Prudential PLC Sells 7,973 Shares of Trane Technologies plc $TT

Key Points

• Prudential PLC cut its Trane Technologies stake by 54.8% in the fourth quarter, selling 7,973 shares and leaving it with 6,588 shares worth about $2.56 million.
• Trane Technologies reported better-than-expected Q1 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.
• Analysts remain broadly positive: several firms raised price targets, and the stock carries a Moderate Buy consensus with an average target price of $506.56.

Prudential PLC lowered its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 54.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 6,588 shares of the company's stock after selling 7,973 shares during the period. Prudential PLC's holdings in Trane Technologies were worth $2,564,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. Tucker Asset Management LLC bought a new stake in shares of Trane Technologies in the 4th quarter worth approximately $25,000. JPL Wealth Management LLC bought a new stake in shares of Trane Technologies during the third quarter valued at approximately $32,000. Creative Financial Designs Inc. ADV raised its stake in shares of Trane Technologies by 119.5% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 90 shares of the company's stock valued at $35,000 after purchasing an additional 49 shares in the last quarter. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Trane Technologies in the third quarter valued at $42,000. Finally, Hantz Financial Services Inc. lifted its position in Trane Technologies by 58.2% in the third quarter. Hantz Financial Services Inc. now owns 106 shares of the company's stock worth $45,000 after purchasing an additional 39 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Trane Technologies

In other news, CFO Christopher J. Kuehn sold 8,619 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 60,576 shares of the company's stock, valued at approximately $27,259,200. This trade represents a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Donald E. Simmons sold 4,593 shares of the business's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total value of $2,296,500.00. Following the completion of the transaction, the insider directly owned 3,819 shares in the company, valued at $1,909,500. The trade was a 54.60% decrease in their ownership of the stock. 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

Several equities research analysts have issued reports on the stock. KeyCorp boosted their price target on shares of Trane Technologies from $525.00 to $555.00 and gave the company an "overweight" rating in a report on Friday, May 1st. Evercore initiated coverage on shares of Trane Technologies in a report on Monday, April 13th. They set an "outperform" rating and a $535.00 price objective for the company. Barclays upped their target price on shares of Trane Technologies from $507.00 to $585.00 and gave the company an "overweight" rating in a research note 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 price target for the company. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Trane Technologies in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $506.56.

Trane Technologies Stock Performance

Trane Technologies stock opened at $456.51 on Monday. The firm has a market capitalization of $100.91 billion, a P/E ratio of 35.31, a P/E/G ratio of 2.10 and a beta of 1.20. The stock has a fifty day moving average price of $458.85 and a two-hundred day moving average price of $431.46. Trane Technologies plc has a 52-week low of $348.06 and a 52-week 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 posted its 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 analyst estimates of $4.81 billion. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The firm's quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.45 EPS. As a group, analysts anticipate that Trane Technologies plc will post 14.88 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders 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 yield of 0.9%. The ex-dividend date of this dividend is Friday, September 4th. Trane Technologies's dividend payout ratio is currently 32.48%.

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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