Pictet Asset Management Holding SA reduced its position in Trane Technologies plc (NYSE:TT – Free Report) by 6.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,459,546 shares of the company’s stock after selling 97,188 shares during the quarter. Trane Technologies makes up about 0.6% of Pictet Asset Management Holding SA’s holdings, making the stock its 28th largest holding. Pictet Asset Management Holding SA’s holdings in Trane Technologies were worth $659,722,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the company. Toth Financial Advisory Corp boosted its stake in Trane Technologies by 10.6% in the 3rd quarter. Toth Financial Advisory Corp now owns 239 shares of the company’s stock worth $108,000 after purchasing an additional 23 shares during the period. ZWJ Investment Counsel Inc. raised its stake in Trane Technologies by 1.9% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 1,257 shares of the company’s stock valued at $568,000 after purchasing an additional 23 shares during the period. Cornerstone Planning Group LLC raised its stake in Trane Technologies by 14.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 190 shares of the company’s stock valued at $79,000 after purchasing an additional 24 shares during the period. NFSG Corp lifted its holdings in shares of Trane Technologies by 4.8% in the first quarter. NFSG Corp now owns 546 shares of the company’s stock valued at $228,000 after purchasing an additional 25 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Trane Technologies by 15.0% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 192 shares of the company’s stock valued at $80,000 after purchasing an additional 25 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.
Trane Technologies Trading Up 2.4%
Trane Technologies stock opened at $401.98 on Friday. The company’s fifty day simple moving average is $445.69 and its 200-day simple moving average is $454.46. The company has a quick ratio of 0.79, a current ratio of 1.12 and a debt-to-equity ratio of 0.43. Trane Technologies plc has a 12 month low of $348.06 and a 12 month high of $505.87. The stock has a market cap of $87.99 billion, a P/E ratio of 28.39, a P/E/G ratio of 1.89 and a beta of 1.19.
Trane Technologies (NYSE:TT – Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported $4.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.74 by $0.12. Trane Technologies had a return on equity of 37.26% and a net margin of 13.56%. The business had revenue of $6.76 billion during the quarter, compared to analyst estimates of $6.50 billion. During the same period last year, the company earned $3.88 earnings per share. Trane Technologies’s quarterly revenue was up 17.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Trane Technologies plc will post 15.29 EPS for the current fiscal year.
Trane Technologies Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Friday, December 4th will be issued a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, December 4th. Trane Technologies’s payout ratio is currently 29.66%.
Analyst Upgrades and Downgrades
TT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. started coverage on Trane Technologies in a report on Friday, October 9th. They set an “overweight” rating and a $550.00 price target on the stock. Robert W. Baird raised their price objective on Trane Technologies from $515.00 to $532.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Evercore lifted their target price on Trane Technologies from $560.00 to $565.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. The Goldman Sachs Group upgraded Trane Technologies from a “neutral” rating to a “buy” rating and upped their target price for the company from $548.00 to $565.00 in a report on Wednesday, October 14th. Finally, Sanford C. Bernstein increased their price target on shares of Trane Technologies from $555.00 to $575.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Trane Technologies currently has an average rating of “Moderate Buy” and an average price target of $535.89.
Check Out Our Latest Report on TT
Insider Activity at Trane Technologies
In related news, CEO David Regnery sold 48,091 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $480.00, for a total value of $23,083,680.00. Following the completion of the sale, the chief executive officer owned 96,951 shares of the company’s stock, valued at approximately $46,536,480. The trade was a 33.16% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.43% of the company’s stock.
Trane Technologies Profile
Trane Technologies plc is a global climate innovator that designs, manufactures, and services heating, ventilation, air conditioning, and refrigeration systems. Its products and services support commercial buildings, homes, and transportation applications, including temperature-controlled shipping.
The company’s portfolio includes the Trane brand of HVAC systems and building services, as well as Thermo King equipment for transport refrigeration and climate control. It also offers building controls, energy-efficiency solutions, system maintenance, and related services.
Trane Technologies was formed in 2020 when Ingersoll Rand completed the spin-off of its industrial businesses and adopted the Trane Technologies name.
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