Allspring Global Investments Holdings LLC Reduces Stock Holdings in Trane Technologies plc $TT

Allspring Global Investments Holdings LLC lowered its stake in shares of Trane Technologies plc (NYSE:TT) by 1.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 70,826 shares of the company’s stock after selling 1,274 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Trane Technologies were worth $28,189,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in shares of Trane Technologies by 10.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock valued at $6,550,975,000 after purchasing an additional 1,433,563 shares during the last quarter. State Street Corp lifted its stake in Trane Technologies by 0.3% in the second quarter. State Street Corp now owns 10,077,267 shares of the company’s stock valued at $4,407,904,000 after buying an additional 31,826 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Trane Technologies by 2.9% in the fourth quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company’s stock valued at $1,010,419,000 after acquiring an additional 72,998 shares during the period. Bank of America Corp DE grew its position in shares of Trane Technologies by 9.2% during the third quarter. Bank of America Corp DE now owns 2,422,690 shares of the company’s stock worth $1,022,278,000 after acquiring an additional 203,766 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of Trane Technologies by 2.4% during the third quarter. Legal & General Group Plc now owns 1,880,221 shares of the company’s stock worth $793,378,000 after acquiring an additional 44,243 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Activity

In other Trane Technologies news, CAO Elizabeth A. Elwell sold 635 shares of the stock in a transaction 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 transaction, the chief accounting officer owned 7,100 shares of the company’s stock, valued at $3,001,170. This represents a 8.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Donald E. Simmons sold 3,762 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.70, for a total value of $1,590,197.40. Following the transaction, the insider owned 3,819 shares in the company, valued at $1,614,291.30. This trade represents a 49.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 49,378 shares of company stock worth $21,228,464 in the last three months. 0.14% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

TT has been the subject of several research reports. Morgan Stanley reduced their price target on shares of Trane Technologies from $550.00 to $535.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Royal Bank Of Canada lifted their price objective on shares of Trane Technologies from $469.00 to $470.00 and gave the company a “sector perform” rating in a research note on Friday, January 30th. Melius Research upgraded Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 price target on the stock in a research report on Wednesday, January 7th. JPMorgan Chase & Co. upped their price objective on Trane Technologies from $434.00 to $460.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Finally, Citigroup lifted their target price on Trane Technologies from $513.00 to $525.00 and gave the company a “buy” rating in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $484.67.

Trane Technologies Trading Up 0.1%

Shares of Trane Technologies stock opened at $427.43 on Friday. Trane Technologies plc has a 1 year low of $298.15 and a 1 year high of $479.37. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.92. The business has a 50 day moving average price of $436.76 and a 200 day moving average price of $417.98. The company has a market capitalization of $94.60 billion, a P/E ratio of 32.93, a P/E/G ratio of 2.25 and a beta of 1.21.

Trane Technologies (NYSE:TT) last announced its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating 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 firm had revenue of $5.14 billion for the quarter, compared to analysts’ expectations of $5.09 billion. During the same quarter in the prior year, the firm earned $2.61 EPS. Trane Technologies’s quarterly revenue was up 5.6% on a year-over-year basis. Sell-side analysts anticipate that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 6th were paid a dividend of $1.05 per share. The ex-dividend date of this dividend was 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 dividend yield of 1.0%. Trane Technologies’s payout ratio is currently 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.