Ameriprise Financial Inc. Cuts Position in Trane Technologies plc $TT

Ameriprise Financial Inc. lessened its position in Trane Technologies plc (NYSE:TT) by 8.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,688,223 shares of the company’s stock after selling 257,559 shares during the quarter. Ameriprise Financial Inc. owned 1.21% of Trane Technologies worth $1,134,385,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in TT. Financial Consulate Inc. bought a new position in shares of Trane Technologies during the 3rd quarter valued at about $25,000. Icon Advisers Inc. Co. bought a new stake in Trane Technologies in the 2nd quarter worth approximately $26,000. United Community Bank boosted its stake in Trane Technologies by 134.4% in the third quarter. United Community Bank now owns 75 shares of the company’s stock worth $32,000 after buying an additional 43 shares in the last quarter. Halbert Hargrove Global Advisors LLC grew its position in Trane Technologies by 34.2% during the third quarter. Halbert Hargrove Global Advisors LLC now owns 102 shares of the company’s stock valued at $43,000 after acquiring an additional 26 shares during the last quarter. Finally, Hantz Financial Services Inc. grew its position in Trane Technologies by 58.2% during the third quarter. Hantz Financial Services Inc. now owns 106 shares of the company’s stock valued at $45,000 after acquiring an additional 39 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Trane Technologies Stock Up 0.2%

Shares of Trane Technologies stock opened at $422.66 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $479.37. The company’s 50 day moving average price is $426.27 and its 200-day moving average price is $417.18. The stock has a market capitalization of $93.55 billion, a price-to-earnings ratio of 32.56, a P/E/G ratio of 2.22 and a beta of 1.19.

Trane Technologies (NYSE:TT) last posted its quarterly 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. The company had revenue of $5.14 billion during the quarter, compared to analyst estimates of $5.09 billion. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The firm’s revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.61 EPS. Equities research analysts forecast that Trane Technologies plc will post 12.83 EPS for the current 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 paid a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 1.0%. This is a positive change from Trane Technologies’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Friday, March 6th. Trane Technologies’s payout ratio is currently 32.36%.

Analyst Upgrades and Downgrades

TT has been the subject of a number of recent research reports. 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. JPMorgan Chase & Co. lifted their target price on shares of Trane Technologies from $434.00 to $460.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. UBS Group cut their price target on shares of Trane Technologies from $544.00 to $520.00 and set a “buy” rating for the company in a research report on Monday, January 5th. Royal Bank Of Canada raised their price objective on Trane Technologies from $469.00 to $470.00 and gave the company a “sector perform” rating in a research note on Friday, January 30th. Finally, Oppenheimer lifted their price objective on Trane Technologies from $460.00 to $468.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $484.67.

Insider Activity

In related news, CEO David S. Regnery sold 36,045 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.69, for a total value of $15,235,861.05. Following the sale, the chief executive officer directly owned 96,948 shares of the company’s stock, valued at $40,978,950.12. This trade represents a 27.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Elizabeth A. Elwell sold 635 shares of the business’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $422.70, for a total value of $268,414.50. Following the transaction, the chief accounting officer owned 7,100 shares in the company, valued at approximately $3,001,170. This represents a 8.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 49,378 shares of company stock valued at $21,228,464. Company insiders own 0.14% of the company’s stock.

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.