Trane Technologies plc $TT Stock: Fisher Asset Management LLC Decreases Holdings

Key Points

• Fisher Asset Management reduced its Trane Technologies stake by 11.9% in the third quarter, selling 204,905 shares. It retained 1,515,370 shares, worth about $684.9 million.
• Trane reported quarterly EPS of $4.86 and revenue of $6.76 billion, beating analyst estimates; revenue rose 17.7% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $531.22. The company also announced a $1.05 quarterly dividend per share.

Fisher Asset Management LLC cut its holdings in Trane Technologies plc (NYSE:TT - Free Report) by 11.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,515,370 shares of the company's stock after selling 204,905 shares during the period. Fisher Asset Management LLC owned approximately 0.69% of Trane Technologies worth $684,917,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wilkerson Advisory Group LLC grew its stake in Trane Technologies by 136.0% during the first quarter. Wilkerson Advisory Group LLC now owns 59 shares of the company's stock worth $25,000 after purchasing an additional 34 shares during the period. Elevation Wealth Partners LLC increased its holdings in Trane Technologies by 153.8% in the second quarter. Elevation Wealth Partners LLC now owns 66 shares of the company's stock worth $32,000 after purchasing an additional 40 shares in the last quarter. Frazier Financial Advisors LLC acquired a new position in Trane Technologies in the first quarter valued at approximately $33,000. James T. Borello RIA lifted its stake in Trane Technologies by 41.7% in the third quarter. James T. Borello RIA now owns 102 shares of the company's stock valued at $46,000 after buying an additional 30 shares during the period. Finally, MADDEN SECURITIES Corp bought a new position in shares of Trane Technologies during the 3rd quarter worth approximately $46,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Trane Technologies Stock Performance

NYSE TT opened at $424.46 on Friday. The company has a fifty day moving average price of $444.05 and a 200-day moving average price of $455.09. The firm has a market cap of $92.92 billion, a price-to-earnings ratio of 29.98, a PEG ratio of 1.99 and a beta of 1.19. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.12 and a quick ratio of 0.79. Trane Technologies plc has a 1 year low of $348.06 and a 1 year high of $505.87.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The company reported $4.86 earnings per share for the quarter, topping the consensus estimate of $4.74 by $0.12. Trane Technologies had a net margin of 13.56% and a return on equity of 37.26%. The business had revenue of $6.76 billion for the quarter, compared to analysts' expectations of $6.50 billion. During the same period in the previous year, the company earned $3.88 earnings per share. The firm's revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, equities research analysts predict that Trane Technologies plc will post 15.29 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Friday, December 4th will be given a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $4.20 annualized dividend and a dividend yield of 1.0%. Trane Technologies's dividend payout ratio (DPR) is currently 29.66%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Mizuho raised their price objective on shares of Trane Technologies from $475.00 to $485.00 and gave the stock a "neutral" rating in a research report on Thursday, October 15th. Wells Fargo & Company began coverage on shares of Trane Technologies in a research report on Friday, September 25th. They set an "overweight" rating and a $536.00 target price on the stock. Deutsche Bank cut their target price on shares of Trane Technologies from $515.00 to $499.00 and set a "hold" rating on the stock in a research note on Wednesday, September 30th. Argus set a $500.00 price target on shares of Trane Technologies in a report on Friday, October 30th. Finally, Evercore lifted their price target on shares of Trane Technologies from $560.00 to $565.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $531.22.

Insider Activity at Trane Technologies

In other news, CEO David Regnery sold 48,091 shares of the business's stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $480.00, for a total value of $23,083,680.00. Following the transaction, the chief executive officer owned 96,951 shares in the company, valued at $46,536,480. The trade was a 33.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by corporate insiders.

Trane Technologies Company Profile

Trane Technologies plc is a global climate innovator that designs, manufactures, and services heating, ventilation, air conditioning, and refrigeration systems. Its products and services support commercial buildings, homes, and transportation applications, including temperature-controlled shipping. The company's portfolio includes the Trane brand of HVAC systems and building services, as well as Thermo King equipment for transport refrigeration and climate control. It also offers building controls, energy-efficiency solutions, system maintenance, and related services.

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