Pinnacle Associates Ltd. Cuts Position in Trane Technologies plc (NYSE:TT)

Pinnacle Associates Ltd. trimmed its position in shares of Trane Technologies plc (NYSE:TT) by 10.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,374 shares of the company’s stock after selling 1,256 shares during the period. Pinnacle Associates Ltd.’s holdings in Trane Technologies were worth $4,033,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TT. International Assets Investment Management LLC increased its stake in shares of Trane Technologies by 35,914.4% during the third quarter. International Assets Investment Management LLC now owns 1,645,137 shares of the company’s stock worth $639,514,000 after buying an additional 1,640,569 shares during the period. Swedbank AB purchased a new position in Trane Technologies in the first quarter valued at approximately $206,211,000. 1832 Asset Management L.P. increased its stake in Trane Technologies by 7,363.1% in the second quarter. 1832 Asset Management L.P. now owns 422,785 shares of the company’s stock valued at $139,067,000 after purchasing an additional 417,120 shares during the last quarter. TD Asset Management Inc increased its stake in Trane Technologies by 41.2% in the first quarter. TD Asset Management Inc now owns 1,060,632 shares of the company’s stock valued at $318,402,000 after purchasing an additional 309,738 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its stake in Trane Technologies by 162.7% in the second quarter. Point72 Asset Management L.P. now owns 447,705 shares of the company’s stock valued at $147,263,000 after purchasing an additional 277,274 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on TT. Mizuho increased their price target on shares of Trane Technologies from $325.00 to $400.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. The Goldman Sachs Group increased their price target on shares of Trane Technologies from $364.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. Wells Fargo & Company increased their price target on shares of Trane Technologies from $320.00 to $360.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Royal Bank of Canada increased their price target on shares of Trane Technologies from $334.00 to $350.00 and gave the company a “sector perform” rating in a research note on Thursday, August 1st. Finally, Stephens restated an “equal weight” rating and set a $350.00 target price on shares of Trane Technologies in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $380.15.

Trane Technologies Price Performance

Shares of NYSE TT opened at $370.35 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.17 and a quick ratio of 0.84. The stock has a fifty day moving average price of $377.36 and a 200 day moving average price of $344.79. Trane Technologies plc has a 1-year low of $186.24 and a 1-year high of $406.96. The company has a market cap of $83.83 billion, a PE ratio of 39.57, a P/E/G ratio of 2.70 and a beta of 1.01.

Trane Technologies (NYSE:TT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share for the quarter, topping the consensus estimate of $3.23 by $0.14. Trane Technologies had a return on equity of 33.97% and a net margin of 12.33%. The firm had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same period last year, the company earned $2.79 earnings per share. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. Sell-side analysts forecast that Trane Technologies plc will post 10.89 EPS for the current year.

Trane Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 6th will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 0.91%. The ex-dividend date of this dividend is Friday, December 6th. Trane Technologies’s dividend payout ratio is presently 35.90%.

Insider Buying and Selling

In other Trane Technologies news, CEO David S. Regnery sold 29,450 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $321.25, for a total value of $9,460,812.50. Following the completion of the sale, the chief executive officer now owns 132,946 shares of the company’s stock, valued at approximately $42,708,902.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Trane Technologies news, CEO David S. Regnery sold 29,450 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $321.25, for a total value of $9,460,812.50. Following the completion of the sale, the chief executive officer now owns 132,946 shares of the company’s stock, valued at approximately $42,708,902.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Raymond D. Pittard sold 1,805 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $328.65, for a total value of $593,213.25. Following the completion of the sale, the executive vice president now directly owns 83,517 shares of the company’s stock, valued at approximately $27,447,862.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.

Trane Technologies Company Profile

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.