Cambridge Trust Co. trimmed its holdings in shares of Trane Technologies plc (NYSE:TT – Get Rating) by 13.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 805 shares of the company’s stock after selling 124 shares during the period. Cambridge Trust Co.’s holdings in Trane Technologies were worth $136,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Trane Technologies by 0.3% during the third quarter. Vanguard Group Inc. now owns 18,490,139 shares of the company’s stock worth $2,677,558,000 after acquiring an additional 61,456 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Trane Technologies by 48.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 5,366,040 shares of the company’s stock worth $777,057,000 after purchasing an additional 1,745,741 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Trane Technologies by 56.5% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 3,790,429 shares of the company’s stock valued at $549,178,000 after buying an additional 1,368,481 shares during the period. Nuveen Asset Management LLC increased its position in Trane Technologies by 4.4% in the 3rd quarter. Nuveen Asset Management LLC now owns 2,863,785 shares of the company’s stock valued at $414,704,000 after buying an additional 119,444 shares in the last quarter. Finally, Capital World Investors raised its stake in Trane Technologies by 47.1% during the 1st quarter. Capital World Investors now owns 2,475,871 shares of the company’s stock worth $378,184,000 after buying an additional 792,225 shares during the period. Institutional investors and hedge funds own 81.47% of the company’s stock.
Insider Activity
In related news, EVP Raymond D. Pittard sold 23,003 shares of Trane Technologies stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $170.42, for a total value of $3,920,171.26. Following the completion of the sale, the executive vice president now owns 87,718 shares of the company’s stock, valued at approximately $14,948,901.56. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Trane Technologies news, EVP Raymond D. Pittard sold 23,003 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $170.42, for a total transaction of $3,920,171.26. Following the completion of the transaction, the executive vice president now owns 87,718 shares in the company, valued at $14,948,901.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Evan M. Turtz sold 2,095 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $190.83, for a total transaction of $399,788.85. Following the completion of the sale, the senior vice president now directly owns 19,601 shares in the company, valued at approximately $3,740,458.83. The disclosure for this sale can be found here. Insiders have sold 38,970 shares of company stock valued at $6,927,921 in the last 90 days. Insiders own 0.74% of the company’s stock.
Trane Technologies Price Performance
Trane Technologies (NYSE:TT – Get Rating) last released its earnings results on Thursday, February 2nd. The company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.18. Trane Technologies had a net margin of 10.98% and a return on equity of 29.14%. The firm had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $3.94 billion. During the same period in the previous year, the company earned $1.36 earnings per share. The company’s quarterly revenue was up 14.1% on a year-over-year basis. On average, equities research analysts forecast that Trane Technologies plc will post 8.34 earnings per share for the current year.
Trane Technologies Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 3rd will be paid a $0.75 dividend. The ex-dividend date is Thursday, March 2nd. This is a positive change from Trane Technologies’s previous quarterly dividend of $0.67. This represents a $3.00 annualized dividend and a dividend yield of 1.69%. Trane Technologies’s payout ratio is presently 40.05%.
Wall Street Analyst Weigh In
Several research firms have recently commented on TT. Stephens boosted their price objective on Trane Technologies from $170.00 to $185.00 and gave the company an “equal weight” rating in a report on Monday, February 6th. Wells Fargo & Company raised their price objective on shares of Trane Technologies from $163.00 to $176.00 and gave the company an “underweight” rating in a research note on Friday, February 3rd. Morgan Stanley lifted their price objective on shares of Trane Technologies from $193.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. BMO Capital Markets lowered shares of Trane Technologies from an “outperform” rating to a “market perform” rating and set a $180.00 target price on the stock. in a report on Wednesday, December 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Trane Technologies from $170.00 to $184.00 in a report on Friday, February 3rd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $183.78.
About Trane Technologies
Trane Technologies Plc engages in providing solutions to buildings, homes, and transportation. It operates through the following business segments: Americas, EMEA, and Asia Pacific. The Americas segment encompasses commercial heating and cooling systems, building controls, and energy services and solutions, residential heating and cooling, and transport refrigeration systems, and solutions in North America and Latin America regions.
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