Glenmede Investment Management LP Sells 17,529 Shares of Trane Technologies plc $TT

Key Points

• Glenmede Investment Management cut its position in Trane Technologies by 12.9%, selling 17,529 shares and finishing the quarter with 118,009 shares worth about $49.8 million.
• Insiders sold heavily — 49,378 shares were sold in the last quarter totaling roughly $21.23 million, including CAO Elizabeth Elwell (635 shares) and Donald E. Simmons (3,762 shares), leaving insiders with just 0.14% ownership.
• Dividend increase and earnings beat: Trane raised its quarterly dividend to $1.05 (annualized $4.20, ~1.0% yield; ex-dividend March 6) and recently topped EPS estimates ($2.86 vs. $2.81), while analysts carry a "Moderate Buy" consensus with a $484.67 target.

Glenmede Investment Management LP cut its position in Trane Technologies plc (NYSE:TT - Free Report) by 12.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 118,009 shares of the company's stock after selling 17,529 shares during the quarter. Glenmede Investment Management LP owned about 0.05% of Trane Technologies worth $49,795,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Icon Advisers Inc. Co. bought a new position in shares of Trane Technologies during the 2nd quarter worth $26,000. Financial Consulate Inc. bought a new stake in Trane Technologies in the 3rd quarter valued at about $25,000. United Community Bank lifted its holdings in Trane Technologies by 134.4% during the third quarter. United Community Bank now owns 75 shares of the company's stock valued at $32,000 after purchasing an additional 43 shares during the last quarter. Halbert Hargrove Global Advisors LLC boosted its position in Trane Technologies by 34.2% during the third quarter. Halbert Hargrove Global Advisors LLC now owns 102 shares of the company's stock worth $43,000 after purchasing an additional 26 shares during the period. Finally, Hantz Financial Services Inc. boosted its position in Trane Technologies by 58.2% during the third quarter. Hantz Financial Services Inc. now owns 106 shares of the company's stock worth $45,000 after purchasing an additional 39 shares during the period. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insiders Place Their Bets

In other news, CAO Elizabeth A. Elwell sold 635 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $3,001,170. The trade was a 8.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Donald E. Simmons sold 3,762 shares of the company's 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 $1,590,197.40. Following the completion of the transaction, the insider owned 3,819 shares in the company, valued at approximately $1,614,291.30. This trade represents a 49.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 49,378 shares of company stock worth $21,228,464. 0.14% of the stock is currently owned by insiders.

Trane Technologies Stock Up 0.2%

Shares of NYSE:TT opened at $422.66 on Friday. The firm has a fifty day moving average price of $426.27 and a two-hundred day moving average price of $417.25. The company has a market cap of $93.55 billion, a price-to-earnings ratio of 32.56, a PEG ratio of 2.22 and a beta of 1.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.92. Trane Technologies plc has a one year low of $298.15 and a one year high of $479.37.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.05. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The firm had revenue of $5.14 billion for the quarter, compared to analysts' expectations of $5.09 billion. During the same quarter in the prior year, the firm posted $2.61 earnings per share. The business's quarterly revenue was up 5.6% on a year-over-year basis. Analysts anticipate that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 6th will be paid a $1.05 dividend. The ex-dividend date is Friday, March 6th. This represents a $4.20 dividend on an annualized basis and a yield of 1.0%. This is an increase from Trane Technologies's previous quarterly dividend of $0.94. Trane Technologies's dividend payout ratio is currently 32.36%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TT. Royal Bank Of Canada boosted their price target on shares of Trane Technologies from $469.00 to $470.00 and gave the company a "sector perform" rating in a research report on Friday, January 30th. JPMorgan Chase & Co. lifted their price objective on shares of Trane Technologies from $434.00 to $460.00 and gave the company a "neutral" rating in a research note on Friday, January 30th. Citigroup boosted their target price on shares of Trane Technologies from $513.00 to $525.00 and gave the company a "buy" rating in a report on Friday, January 30th. Melius Research raised Trane Technologies from a "hold" rating to a "buy" rating and set a $490.00 price target for the company in a report on Wednesday, January 7th. Finally, Wells Fargo & Company lifted their price target on Trane Technologies from $375.00 to $400.00 and gave the company an "underweight" rating in a research report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $484.67.

About Trane Technologies

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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