Trane Technologies plc $TT Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon trimmed its Trane Technologies stake by 1.7% in the fourth quarter, though it still held about 2.45 million shares worth roughly $952.8 million.
• Trane Technologies reported strong quarterly results, with EPS of $2.63 topping estimates and revenue of $4.97 billion beating expectations; revenue also rose 6% year over year.
• The company’s stock was up 1.5% and analysts remain constructive overall, with a consensus Moderate Buy rating and an average price target of $506.56.

Bank of New York Mellon Corp lowered its position in Trane Technologies plc (NYSE:TT - Free Report) by 1.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,448,087 shares of the company's stock after selling 43,392 shares during the quarter. Bank of New York Mellon Corp owned about 1.11% of Trane Technologies worth $952,796,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Fiduciary Family Office LLC increased its stake in shares of Trane Technologies by 1.5% in the fourth quarter. Fiduciary Family Office LLC now owns 1,573 shares of the company's stock valued at $612,000 after purchasing an additional 23 shares during the period. Bridgewater Advisors Inc. increased its stake in shares of Trane Technologies by 3.7% in the third quarter. Bridgewater Advisors Inc. now owns 670 shares of the company's stock valued at $285,000 after purchasing an additional 24 shares during the period. West Family Investments Inc. increased its stake in shares of Trane Technologies by 2.3% in the third quarter. West Family Investments Inc. now owns 1,072 shares of the company's stock valued at $452,000 after purchasing an additional 24 shares during the period. Cresset Asset Management LLC increased its stake in shares of Trane Technologies by 0.3% in the third quarter. Cresset Asset Management LLC now owns 7,012 shares of the company's stock valued at $2,959,000 after purchasing an additional 24 shares during the period. Finally, Bridges Investment Management Inc. increased its stake in shares of Trane Technologies by 1.6% in the fourth quarter. Bridges Investment Management Inc. now owns 1,542 shares of the company's stock valued at $600,000 after purchasing an additional 24 shares during the period. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Activity

In related news, insider Donald E. Simmons sold 4,593 shares of the firm's stock in a transaction that occurred on Thursday, April 30th. The shares were 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 owned 3,819 shares of the company's stock, valued at approximately $1,909,500. This trade represents a 54.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Elizabeth A. Elwell sold 635 shares of the firm's stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $422.70, for a total transaction of $268,414.50. Following the completion of the transaction, the chief accounting officer directly owned 7,100 shares of the company's stock, valued at $3,001,170. This represents a 8.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 53,654 shares of company stock worth $23,269,523. Company insiders own 0.43% of the company's stock.

Trane Technologies Trading Up 1.5%

Shares of NYSE:TT opened at $465.72 on Thursday. The stock has a market capitalization of $102.95 billion, a price-to-earnings ratio of 36.02, a PEG ratio of 2.11 and a beta of 1.20. Trane Technologies plc has a 1-year low of $348.06 and a 1-year high of $503.47. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.10. The company has a 50 day moving average price of $457.72 and a 200 day moving average price of $430.83.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The company reported $2.63 EPS for the quarter, topping analysts' consensus estimates of $2.53 by $0.10. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The firm had revenue of $4.97 billion during the quarter, compared to analyst estimates of $4.81 billion. During the same quarter last year, the business posted $2.45 EPS. The company's revenue was up 6.0% on a year-over-year basis. On average, research analysts anticipate that Trane Technologies plc will post 14.88 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be paid a $1.05 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. Trane Technologies's dividend payout ratio (DPR) is currently 32.48%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on TT shares. Citigroup raised their price target on shares of Trane Technologies from $525.00 to $570.00 and gave the company a "buy" rating in a research note on Friday, May 1st. Royal Bank Of Canada raised their price target on shares of Trane Technologies from $440.00 to $501.00 and gave the company a "sector perform" rating in a research note on Friday, May 1st. BNP Paribas Exane assumed coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They issued an "outperform" rating and a $550.00 price target on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Trane Technologies in a report on Monday, April 20th. Finally, Barclays increased their price objective on shares of Trane Technologies from $507.00 to $585.00 and gave the company an "overweight" rating in a report on Friday, May 1st. One research 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 given a Sell rating to the company's stock. According to MarketBeat.com, Trane Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $506.56.

About Trane Technologies

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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