Rhumbline Advisers Reduces Position in Trane Technologies plc $TT

Rhumbline Advisers decreased its holdings in shares of Trane Technologies plc (NYSE:TT) by 1.0% in the third quarter, HoldingsChannel reports. The fund owned 445,943 shares of the company’s stock after selling 4,289 shares during the quarter. Rhumbline Advisers’ holdings in Trane Technologies were worth $188,170,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of TT. Financial Consulate Inc. purchased a new stake in Trane Technologies in the third quarter worth about $25,000. Icon Advisers Inc. Co. bought a new position in shares of Trane Technologies during the 2nd quarter valued at approximately $26,000. Hantz Financial Services Inc. increased its holdings in Trane Technologies by 1,016.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 67 shares of the company’s stock worth $29,000 after acquiring an additional 61 shares in the last quarter. United Community Bank raised its stake in Trane Technologies by 134.4% during the 3rd quarter. United Community Bank now owns 75 shares of the company’s stock worth $32,000 after acquiring an additional 43 shares during the period. Finally, Halbert Hargrove Global Advisors LLC raised its stake in Trane Technologies by 34.2% during the 3rd quarter. Halbert Hargrove Global Advisors LLC now owns 102 shares of the company’s stock worth $43,000 after acquiring an additional 26 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TT has been the subject of a number of recent analyst reports. Citigroup upped their price target on shares of Trane Technologies from $513.00 to $525.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. KeyCorp raised shares of Trane Technologies from a “sector weight” rating to an “overweight” rating and set a $500.00 target price for the company in a report on Monday, December 15th. JPMorgan Chase & Co. raised their price target on Trane Technologies from $434.00 to $460.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Royal Bank Of Canada boosted their price objective on Trane Technologies from $469.00 to $470.00 and gave the company a “sector perform” rating in a research report on Friday, January 30th. Finally, Wells Fargo & Company increased their target price on Trane Technologies from $375.00 to $400.00 and gave the stock an “underweight” rating in a research report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $484.67.

Trane Technologies Stock Up 0.4%

TT opened at $461.60 on Wednesday. The company has a market capitalization of $102.17 billion, a PE ratio of 35.56, a price-to-earnings-growth ratio of 2.42 and a beta of 1.21. The firm has a 50-day simple moving average of $400.25 and a two-hundred day simple moving average of $414.16. The company has a quick ratio of 0.92, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. Trane Technologies plc has a 52 week low of $298.15 and a 52 week high of $476.18.

Trane Technologies (NYSE:TT) last posted its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.81 by $0.05. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The company had revenue of $5.14 billion for the quarter, compared to the consensus estimate of $5.09 billion. During the same period in the previous year, the business earned $2.61 earnings per share. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. Analysts forecast that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 6th will be given a dividend of $1.05 per share. The ex-dividend date is Friday, March 6th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. This is an increase from Trane Technologies’s previous quarterly dividend of $0.94. Trane Technologies’s dividend payout ratio is currently 28.97%.

About Trane Technologies

Trane Technologies (NYSE: TT) is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.