Parnassus Investments LLC Sells 45,050 Shares of Trane Technologies plc $TT

Key Points

• Parnassus Investments LLC reduced its stake in Trane Technologies plc by 50.9%, selling 45,050 shares during the first quarter and now holding 43,525 shares valued at approximately $14.66 million.
• Several institutional investors have altered their positions in Trane Technologies, with WFA Asset Management Corp increasing its stake by 208.3% in the first quarter.
• The company recently announced a quarterly dividend of $0.94 per share, with an ex-dividend date of September 5th, representing a dividend yield of 0.9%.

Parnassus Investments LLC lessened its stake in Trane Technologies plc (NYSE:TT - Free Report) by 50.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 43,525 shares of the company's stock after selling 45,050 shares during the period. Parnassus Investments LLC's holdings in Trane Technologies were worth $14,664,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TT. WFA Asset Management Corp grew its position in shares of Trane Technologies by 208.3% in the 1st quarter. WFA Asset Management Corp now owns 74 shares of the company's stock valued at $25,000 after buying an additional 50 shares during the last quarter. Minot DeBlois Advisors LLC bought a new stake in shares of Trane Technologies in the 4th quarter valued at about $26,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Trane Technologies in the 4th quarter valued at about $28,000. Opal Wealth Advisors LLC acquired a new position in shares of Trane Technologies in the 1st quarter valued at about $31,000. Finally, Bogart Wealth LLC lifted its stake in shares of Trane Technologies by 97.9% in the 1st quarter. Bogart Wealth LLC now owns 93 shares of the company's stock valued at $31,000 after purchasing an additional 46 shares during the period. Institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. UBS Group boosted their price objective on Trane Technologies from $500.00 to $544.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Hsbc Global Res downgraded Trane Technologies from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 31st. Robert W. Baird boosted their price objective on Trane Technologies from $396.00 to $450.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. The Goldman Sachs Group boosted their price objective on Trane Technologies from $416.00 to $460.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Barclays boosted their price objective on Trane Technologies from $480.00 to $495.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Five equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Trane Technologies currently has a consensus rating of "Hold" and an average target price of $458.60.

Trane Technologies Stock Down 2.2%

TT stock opened at $415.35 on Friday. The stock's 50 day simple moving average is $435.72 and its 200 day simple moving average is $395.88. Trane Technologies plc has a fifty-two week low of $298.15 and a fifty-two week high of $476.18. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.76 and a current ratio of 1.10. The company has a market cap of $92.42 billion, a P/E ratio of 32.94, a price-to-earnings-growth ratio of 2.65 and a beta of 1.09.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $3.88 earnings per share for the quarter, topping analysts' consensus estimates of $3.79 by $0.09. Trane Technologies had a return on equity of 36.61% and a net margin of 13.76%.The business had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the prior year, the business earned $3.30 EPS. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. Trane Technologies has set its FY 2025 guidance at 13.050-13.050 EPS. On average, research analysts expect that Trane Technologies plc will post 12.83 earnings per share 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. Stockholders of record on Friday, September 5th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $3.76 annualized dividend and a dividend yield of 0.9%. Trane Technologies's dividend payout ratio is 29.82%.

About Trane Technologies

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.

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