Impax Asset Management Group plc Decreases Stock Position in Trane Technologies plc $TT

Key Points

• Impax Asset Management trimmed its stake in Trane Technologies by 3.4%, selling 8,793 shares to hold 252,715 shares (about 0.11% of the company) worth roughly $98.36 million after the quarter.
• Insider selling was material: CEO David S. Regnery sold 36,045 shares for about $15.24 million and CAO Elizabeth Elwell sold 635 shares, with insiders disposing of 57,997 shares worth $25.11 million over the past three months.
• Financials and analyst outlook: Trane beat quarterly EPS estimates ($2.86 vs. $2.81), declared a $1.05 quarterly dividend (annualized $4.20, ~0.9% yield), and carries a consensus "Moderate Buy" average price target of $492.94.

Impax Asset Management Group plc lessened its position in Trane Technologies plc (NYSE:TT - Free Report) by 3.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 252,715 shares of the company's stock after selling 8,793 shares during the quarter. Impax Asset Management Group plc owned about 0.11% of Trane Technologies worth $98,357,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TT. JPMorgan Chase & Co. lifted its position in shares of Trane Technologies by 10.2% in the third quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock valued at $6,550,975,000 after acquiring an additional 1,433,563 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of Trane Technologies by 135.4% in the second quarter. Corient Private Wealth LLC now owns 735,589 shares of the company's stock valued at $321,757,000 after purchasing an additional 423,090 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Trane Technologies by 13,460.8% in the fourth quarter. SG Americas Securities LLC now owns 423,504 shares of the company's stock valued at $164,828,000 after purchasing an additional 420,381 shares during the last quarter. Credit Agricole S A acquired a new stake in shares of Trane Technologies in the third quarter valued at approximately $118,129,000. Finally, Danske Bank A S acquired a new stake in shares of Trane Technologies in the third quarter valued at approximately $88,959,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Transactions at Trane Technologies

In other news, CAO Elizabeth A. Elwell sold 635 shares of Trane Technologies 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 sale, the chief accounting officer owned 7,100 shares in the company, valued at approximately $3,001,170. The trade was a 8.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David S. Regnery sold 36,045 shares of Trane Technologies stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.69, for a total value of $15,235,861.05. Following the sale, the chief executive officer owned 96,948 shares in the company, valued at $40,978,950.12. This trade represents a 27.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 57,997 shares of company stock worth $25,107,014 over the last three months. 0.14% of the stock is currently owned by company insiders.

Trane Technologies Trading Up 0.3%

NYSE:TT opened at $486.88 on Friday. The firm has a market cap of $107.76 billion, a PE ratio of 37.51, a price-to-earnings-growth ratio of 2.56 and a beta of 1.21. The stock has a fifty day moving average price of $445.72 and a 200 day moving average price of $423.57. Trane Technologies plc has a 12-month low of $343.09 and a 12-month high of $490.15. The company has a current ratio of 1.25, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46.

Trane Technologies (NYSE:TT - Get Free Report) last released its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.81 by $0.05. The firm had revenue of $5.14 billion during the quarter, compared to analyst estimates of $5.09 billion. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.Trane Technologies's revenue was up 5.6% compared to the same quarter last year. During the same period last year, the business posted $2.61 earnings per share. Sell-side analysts anticipate that Trane Technologies plc will post 14.76 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th will be given a dividend of $1.05 per share. The ex-dividend date is Friday, June 5th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. Trane Technologies's payout ratio is 32.36%.

Analysts Set New Price Targets

Several equities research analysts recently commented on TT shares. Oppenheimer increased their price target on Trane Technologies from $460.00 to $468.00 and gave the company an "outperform" rating in a report on Friday, January 30th. KeyCorp increased their price target on Trane Technologies from $500.00 to $525.00 and gave the company an "overweight" rating in a report on Tuesday. Citigroup raised their target price on Trane Technologies from $513.00 to $525.00 and gave the stock a "buy" rating in a research note on Friday, January 30th. Evercore started coverage on Trane Technologies in a research note on Monday, April 13th. They set an "outperform" rating and a $535.00 target price for the company. Finally, Royal Bank Of Canada raised their target price on Trane Technologies from $469.00 to $470.00 and gave the stock a "sector perform" rating in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $492.94.

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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