Firetrail Investments PTY Ltd. Trims Holdings in Trane Technologies plc $TT

Key Points

• Firetrail Investments PTY Ltd. cut its Trane Technologies stake by 40.1% in the fourth quarter, selling 13,093 shares and leaving it with 19,584 shares worth about $7.66 million.
• Several analysts remain constructive on TT, with recent target increases from Barclays and KeyCorp; the stock carries a Moderate Buy consensus and an average price target of $505.56.
• Trane Technologies reported stronger-than-expected quarterly results, posting $2.63 EPS on $4.97 billion in revenue, while also announcing a quarterly dividend of $1.05 per share.

Firetrail Investments PTY Ltd. reduced its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 40.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,584 shares of the company's stock after selling 13,093 shares during the period. Trane Technologies accounts for about 2.5% of Firetrail Investments PTY Ltd.'s investment portfolio, making the stock its 20th largest holding. Firetrail Investments PTY Ltd.'s holdings in Trane Technologies were worth $7,659,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Bryn Mawr Trust Advisors LLC increased its stake in shares of Trane Technologies by 1.2% during the fourth quarter. Bryn Mawr Trust Advisors LLC now owns 2,112 shares of the company's stock valued at $822,000 after purchasing an additional 25 shares in the last quarter. EWA LLC lifted its holdings in shares of Trane Technologies by 48.2% during the fourth quarter. EWA LLC now owns 735 shares of the company's stock valued at $286,000 after purchasing an additional 239 shares during the last quarter. NewEdge Wealth LLC boosted its position in shares of Trane Technologies by 44.1% in the 4th quarter. NewEdge Wealth LLC now owns 4,286 shares of the company's stock worth $1,668,000 after purchasing an additional 1,312 shares in the last quarter. Triton Financial Group Inc grew its stake in shares of Trane Technologies by 5.7% in the 4th quarter. Triton Financial Group Inc now owns 3,075 shares of the company's stock worth $1,197,000 after buying an additional 167 shares during the last quarter. Finally, Legacy Wealth Managment LLC ID grew its stake in shares of Trane Technologies by 122.4% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 238 shares of the company's stock worth $93,000 after buying an additional 131 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TT. Morgan Stanley lowered their price objective on Trane Technologies from $550.00 to $535.00 and set an "overweight" rating for the company in a research note on Tuesday, January 13th. Weiss Ratings reissued a "buy (b)" rating on shares of Trane Technologies in a research note on Monday, April 20th. JPMorgan Chase & Co. lifted their price target on Trane Technologies from $434.00 to $460.00 and gave the stock a "neutral" rating in a research report on Friday, January 30th. Barclays upped their price target on shares of Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Finally, KeyCorp increased 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. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Trane Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $505.56.

Insider Buying and Selling at Trane Technologies

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. Also, CAO Elizabeth A. Elwell sold 635 shares of the stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $422.70, for a total transaction of $268,414.50. Following the completion of the transaction, the chief accounting officer owned 7,100 shares in the company, valued at $3,001,170. This trade represents a 8.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 62,590 shares of company stock worth $27,403,514 over the last 90 days. 0.14% of the stock is owned by company insiders.

Trane Technologies Price Performance

Shares of TT opened at $466.59 on Friday. The firm has a fifty day simple moving average of $448.30 and a two-hundred day simple moving average of $426.70. The firm has a market cap of $103.14 billion, a PE ratio of 36.09, a P/E/G ratio of 2.15 and a beta of 1.25. 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 plc has a 1-year low of $348.06 and a 1-year high of $503.47.

Trane Technologies (NYSE:TT - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The company reported $2.63 EPS for the quarter, topping the consensus estimate of $2.53 by $0.10. The company had revenue of $4.97 billion during the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.Trane Technologies's revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.45 earnings per share. On average, equities analysts anticipate that Trane Technologies plc will post 14.87 EPS for the current year.

Trane Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, June 5th will be paid a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, June 5th. Trane Technologies's payout ratio is currently 32.48%.

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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