Trane Technologies plc (NYSE:TT) Stake Cut by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Trane Technologies plc by 19.8%, selling 15,222 shares and leaving it with 61,800 shares valued at approximately $20.8 million.
• Trane Technologies announced a quarterly dividend of $0.94 per share, with an annualized dividend yield of 0.9%, to be paid on September 30th.
• The company's recent earnings report showed earnings per share of $3.88, beating estimates, but revenue of $5.75 billion was slightly below expected levels.

J. Safra Sarasin Holding AG lowered its stake in Trane Technologies plc (NYSE:TT - Free Report) by 19.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,800 shares of the company's stock after selling 15,222 shares during the quarter. J. Safra Sarasin Holding AG's holdings in Trane Technologies were worth $20,822,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Ameriprise Financial Inc. lifted its holdings in Trane Technologies by 4.1% in the fourth quarter. Ameriprise Financial Inc. now owns 3,343,390 shares of the company's stock valued at $1,234,908,000 after acquiring an additional 130,867 shares during the period. Northern Trust Corp lifted its holdings in Trane Technologies by 20.1% in the fourth quarter. Northern Trust Corp now owns 2,567,527 shares of the company's stock valued at $948,316,000 after acquiring an additional 429,953 shares during the period. Nuveen Asset Management LLC lifted its holdings in Trane Technologies by 1.6% in the fourth quarter. Nuveen Asset Management LLC now owns 2,332,626 shares of the company's stock valued at $861,555,000 after acquiring an additional 37,389 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Trane Technologies by 8.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,319,287 shares of the company's stock valued at $856,629,000 after acquiring an additional 177,206 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Trane Technologies by 12.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,076,761 shares of the company's stock valued at $699,702,000 after acquiring an additional 237,905 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. UBS Group lifted their price target on Trane Technologies from $500.00 to $544.00 and gave the stock a "buy" rating in a research note on Tuesday. Citigroup lifted their price objective on Trane Technologies from $445.00 to $502.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. HSBC cut Trane Technologies from a "buy" rating to a "hold" rating and lifted their price objective for the stock from $415.00 to $460.00 in a research report on Thursday, July 31st. JPMorgan Chase & Co. lifted their price objective on Trane Technologies from $334.00 to $400.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Finally, The Goldman Sachs Group lifted their price target on Trane Technologies from $416.00 to $460.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $458.60.

Trane Technologies Stock Performance

NYSE TT traded down $3.00 during trading hours on Wednesday, hitting $425.76. The company had a trading volume of 586,394 shares, compared to its average volume of 1,490,144. Trane Technologies plc has a fifty-two week low of $298.15 and a fifty-two week high of $476.18. The company has a quick ratio of 0.76, a current ratio of 1.10 and a debt-to-equity ratio of 0.50. The business has a fifty day simple moving average of $435.62 and a 200-day simple moving average of $389.21. The firm has a market cap of $94.74 billion, a P/E ratio of 33.75, a price-to-earnings-growth ratio of 2.77 and a beta of 1.09.

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

Trane Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 5th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, September 5th. Trane Technologies's dividend payout ratio is currently 29.82%.

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.