Bessemer Group Inc. Trims Position in Trane Technologies plc (NYSE:TT)

Posted by Defense World Staff on Aug 22nd, 2023

Bessemer Group Inc. lessened its stake in shares of Trane Technologies plc (NYSE:TT – Free Report) by 8.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,176 shares of the company’s stock after selling 485 shares during the period. Bessemer Group Inc.’s holdings in Trane Technologies were worth $952,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. LPL Financial LLC raised its holdings in shares of Trane Technologies by 20.2% during the 1st quarter. LPL Financial LLC now owns 90,428 shares of the company’s stock worth $16,637,000 after acquiring an additional 15,183 shares during the period. iSAM Funds UK Ltd purchased a new stake in Trane Technologies in the 1st quarter valued at about $615,000. GDS Wealth Management raised its holdings in Trane Technologies by 1.6% in the 1st quarter. GDS Wealth Management now owns 33,516 shares of the company’s stock valued at $6,166,000 after buying an additional 538 shares during the period. Meiji Yasuda Life Insurance Co purchased a new stake in Trane Technologies in the 1st quarter valued at about $437,000. Finally, Tilia Fiduciary Partners Inc. raised its holdings in Trane Technologies by 7.4% in the 1st quarter. Tilia Fiduciary Partners Inc. now owns 1,533 shares of the company’s stock valued at $282,000 after buying an additional 106 shares during the period. Hedge funds and other institutional investors own 81.23% of the company’s stock.

Trane Technologies Stock Performance

Shares of Trane Technologies stock opened at $198.31 on Tuesday. Trane Technologies plc has a one year low of $139.07 and a one year high of $209.17. The company has a market cap of $45.29 billion, a PE ratio of 24.45, a P/E/G ratio of 1.73 and a beta of 1.02. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.77 and a current ratio of 1.19. The business has a 50-day simple moving average of $194.65 and a 200-day simple moving average of $184.60.

Trane Technologies (NYSE:TT – Get Free Report) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $2.68 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.12. Trane Technologies had a return on equity of 31.22% and a net margin of 11.18%. The business had revenue of $4.71 billion during the quarter, compared to the consensus estimate of $4.61 billion. During the same period in the previous year, the company posted $2.16 earnings per share. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. On average, equities research analysts forecast that Trane Technologies plc will post 8.86 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Thursday, August 31st. Trane Technologies’s dividend payout ratio (DPR) is 36.99%.

Insider Activity at Trane Technologies

In related news, CAO Mark Majocha sold 2,202 shares of the company’s stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $194.28, for a total value of $427,804.56. Following the completion of the transaction, the chief accounting officer now directly owns 3,797 shares of the company’s stock, valued at $737,681.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark Majocha sold 2,202 shares of the company’s stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $194.28, for a total value of $427,804.56. Following the completion of the transaction, the chief accounting officer now directly owns 3,797 shares of the company’s stock, valued at $737,681.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Linda P. Hudson sold 3,100 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $204.70, for a total value of $634,570.00. Following the completion of the transaction, the director now directly owns 4,332 shares of the company’s stock, valued at $886,760.40. The disclosure for this sale can be found here. Insiders sold 20,374 shares of company stock valued at $4,080,669 over the last three months. 0.39% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TT has been the topic of several research analyst reports. Morgan Stanley boosted their price objective on shares of Trane Technologies from $210.00 to $231.00 and gave the company an “overweight” rating in a report on Thursday, August 3rd. Royal Bank of Canada boosted their price objective on shares of Trane Technologies from $194.00 to $204.00 and gave the company a “sector perform” rating in a report on Thursday, August 3rd. Bank of America boosted their price objective on shares of Trane Technologies from $160.00 to $187.00 and gave the company an “underperform” rating in a report on Thursday, August 3rd. Mizuho lifted their target price on Trane Technologies from $185.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 3rd. Finally, Robert W. Baird dropped their target price on Trane Technologies from $200.00 to $192.00 in a research report on Thursday, May 4th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Trane Technologies has an average rating of “Hold” and an average price target of $194.81.

Check Out Our Latest Report on TT

Trane Technologies Company Profile

(Free Report)

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.