Trane Technologies plc $TT Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn cut its position in Trane Technologies by 11.9% in Q3, selling 9,210 shares and now holding 68,183 shares valued at $28.77 million.
• Trane beat quarterly estimates with EPS of $2.86 versus $2.81 and revenue of $5.14 billion (up 5.6% YoY), and the company raised its quarterly dividend to $1.05 (annualized $4.20, yield 1.0%; ex-dividend Mar 6, payable Mar 31).
• Insiders sold 49,378 shares worth $21.23 million in the past 90 days, leaving insiders with 0.14% ownership while institutional investors hold 82.97% of the stock.

Connor Clark & Lunn Investment Management Ltd. reduced its stake in Trane Technologies plc (NYSE:TT - Free Report) by 11.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 68,183 shares of the company's stock after selling 9,210 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Trane Technologies were worth $28,770,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Financial Consulate Inc. acquired a new position in Trane Technologies during the third quarter worth $25,000. Icon Advisers Inc. Co. acquired a new stake in shares of Trane Technologies in the second quarter valued at $26,000. United Community Bank grew its stake in shares of Trane Technologies by 134.4% in the third quarter. United Community Bank now owns 75 shares of the company's stock valued at $32,000 after buying an additional 43 shares in the last quarter. Halbert Hargrove Global Advisors LLC raised its holdings in shares of Trane Technologies by 34.2% in the 3rd quarter. Halbert Hargrove Global Advisors LLC now owns 102 shares of the company's stock valued at $43,000 after buying an additional 26 shares during the period. Finally, Hantz Financial Services Inc. lifted its stake in Trane Technologies by 58.2% during the 3rd quarter. Hantz Financial Services Inc. now owns 106 shares of the company's stock worth $45,000 after acquiring an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Trane Technologies Stock Performance

Shares of TT opened at $421.53 on Friday. Trane Technologies plc has a 1 year low of $298.15 and a 1 year high of $479.37. The stock has a market capitalization of $93.30 billion, a PE ratio of 32.48, a PEG ratio of 2.28 and a beta of 1.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25. The stock has a 50-day simple moving average of $425.78 and a 200-day simple moving average of $417.23.

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

Trane Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 6th will be given a dividend of $1.05 per share. This is an increase from Trane Technologies's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Friday, March 6th. This represents a $4.20 annualized dividend and a dividend yield of 1.0%. Trane Technologies's dividend payout ratio is presently 32.36%.

Wall Street Analysts Forecast Growth

TT has been the subject of a number of research analyst reports. Royal Bank Of Canada raised their target price on Trane Technologies from $469.00 to $470.00 and gave the company a "sector perform" rating in a report on Friday, January 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Trane Technologies in a research report on Wednesday, January 21st. Melius Research upgraded shares of Trane Technologies from a "hold" rating to a "buy" rating and set a $490.00 price objective for the company in a report on Wednesday, January 7th. Wells Fargo & Company upped their target price on shares of Trane Technologies from $375.00 to $400.00 and gave the stock an "underweight" rating in a research note on Friday, January 30th. Finally, KeyCorp upgraded shares of Trane Technologies from a "sector weight" rating to an "overweight" rating and set a $500.00 target price on the stock in a report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $484.67.

Insider Activity

In related news, CAO Elizabeth A. Elwell sold 635 shares of the business's stock in a transaction on Friday, March 6th. The shares were 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 owned 7,100 shares in the company, valued at approximately $3,001,170. The trade was a 8.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Donald E. Simmons sold 3,762 shares of the stock in a transaction on Friday, March 6th. The shares were sold at an average price of $422.70, for a total value of $1,590,197.40. Following the completion of the transaction, the insider directly owned 3,819 shares in the company, valued at $1,614,291.30. This trade represents a 49.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 49,378 shares of company stock valued at $21,228,464 in the last 90 days. Company insiders own 0.14% of the company's stock.

Trane Technologies 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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