Pallas Capital Advisors LLC Lowers Stake in Trane Technologies plc $TT

Pallas Capital Advisors LLC cut its stake in Trane Technologies plc (NYSE:TT) by 37.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,381 shares of the company’s stock after selling 2,590 shares during the period. Pallas Capital Advisors LLC’s holdings in Trane Technologies were worth $1,849,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Trane Technologies by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 19,792,410 shares of the company’s stock worth $8,657,398,000 after acquiring an additional 335,634 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Trane Technologies by 10.2% in the third quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock valued at $6,550,975,000 after purchasing an additional 1,433,563 shares during the period. State Street Corp grew its stake in Trane Technologies by 0.3% in the second quarter. State Street Corp now owns 10,077,267 shares of the company’s stock worth $4,407,904,000 after purchasing an additional 31,826 shares in the last quarter. Geode Capital Management LLC increased its holdings in Trane Technologies by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 4,973,217 shares of the company’s stock worth $2,164,764,000 after purchasing an additional 56,293 shares during the period. Finally, Norges Bank purchased a new position in Trane Technologies during the 2nd quarter worth $1,356,065,000. Institutional investors own 82.97% of the company’s stock.

Trane Technologies Stock Performance

Shares of Trane Technologies stock opened at $465.04 on Tuesday. The company has a market capitalization of $102.93 billion, a PE ratio of 35.83, a P/E/G ratio of 2.45 and a beta of 1.21. The company has a 50-day simple moving average of $405.27 and a two-hundred day simple moving average of $414.50. Trane Technologies plc has a one year low of $298.15 and a one year high of $479.37. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25.

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

Trane Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 6th will be paid a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, March 6th. This is a positive change from Trane Technologies’s previous quarterly dividend of $0.94. Trane Technologies’s dividend payout ratio (DPR) is presently 28.97%.

Insider Buying and Selling at Trane Technologies

In other Trane Technologies news, CEO David S. Regnery sold 5,588 shares of Trane Technologies stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $462.60, for a total transaction of $2,585,008.80. Following the completion of the transaction, the chief executive officer owned 96,948 shares in the company, valued at approximately $44,848,144.80. This trade represents a 5.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Elizabeth A. Elwell sold 137 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $462.48, for a total value of $63,359.76. Following the completion of the sale, the chief accounting officer owned 7,100 shares in the company, valued at $3,283,608. The trade was a 1.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 8,936 shares of company stock worth $4,133,991 over the last ninety days. 0.14% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Trane Technologies in a research report on Wednesday, January 21st. UBS Group dropped their target price on shares of Trane Technologies from $544.00 to $520.00 and set a “buy” rating on the stock in a report on Monday, January 5th. Barclays raised their target price on shares of Trane Technologies from $505.00 to $507.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. 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. Finally, Bank of America upgraded shares of Trane Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $490.00 to $550.00 in a research note on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $484.67.

Trane Technologies Profile

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.