Jupiter Asset Management Ltd. Trims Stock Holdings in Trane Technologies plc (NYSE:TT)

Key Points

• Jupiter Asset Management Ltd. reduced its stake in Trane Technologies plc by 5.1%, selling 3,288 shares and now holding 61,058 shares valued at approximately $20.57 million.
• Trane Technologies reported earnings per share of $3.88 for the last quarter, exceeding expectations, while its revenue of $5.75 billion marked a 7.6% increase compared to the previous year.
• The company declared a quarterly dividend of $0.94 per share, delivering an annualized dividend yield of 0.9% with a payout ratio of 29.82%.

Jupiter Asset Management Ltd. reduced its stake in Trane Technologies plc (NYSE:TT - Free Report) by 5.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 61,058 shares of the company's stock after selling 3,288 shares during the quarter. Jupiter Asset Management Ltd.'s holdings in Trane Technologies were worth $20,572,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ameriprise Financial Inc. grew its stake in shares of Trane Technologies by 4.1% during the 4th 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 period. Northern Trust Corp grew its stake in Trane Technologies by 20.1% in the 4th 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 grew its stake in Trane Technologies by 1.6% in the 4th 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 grew its stake in Trane Technologies by 8.3% in the 4th 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 grew its stake in Trane Technologies by 12.9% in the 1st 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 owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on TT shares. Citigroup lifted their price target on shares of Trane Technologies from $445.00 to $502.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Hsbc Global Res cut shares of Trane Technologies from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 31st. Royal Bank Of Canada lifted their price target on shares of Trane Technologies from $463.00 to $467.00 and gave the company a "sector perform" rating in a research note on Thursday, July 31st. Robert W. Baird lifted their price target on shares of Trane Technologies from $396.00 to $450.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, Morgan Stanley raised their price objective on Trane Technologies from $445.00 to $520.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $458.60.

Trane Technologies Trading Up 0.6%

Shares of TT traded up $2.56 during mid-day trading on Thursday, reaching $429.59. The stock had a trading volume of 133,292 shares, compared to its average volume of 1,486,774. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.10 and a quick ratio of 0.76. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $476.18. The business's fifty day moving average is $435.50 and its 200 day moving average is $389.47. The firm has a market cap of $95.59 billion, a price-to-earnings ratio of 34.07, a P/E/G ratio of 2.67 and a beta of 1.09.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $3.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.79 by $0.09. The firm had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.77 billion. Trane Technologies had a net margin of 13.76% and a return on equity of 36.61%. Trane Technologies's quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.30 earnings per share. On average, sell-side analysts predict that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

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

Trane Technologies Company 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.