MAI Capital Management Reduces Stock Position in Trane Technologies plc $TT

MAI Capital Management decreased its holdings in Trane Technologies plc (NYSE:TT) by 51.9% during the third quarter, HoldingsChannel.com reports. The firm owned 6,612 shares of the company’s stock after selling 7,130 shares during the quarter. MAI Capital Management’s holdings in Trane Technologies were worth $2,790,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Norges Bank purchased a new position in Trane Technologies in the 2nd quarter worth about $1,356,065,000. JPMorgan Chase & Co. boosted its position in Trane Technologies by 10.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock valued at $6,550,975,000 after buying an additional 1,433,563 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in Trane Technologies by 229.3% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company’s stock worth $766,583,000 after acquiring an additional 1,220,388 shares in the last quarter. ABN AMRO Bank N.V. purchased a new position in shares of Trane Technologies during the second quarter worth approximately $291,206,000. Finally, Corient Private Wealth LLC raised its stake in shares of Trane Technologies by 135.4% during the second quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock valued at $321,757,000 after acquiring an additional 423,090 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Trading Up 1.0%

Shares of NYSE TT opened at $461.71 on Friday. Trane Technologies plc has a 1-year low of $298.15 and a 1-year high of $479.37. The business has a fifty day moving average price of $417.67 and a 200 day moving average price of $416.71. The stock has a market capitalization of $102.19 billion, a P/E ratio of 35.57, a price-to-earnings-growth ratio of 2.41 and a beta of 1.21. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.92.

Trane Technologies (NYSE:TT) last announced 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. The business had revenue of $5.14 billion during 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 firm’s revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.61 earnings per share. Equities research analysts expect that Trane Technologies plc will post 12.83 EPS 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. Investors of record on Friday, March 6th will be given a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from Trane Technologies’s previous quarterly dividend of $0.94. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. Trane Technologies’s dividend payout ratio is currently 28.97%.

Analyst Ratings Changes

TT has been the topic of several research reports. Royal Bank Of Canada raised their price objective on Trane Technologies from $469.00 to $470.00 and gave the stock a “sector perform” rating in a report on Friday, January 30th. Wells Fargo & Company increased their price target on Trane Technologies from $375.00 to $400.00 and gave the stock an “underweight” rating in a research report on Friday, January 30th. Morgan Stanley decreased their price objective on Trane Technologies from $550.00 to $535.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. JPMorgan Chase & Co. increased their target price on shares of Trane Technologies from $434.00 to $460.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. Finally, KeyCorp raised shares of Trane Technologies from a “sector weight” rating to an “overweight” rating and set a $500.00 target price on the stock in a research report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $484.67.

Insider Activity

In other Trane Technologies news, CAO Elizabeth A. Elwell sold 137 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were 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 directly owned 7,100 shares in the company, valued at $3,283,608. This trade represents a 1.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David S. Regnery sold 5,588 shares of Trane Technologies stock in a transaction on 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 directly owned 96,948 shares in the company, valued at $44,848,144.80. This represents a 5.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 8,936 shares of company stock worth $4,133,991. 0.14% of the stock is currently owned by insiders.

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.