Scopus Asset Management L.P. decreased its holdings in shares of Trane Technologies plc (NYSE:TT) by 34.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 33,000 shares of the company’s stock after selling 17,000 shares during the quarter. Scopus Asset Management L.P.’s holdings in Trane Technologies were worth $5,463,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also made changes to their positions in the stock. BlackRock Inc. boosted its stake in Trane Technologies by 8.7% during the 1st quarter. BlackRock Inc. now owns 19,485,052 shares of the company’s stock valued at $3,225,946,000 after purchasing an additional 1,552,038 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Trane Technologies by 16.8% in the 1st quarter. JPMorgan Chase & Co. now owns 12,521,374 shares of the company’s stock worth $2,073,038,000 after acquiring an additional 1,801,310 shares during the period. Ameriprise Financial Inc. lifted its position in shares of Trane Technologies by 2.3% in the 1st quarter. Ameriprise Financial Inc. now owns 7,563,667 shares of the company’s stock worth $1,252,382,000 after acquiring an additional 173,642 shares during the period. Geode Capital Management LLC lifted its position in shares of Trane Technologies by 6.3% in the 1st quarter. Geode Capital Management LLC now owns 4,307,201 shares of the company’s stock worth $711,294,000 after acquiring an additional 255,568 shares during the period. Finally, Nuveen Asset Management LLC lifted its position in shares of Trane Technologies by 4.5% in the 1st quarter. Nuveen Asset Management LLC now owns 4,250,556 shares of the company’s stock worth $703,722,000 after acquiring an additional 182,146 shares during the period. Hedge funds and other institutional investors own 78.51% of the company’s stock.
Shares of NYSE TT traded down $0.82 during midday trading on Thursday, hitting $197.85. The stock had a trading volume of 12,261 shares, compared to its average volume of 1,170,688. The stock has a 50-day simple moving average of $184.81. The stock has a market cap of $47.32 billion, a price-to-earnings ratio of 39.06, a P/E/G ratio of 1.48 and a beta of 0.92. Trane Technologies plc has a fifty-two week low of $102.26 and a fifty-two week high of $198.95. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.26 and a current ratio of 1.59.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 30th. Stockholders of record on Friday, September 3rd will be paid a $0.59 dividend. The ex-dividend date is Thursday, September 2nd. This represents a $2.36 annualized dividend and a dividend yield of 1.19%. Trane Technologies’s dividend payout ratio (DPR) is currently 52.91%.
A number of brokerages have commented on TT. Credit Suisse Group raised their price objective on Trane Technologies from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Thursday, May 6th. Zacks Investment Research raised Trane Technologies from a “hold” rating to a “buy” rating and set a $206.00 target price for the company in a report on Tuesday, May 18th. Royal Bank of Canada increased their target price on Trane Technologies from $164.00 to $181.00 and gave the stock a “sector perform” rating in a report on Thursday, May 6th. Deutsche Bank Aktiengesellschaft increased their target price on Trane Technologies from $184.00 to $203.00 and gave the stock a “hold” rating in a report on Wednesday, July 14th. Finally, Morgan Stanley raised their price target on Trane Technologies from $187.00 to $205.00 and gave the company an “overweight” rating in a report on Thursday, May 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. Trane Technologies currently has an average rating of “Hold” and an average price target of $172.14.
In other news, insider Michael W. Lamach sold 213,420 shares of the firm’s stock in a transaction on Tuesday, July 6th. The stock was sold at an average price of $184.00, for a total value of $39,269,280.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Paul A. Camuti sold 6,849 shares of Trane Technologies stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $184.28, for a total value of $1,262,133.72. Following the transaction, the executive vice president now owns 128,807 shares in the company, valued at $23,736,553.96. The disclosure for this sale can be found here. 0.74% of the stock is owned by company insiders.
Trane Technologies Company Profile
Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services climate control products for heating, ventilation, air conditioning, and transport solutions. It offers air conditioners, exchangers, and handlers; airside and terminal devices; auxiliary power units; chillers; coils and condensers; gensets; furnaces; heat pumps; home automation products; humidifiers; hybrid and non-diesel transport refrigeration, and ice energy storage solutions; indoor air quality assessments and related products; large and light commercial unitary products; motor replacements; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.
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