Meyer Handelman Co. Sells 3,020 Shares of Trane Technologies plc $TT

Key Points

• Meyer Handelman Co. sold 3,020 shares, trimming its Trane Technologies stake by 1.3% to 227,254 shares (about 2.8% of its portfolio), worth roughly $88.45 million and representing ~0.10% of the company.
• Trane beat Q4 estimates with EPS $2.86 vs. $2.81 and revenue $5.14B vs. $5.09B, and raised its quarterly dividend to $1.05 (annualized $4.20; ~1.0% yield).
• Analysts have a consensus rating of "Moderate Buy" with an average price target of $484.67, amid recent mixed price-target revisions from several firms.

Meyer Handelman Co. lowered its stake in Trane Technologies plc (NYSE:TT - Free Report) by 1.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 227,254 shares of the company's stock after selling 3,020 shares during the period. Trane Technologies makes up about 2.8% of Meyer Handelman Co.'s investment portfolio, making the stock its 6th largest holding. Meyer Handelman Co. owned approximately 0.10% of Trane Technologies worth $88,447,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Financial Consulate Inc. acquired a new position in shares of Trane Technologies in the 3rd quarter worth $25,000. United Community Bank lifted its holdings in shares of Trane Technologies by 134.4% during the third quarter. United Community Bank now owns 75 shares of the company's stock valued at $32,000 after purchasing an additional 43 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in shares of Trane Technologies during the third quarter valued at $32,000. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Trane Technologies in the 3rd quarter valued at $42,000. Finally, Halbert Hargrove Global Advisors LLC increased its stake in Trane Technologies by 34.2% in the 3rd quarter. Halbert Hargrove Global Advisors LLC now owns 102 shares of the company's stock worth $43,000 after purchasing an additional 26 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

Analyst Ratings Changes

TT has been the topic of several recent analyst reports. Morgan Stanley cut their price objective on Trane Technologies from $550.00 to $535.00 and set an "overweight" rating on the stock in a report on Tuesday, January 13th. JPMorgan Chase & Co. lifted their target price on shares of Trane Technologies from $434.00 to $460.00 and gave the stock a "neutral" rating in a research report on Friday, January 30th. Royal Bank Of Canada boosted their price target on shares of Trane Technologies from $469.00 to $470.00 and gave the company a "sector perform" rating in a report on Friday, January 30th. Citigroup upped their price target on shares of Trane Technologies from $513.00 to $525.00 and gave the company a "buy" rating in a research report on Friday, January 30th. Finally, Wells Fargo & Company raised their price objective on shares of Trane Technologies from $375.00 to $400.00 and gave the stock an "underweight" rating in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $484.67.

Trane Technologies Trading Up 3.2%

NYSE:TT opened at $416.74 on Wednesday. The stock has a market cap of $92.24 billion, a PE ratio of 32.11, a price-to-earnings-growth ratio of 2.13 and a beta of 1.19. Trane Technologies plc has a fifty-two week low of $298.15 and a fifty-two week high of $479.37. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.92. The stock's 50-day moving average is $434.51 and its two-hundred day moving average is $417.67.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.81 by $0.05. The business had revenue of $5.14 billion during the quarter, compared to analyst estimates of $5.09 billion. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The firm's revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.61 earnings per share. As a group, equities research analysts forecast that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 6th were given a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, March 6th. This is a positive change from Trane Technologies's previous quarterly dividend of $0.94. Trane Technologies's payout ratio is currently 32.36%.

Insider Activity at Trane Technologies

In related news, insider Donald E. Simmons sold 3,762 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $422.70, for a total transaction of $1,590,197.40. Following the completion of the sale, the insider directly owned 3,819 shares in the company, valued at approximately $1,614,291.30. This trade represents a 49.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Elizabeth A. Elwell sold 635 shares of Trane Technologies stock in a transaction on Friday, March 6th. The shares were sold at an average price of $422.70, for a total value of $268,414.50. Following the sale, the chief accounting officer directly owned 7,100 shares of the company's stock, valued at approximately $3,001,170. The trade was a 8.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 49,378 shares of company stock worth $21,228,464. Corporate insiders own 0.14% of the company's stock.

Trane Technologies 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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