Man Group plc Sells 43,143 Shares of Trane Technologies plc $TT

Key Points

• Man Group plc reduced its stake in Trane Technologies by 6.5% in the fourth quarter, selling 43,143 shares and leaving it with 619,707 shares valued at about $241.2 million.
• Trane Technologies reported better-than-expected quarterly results, posting EPS of $2.63 versus $2.53 expected and revenue of $4.97 billion versus $4.81 billion estimated, with revenue up 6% year over year.
• The company also declared a quarterly dividend of $1.05 per share, payable Sept. 30, while analysts currently rate the stock a Moderate Buy with an average price target of $509.12.

Man Group plc lowered its position in shares of Trane Technologies plc (NYSE:TT - Free Report) by 6.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 619,707 shares of the company's stock after selling 43,143 shares during the period. Man Group plc owned approximately 0.28% of Trane Technologies worth $241,190,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in TT. Brighton Jones LLC grew its position in Trane Technologies by 60.0% in the 4th quarter. Brighton Jones LLC now owns 6,194 shares of the company's stock worth $2,288,000 after purchasing an additional 2,323 shares during the period. Sivia Capital Partners LLC grew its position in Trane Technologies by 22.4% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,665 shares of the company's stock worth $728,000 after purchasing an additional 305 shares during the period. Schnieders Capital Management LLC. bought a new stake in Trane Technologies in the 2nd quarter worth approximately $227,000. Nebula Research & Development LLC grew its position in Trane Technologies by 178.0% in the 2nd quarter. Nebula Research & Development LLC now owns 2,371 shares of the company's stock worth $1,037,000 after purchasing an additional 1,518 shares during the period. Finally, Treasurer of the State of North Carolina grew its position in Trane Technologies by 0.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 104,140 shares of the company's stock worth $45,552,000 after purchasing an additional 497 shares during the period. Institutional investors own 82.97% of the company's stock.

Trane Technologies Trading Down 0.6%

Shares of Trane Technologies stock opened at $472.61 on Thursday. The company's fifty day simple moving average is $466.16 and its 200-day simple moving average is $434.44. The stock has a market capitalization of $104.47 billion, a PE ratio of 36.55, a P/E/G ratio of 2.19 and a beta of 1.20. 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 issued its quarterly earnings results on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.10. The business had revenue of $4.97 billion for the quarter, compared to analysts' expectations of $4.81 billion. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company's revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.45 EPS. As a group, equities analysts anticipate that Trane Technologies plc will post 14.88 earnings per share for the current year.

Trane Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders 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 dividend yield of 0.9%. The ex-dividend date is Friday, September 4th. Trane Technologies's dividend payout ratio (DPR) is currently 32.48%.

Insider Buying and Selling at Trane Technologies

In related news, insider Donald E. Simmons sold 4,593 shares of Trane Technologies stock in a transaction on 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 transaction, the insider owned 3,819 shares in the company, valued at approximately $1,909,500. The trade was a 54.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies stock in a transaction on 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 transaction, the chief financial officer owned 60,576 shares in the company, valued at approximately $27,259,200. This trade represents a 12.46% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on TT shares. Royal Bank Of Canada lifted their target price on shares of Trane Technologies from $440.00 to $501.00 and gave the stock a "sector perform" rating in a research report on Friday, May 1st. BNP Paribas Exane started coverage on shares of Trane Technologies in a research report on Tuesday, April 14th. They issued an "outperform" rating and a $550.00 target price for the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Trane Technologies in a research report on Monday, April 20th. JPMorgan Chase & Co. lifted their target price on shares of Trane Technologies from $460.00 to $476.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. Finally, Barclays lifted their target price on shares of Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Trane Technologies has an average rating of "Moderate Buy" and an average price target of $509.12.

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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