Russell Investments Group Ltd. Trims Position in Trane Technologies plc $TT

Key Points

• Russell Investments trimmed its stake in Trane Technologies by 1.7%, selling 6,815 shares and leaving it with 384,463 shares valued at about $162.1 million.
• Other institutional activity was larger: Norges Bank opened a new position worth ~$1.356 billion and JPMorgan increased its stake to 15.5 million shares (≈$6.55 billion), with institutional ownership about 82.97%.
• Trane beat quarterly expectations with $2.86 EPS on $5.14 billion revenue and raised its quarterly dividend to $1.05 (from $0.94), a $4.20 annualized payout (~1.0% yield).

Russell Investments Group Ltd. lowered its position in shares of Trane Technologies plc (NYSE:TT - Free Report) by 1.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 384,463 shares of the company's stock after selling 6,815 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.17% of Trane Technologies worth $162,096,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Trane Technologies during the 2nd quarter worth $1,356,065,000. JPMorgan Chase & Co. boosted its holdings in shares of Trane Technologies by 10.2% during the third quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock worth $6,550,975,000 after purchasing an additional 1,433,563 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of Trane Technologies by 229.3% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company's stock valued at $766,583,000 after purchasing an additional 1,220,388 shares during the period. ABN AMRO Bank N.V. purchased a new stake in shares of Trane Technologies in the second quarter valued at $291,206,000. Finally, Corient Private Wealth LLC increased its stake in Trane Technologies by 135.4% in the second quarter. Corient Private Wealth LLC now owns 735,589 shares of the company's stock valued at $321,757,000 after purchasing an additional 423,090 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Trane Technologies

In other news, CFO Christopher J. Kuehn sold 2,389 shares of the firm's stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $462.70, for a total value of $1,105,390.30. Following the transaction, the chief financial officer owned 60,486 shares of the company's stock, valued at approximately $27,986,872.20. This trade represents a 3.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Elizabeth A. Elwell sold 137 shares of Trane Technologies stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $462.48, for a total transaction of $63,359.76. Following the transaction, the chief accounting officer owned 7,100 shares in the company, valued at $3,283,608. The trade was a 1.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 8,936 shares of company stock valued at $4,133,991. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TT. Weiss Ratings reissued a "buy (b)" rating on shares of Trane Technologies in a research note on Wednesday, January 21st. Citigroup upped their price objective on shares of Trane Technologies from $513.00 to $525.00 and gave the company a "buy" rating in a research note on Friday, January 30th. KeyCorp upgraded shares of Trane Technologies from a "sector weight" rating to an "overweight" rating and set a $500.00 price objective on the stock in a report on Monday, December 15th. Morgan Stanley decreased their target price on shares of Trane Technologies from $550.00 to $535.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 13th. Finally, Royal Bank Of Canada boosted their target price 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. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $484.67.

Trane Technologies Price Performance

TT stock opened at $423.04 on Monday. The company has a market cap of $93.63 billion, a PE ratio of 32.59, a price-to-earnings-growth ratio of 2.23 and a beta of 1.19. The company has a current ratio of 1.25, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. The stock has a 50-day moving average price of $422.75 and a two-hundred day moving average price of $416.99. Trane Technologies plc has a 12-month low of $298.15 and a 12-month high of $479.37.

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

Trane Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 6th will be issued a $1.05 dividend. The ex-dividend date is Friday, March 6th. This is a positive change from Trane Technologies's previous quarterly dividend of $0.94. This represents a $4.20 annualized dividend and a yield of 1.0%. Trane Technologies's payout ratio is 32.36%.

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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