Trane Technologies plc $TT Stock Holdings Lessened by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lessened its stake in shares of Trane Technologies plc (NYSE:TT) by 18.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 740,272 shares of the company’s stock after selling 168,785 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.33% of Trane Technologies worth $308,501,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of TT. Norges Bank purchased a new stake in shares of Trane Technologies in the fourth quarter valued at $1,163,124,000. Capital International Investors purchased a new position in shares of Trane Technologies during the 4th quarter valued at $324,639,000. First Trust Advisors LP raised its holdings in shares of Trane Technologies by 536.6% during the first quarter. First Trust Advisors LP now owns 532,138 shares of the company’s stock worth $221,763,000 after acquiring an additional 448,547 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Trane Technologies by 215.9% during the first quarter. Hsbc Holdings PLC now owns 653,423 shares of the company’s stock worth $271,950,000 after acquiring an additional 446,598 shares in the last quarter. Finally, Corient Private Wealth LLC boosted its position in Trane Technologies by 135.4% during the second quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock valued at $321,757,000 after purchasing an additional 423,090 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Trading Up 0.3%

Shares of Trane Technologies stock opened at $481.09 on Friday. Trane Technologies plc has a 12-month low of $348.06 and a 12-month high of $505.87. The stock has a market capitalization of $106.35 billion, a P/E ratio of 37.21, a price-to-earnings-growth ratio of 2.21 and a beta of 1.19. The company has a 50-day simple moving average of $470.13 and a 200 day simple moving average of $449.87. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46.

Trane Technologies (NYSE:TT) last issued 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. The firm had revenue of $4.97 billion for the quarter, compared to analysts’ expectations of $4.81 billion. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.45 earnings per share. Research analysts expect that Trane Technologies plc will post 14.89 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be issued a $1.05 dividend. This represents a $4.20 dividend on an annualized basis 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%.

Insider Buying and Selling

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $500.00, for a total value of $2,296,500.00. Following the completion of the sale, the insider owned 3,819 shares in the company, valued at approximately $1,909,500. This trade represents a 54.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TT. KeyCorp increased their price objective on Trane Technologies from $525.00 to $555.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Evercore assumed coverage on shares of Trane Technologies in a research report on Monday, April 13th. They set an “outperform” rating and a $535.00 target price on the stock. Citigroup boosted their price target on Trane Technologies from $525.00 to $570.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. raised their price objective on Trane Technologies from $460.00 to $476.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Finally, Royal Bank Of Canada boosted their target price on Trane Technologies from $440.00 to $501.00 and gave the stock a “sector perform” rating in a report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $516.67.

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.