Ontario Teachers Pension Plan Board Sells 1,418 Shares of Trane Technologies plc (NYSE:TT)

Key Points

• The Ontario Teachers Pension Plan Board significantly reduced its stake in Trane Technologies plc by 69.0%, owning only 636 shares worth approximately $214,000 after selling 1,418 shares during the first quarter.
• In contrast, GAMMA Investing LLC dramatically increased its holdings in Trane Technologies by 35,458.2%, now owning over 2 million shares worth around $679 million.
• Trane Technologies recently announced a quarterly dividend of $0.94, set to be paid on September 30th, showcasing a 29.82% payout ratio and a dividend yield of 0.9%.

Ontario Teachers Pension Plan Board reduced its position in shares of Trane Technologies plc (NYSE:TT - Free Report) by 69.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 636 shares of the company's stock after selling 1,418 shares during the period. Ontario Teachers Pension Plan Board's holdings in Trane Technologies were worth $214,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in TT. Brighton Jones LLC lifted its position in shares of Trane Technologies by 60.0% during the fourth 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 in the last quarter. Renaissance Technologies LLC acquired a new stake in Trane Technologies in the fourth quarter valued at $13,396,000. Bessemer Group Inc. raised its holdings in Trane Technologies by 1.7% in the fourth quarter. Bessemer Group Inc. now owns 18,389 shares of the company's stock valued at $6,792,000 after acquiring an additional 300 shares in the last quarter. Scotia Capital Inc. raised its holdings in Trane Technologies by 37.9% in the fourth quarter. Scotia Capital Inc. now owns 8,340 shares of the company's stock valued at $3,081,000 after acquiring an additional 2,291 shares in the last quarter. Finally, Argent Trust Co raised its holdings in Trane Technologies by 7.6% in the fourth quarter. Argent Trust Co now owns 1,462 shares of the company's stock valued at $540,000 after acquiring an additional 103 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Trane Technologies Trading Down 1.5%

Shares of TT stock traded down $6.78 during trading hours on Wednesday, reaching $432.17. 83,979 shares of the stock traded hands, compared to its average volume of 1,473,014. Trane Technologies plc has a 1-year low of $298.15 and a 1-year high of $476.18. The business has a fifty day moving average price of $435.49 and a 200 day moving average price of $390.36. 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 firm has a market capitalization of $96.16 billion, a PE ratio of 34.23, a PEG ratio of 2.67 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, beating analysts' consensus estimates of $3.79 by $0.09. The business had revenue of $5.75 billion for 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%. The firm's revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.30 earnings per share. On average, equities research analysts forecast that Trane Technologies plc will post 12.83 EPS for the current year.

Trane Technologies Dividend Announcement

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

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Northcoast Research cut shares of Trane Technologies from a "buy" rating to a "neutral" rating in a report on Friday, August 1st. Barclays upped their price target on shares of Trane Technologies from $480.00 to $495.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. The Goldman Sachs Group upped their price target on shares of Trane Technologies from $416.00 to $460.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. UBS Group increased their target price on shares of Trane Technologies from $500.00 to $544.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Finally, Robert W. Baird increased their target price on shares of Trane Technologies from $396.00 to $450.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. One analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $458.60.

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.