Trane Technologies plc $TT Stock Holdings Reduced by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management cut its Trane Technologies stake by 60.3% in the fourth quarter, leaving it with 118,847 shares worth about $46.3 million.
• Trane Technologies reported better-than-expected quarterly results, posting EPS of $2.63 versus $2.53 expected and revenue of $4.97 billion, up 6% year over year.
• The company announced a quarterly dividend of $1.05 per share, and analysts remain generally positive with an average rating of “Moderate Buy” and an average target price of $509.12.

Panagora Asset Management Inc. lowered its position in Trane Technologies plc (NYSE:TT - Free Report) by 60.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,847 shares of the company's stock after selling 180,628 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.05% of Trane Technologies worth $46,255,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Trane Technologies by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 20,020,321 shares of the company's stock valued at $7,791,909,000 after purchasing an additional 192,270 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Trane Technologies by 10.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock worth $6,550,975,000 after acquiring an additional 1,433,563 shares in the last quarter. State Street Corp boosted its stake in shares of Trane Technologies by 0.6% during the 4th quarter. State Street Corp now owns 10,113,123 shares of the company's stock worth $3,936,034,000 after acquiring an additional 61,393 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Trane Technologies by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 5,071,072 shares of the company's stock worth $1,964,896,000 after acquiring an additional 14,179 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Trane Technologies during the 4th quarter worth about $1,163,124,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Trane Technologies Price Performance

NYSE TT opened at $472.54 on Tuesday. Trane Technologies plc has a twelve month low of $348.06 and a twelve month 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 stock has a market capitalization of $104.45 billion, a PE ratio of 36.55, a P/E/G ratio of 2.11 and a beta of 1.20. The stock has a 50-day simple moving average of $464.34 and a 200 day simple moving average of $433.68.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings data 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. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The business had revenue of $4.97 billion during the quarter, compared to analysts' expectations of $4.81 billion. During the same quarter in the previous year, the firm earned $2.45 EPS. The firm's revenue was up 6.0% compared to the same quarter last year. Research analysts anticipate that Trane Technologies plc will post 14.88 EPS for the current year.

Trane Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be given a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, September 4th. Trane Technologies's payout ratio is currently 32.48%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Barclays upped their price target on Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Citigroup upped their price target on Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. JPMorgan Chase & Co. upped their price target on Trane Technologies from $460.00 to $476.00 and gave the stock a "neutral" rating in a research note on Thursday, May 14th. KeyCorp upped their price target on Trane Technologies from $525.00 to $555.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Finally, Evercore assumed coverage on Trane Technologies in a research note on Monday, April 13th. They set an "outperform" rating and a $535.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $509.12.

Insider Activity

In related news, insider Donald E. Simmons sold 4,593 shares of the business's stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $500.00, for a total transaction 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. The trade was a 54.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of the business's stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total value of $3,878,550.00. Following the transaction, the chief financial officer directly owned 60,576 shares of the company's stock, valued at $27,259,200. This represents a 12.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by insiders.

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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