicating a solid 0.9% yield with a dividend payout ratio of 29.82%.

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of Trane Technologies plc (NYSE:TT - Free Report) by 9.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 31,223 shares of the company's stock after selling 3,395 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Trane Technologies were worth $10,520,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC increased its stake in Trane Technologies by 35,458.2% in the first quarter. GAMMA Investing LLC now owns 2,015,792 shares of the company's stock worth $679,161,000 after purchasing an additional 2,010,123 shares during the period. Northern Trust Corp increased its stake in Trane Technologies by 20.1% in the fourth quarter. Northern Trust Corp now owns 2,567,527 shares of the company's stock worth $948,316,000 after purchasing an additional 429,953 shares during the period. Pictet Asset Management Holding SA increased its stake in Trane Technologies by 27.3% in the first quarter. Pictet Asset Management Holding SA now owns 1,915,630 shares of the company's stock worth $645,343,000 after purchasing an additional 410,734 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Trane Technologies in the fourth quarter worth $147,251,000. Finally, BNP Paribas Financial Markets purchased a new stake in Trane Technologies in the fourth quarter worth $137,999,000. 82.97% of the stock is currently owned by institutional investors.

Trane Technologies Trading Up 0.5%

Trane Technologies stock opened at $430.09 on Monday. The company has a quick ratio of 0.76, a current ratio of 1.10 and a debt-to-equity ratio of 0.50. Trane Technologies plc has a 52 week low of $298.15 and a 52 week high of $476.18. The company has a market capitalization of $95.70 billion, a price-to-earnings ratio of 34.11, a price-to-earnings-growth ratio of 2.68 and a beta of 1.09. The stock has a 50-day moving average price of $435.42 and a 200 day moving average price of $389.83.

Trane Technologies (NYSE:TT - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $3.88 EPS for the quarter, topping analysts' consensus estimates of $3.79 by $0.09. Trane Technologies had a return on equity of 36.61% and a net margin of 13.76%. The firm had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the previous year, the company posted $3.30 earnings per share. The company's revenue was up 7.6% compared to the same quarter last year. Sell-side analysts anticipate that Trane Technologies plc will post 12.83 EPS for the current year.

Trane Technologies Announces Dividend

The business 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 0.9%. The ex-dividend date is Friday, September 5th. Trane Technologies's dividend payout ratio is currently 29.82%.

Analysts Set New Price Targets

Several equities analysts have recently commented on TT shares. Barclays raised their price target on Trane Technologies from $480.00 to $495.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Northcoast Research lowered Trane Technologies from a "buy" rating to a "neutral" rating in a research note on Friday, August 1st. The Goldman Sachs Group raised their price objective on Trane Technologies from $416.00 to $460.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Hsbc Global Res downgraded Trane Technologies from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 31st. Finally, Wells Fargo & Company raised their price objective on Trane Technologies from $370.00 to $410.00 and gave the company an "underweight" rating in a research report on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $458.60.

Trane Technologies 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.

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