Prudential PLC Sells 11,791 Shares of Trane Technologies plc (NYSE:TT)

Key Points

• Prudential PLC reduced its stake in Trane Technologies plc by 24.5%, selling 11,791 shares during the first quarter, bringing its total holdings to 36,413 shares valued at approximately $12.27 million.
• Trane Technologies reported better-than-expected earnings of $3.88 per share, surpassing estimates of $3.79, with quarterly revenue of $5.75 billion.
• The company declared a quarterly dividend of $0.94 per share, set to be paid on September 30th, representing an annualized yield of 0.9%.

Prudential PLC lessened its position in Trane Technologies plc (NYSE:TT - Free Report) by 24.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 36,413 shares of the company's stock after selling 11,791 shares during the quarter. Prudential PLC's holdings in Trane Technologies were worth $12,268,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in TT. Nuveen LLC bought a new position in shares of Trane Technologies during the first quarter valued at about $877,468,000. GAMMA Investing LLC grew its stake in shares of Trane Technologies by 35,458.2% during the first quarter. GAMMA Investing LLC now owns 2,015,792 shares of the company's stock valued at $679,161,000 after buying an additional 2,010,123 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Trane Technologies by 9.8% during the first quarter. JPMorgan Chase & Co. now owns 15,722,530 shares of the company's stock valued at $5,297,235,000 after buying an additional 1,408,421 shares during the last quarter. Northern Trust Corp grew its stake in shares of Trane Technologies by 20.1% during the fourth quarter. Northern Trust Corp now owns 2,567,527 shares of the company's stock valued at $948,316,000 after buying an additional 429,953 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its stake in shares of Trane Technologies by 27.3% during the first quarter. Pictet Asset Management Holding SA now owns 1,915,630 shares of the company's stock valued at $645,343,000 after buying an additional 410,734 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TT. Citigroup raised their price objective on Trane Technologies from $445.00 to $502.00 and gave the company a "buy" rating in a research note on Monday, July 14th. The Goldman Sachs Group increased their price objective on Trane Technologies from $416.00 to $460.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Hsbc Global Res cut Trane Technologies from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 31st. Wells Fargo & Company increased their price objective on Trane Technologies from $370.00 to $410.00 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. increased their price objective on Trane Technologies from $334.00 to $400.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $458.60.

Trane Technologies Stock Down 1.4%

NYSE TT traded down $5.94 during mid-day trading on Thursday, reaching $428.94. The stock had a trading volume of 894,903 shares, compared to its average volume of 1,382,433. Trane Technologies plc has a 1 year low of $298.15 and a 1 year high of $476.18. The stock has a market cap of $95.44 billion, a PE ratio of 34.02, a price-to-earnings-growth ratio of 2.71 and a beta of 1.09. The company has a fifty day moving average price of $435.50 and a 200 day moving average price of $391.10. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.10 and a quick ratio of 0.76.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings data 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 net margin of 13.76% and a return on equity of 36.61%. The company had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same period in the previous year, the business earned $3.30 EPS. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. On average, research analysts expect that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Announces Dividend

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

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.