Envestnet Portfolio Solutions Inc. Decreases Stake in Trane Technologies plc (NYSE:TT)

Envestnet Portfolio Solutions Inc. reduced its position in Trane Technologies plc (NYSE:TT - Free Report) by 10.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,918 shares of the company's stock after selling 1,453 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Trane Technologies were worth $4,015,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Trane Technologies by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 19,235,570 shares of the company's stock valued at $7,104,658,000 after purchasing an additional 152,353 shares in the last quarter. Geode Capital Management LLC lifted its stake in Trane Technologies by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 4,775,263 shares of the company's stock worth $1,760,549,000 after purchasing an additional 136,349 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Trane Technologies by 4.1% during the fourth quarter. Ameriprise Financial Inc. now owns 3,343,390 shares of the company's stock worth $1,234,908,000 after purchasing an additional 130,867 shares during the last quarter. Norges Bank bought a new position in Trane Technologies during the fourth quarter worth $1,117,816,000. Finally, Northern Trust Corp lifted its stake in Trane Technologies by 20.1% during 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 last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on TT shares. HSBC upgraded Trane Technologies from a "hold" rating to a "buy" rating and raised their price objective for the stock from $405.00 to $415.00 in a research note on Friday, April 25th. UBS Group raised their target price on Trane Technologies from $470.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Barclays cut their target price on Trane Technologies from $500.00 to $475.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. Citigroup raised their target price on Trane Technologies from $415.00 to $445.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Finally, Stephens upgraded Trane Technologies from an "equal weight" rating to an "overweight" rating and set a $475.00 target price on the stock in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $427.47.

Insider Buying and Selling

In related 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 value of $1,356,980.00. Following the transaction, the insider now owns 3,593 shares of the company's stock, valued at approximately $1,365,340. This trade represents a 49.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.38% of the stock is owned by corporate insiders.

Trane Technologies Price Performance

Shares of TT opened at $419.25 on Friday. The stock's fifty day moving average is $401.13 and its 200-day moving average is $376.94. The firm has a market capitalization of $93.50 billion, a price-to-earnings ratio of 34.88, a price-to-earnings-growth ratio of 2.76 and a beta of 1.16. Trane Technologies plc has a one year low of $298.15 and a one year high of $436.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.74 and a current ratio of 1.09.

Trane Technologies (NYSE:TT - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.20 by $0.25. The firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.46 billion. Trane Technologies had a return on equity of 36.10% and a net margin of 13.47%. Trane Technologies's revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.94 earnings per share. Equities analysts anticipate that Trane Technologies plc will post 12.83 EPS for the current year.

Trane Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 5th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend is Friday, September 5th. Trane Technologies's payout ratio is currently 31.28%.

About Trane Technologies

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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