Los Angeles Capital Management LLC Trims Stock Position in Trane Technologies plc $TT

Key Points

• Los Angeles Capital Management reduced its Trane Technologies stake by 21.6% in the fourth quarter, though it still held 469,046 shares valued at about $182.6 million. Institutional ownership remains very high, with hedge funds and other institutions owning 82.97% of the stock.
• Trane Technologies reported better-than-expected quarterly results, posting EPS of $2.63 versus the $2.53 estimate and revenue of $4.97 billion versus $4.81 billion expected. Revenue rose 6.0% year over year, and analysts now forecast full-year EPS of 14.88.
• The company also announced a quarterly dividend of $1.05 per share, or $4.20 annualized, for a yield of about 0.9%. Meanwhile, analysts remain broadly positive, with several firms raising price targets and the stock carrying a consensus Moderate Buy rating.

Los Angeles Capital Management LLC cut its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 21.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 469,046 shares of the company's stock after selling 129,542 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.21% of Trane Technologies worth $182,553,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Aptus Capital Advisors LLC increased its position in shares of Trane Technologies by 169.8% during the third quarter. Aptus Capital Advisors LLC now owns 14,738 shares of the company's stock worth $6,219,000 after acquiring an additional 9,276 shares during the period. Nordea Investment Management AB increased its holdings in Trane Technologies by 2.9% during the fourth quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company's stock valued at $1,010,419,000 after buying an additional 72,998 shares during the period. Farther Finance Advisors LLC increased its holdings in Trane Technologies by 64.0% during the fourth quarter. Farther Finance Advisors LLC now owns 7,478 shares of the company's stock valued at $2,911,000 after buying an additional 2,917 shares during the period. Varma Mutual Pension Insurance Co increased its holdings in Trane Technologies by 9.0% during the third quarter. Varma Mutual Pension Insurance Co now owns 43,811 shares of the company's stock valued at $18,486,000 after buying an additional 3,600 shares during the period. Finally, Korea Investment CORP increased its holdings in Trane Technologies by 17.5% during the third quarter. Korea Investment CORP now owns 204,695 shares of the company's stock valued at $86,373,000 after buying an additional 30,558 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Trading Down 1.6%

NYSE TT opened at $456.51 on Friday. The company has a market capitalization of $100.91 billion, a PE ratio of 35.31, a P/E/G ratio of 2.10 and a beta of 1.20. The company has a fifty day moving average of $458.85 and a 200 day moving average of $431.33. Trane Technologies plc has a 1 year low of $348.06 and a 1 year high of $503.47. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, beating analysts' consensus estimates of $2.53 by $0.10. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company had revenue of $4.97 billion during the quarter, compared to analysts' expectations of $4.81 billion. During the same quarter in the previous year, the company earned $2.45 earnings per share. The firm's revenue for the quarter was up 6.0% on a year-over-year basis. Research analysts forecast that Trane Technologies plc will post 14.88 earnings per share for the current year.

Trane Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be paid a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, September 4th. Trane Technologies's dividend payout ratio is currently 32.48%.

Insider Activity

In related 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 approximately $1,909,500. This represents a 54.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of the company's stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the sale, the chief financial officer directly owned 60,576 shares of the company's stock, valued at approximately $27,259,200. This represents a 12.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on TT. Weiss Ratings reissued a "buy (b)" rating on shares of Trane Technologies in a report on Monday, April 20th. BNP Paribas Exane initiated coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They set an "outperform" rating and a $550.00 price objective for the company. Barclays lifted their price objective 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. Royal Bank Of Canada lifted their price objective on shares of Trane Technologies from $440.00 to $501.00 and gave the stock a "sector perform" rating in a research note on Friday, May 1st. Finally, Citigroup lifted their price objective on shares of Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a research note 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. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $506.56.

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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