Vancity Investment Management Ltd Lowers Stock Position in Trane Technologies plc $TT

Vancity Investment Management Ltd reduced its position in Trane Technologies plc (NYSE:TT) by 4.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 39,297 shares of the company’s stock after selling 2,022 shares during the quarter. Trane Technologies comprises about 2.1% of Vancity Investment Management Ltd’s investment portfolio, making the stock its 19th biggest position. Vancity Investment Management Ltd’s holdings in Trane Technologies were worth $15,294,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Harbour Wealth Management Group Inc. purchased a new position in shares of Trane Technologies in the 4th quarter worth about $1,309,000. Corient Private Wealth LLC increased its position in Trane Technologies by 11.4% during the 4th quarter. Corient Private Wealth LLC now owns 383,850 shares of the company’s stock worth $149,394,000 after purchasing an additional 39,287 shares in the last quarter. CrossGen Wealth LLC purchased a new position in Trane Technologies in the fourth quarter valued at approximately $518,000. Mercer Global Advisors Inc. ADV lifted its position in Trane Technologies by 16.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 67,634 shares of the company’s stock valued at $25,329,000 after buying an additional 9,423 shares in the last quarter. Finally, Virtue Capital Management LLC grew its stake in Trane Technologies by 162.8% during the fourth quarter. Virtue Capital Management LLC now owns 1,130 shares of the company’s stock worth $450,000 after buying an additional 700 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Trane Technologies Stock Performance

Trane Technologies stock opened at $483.88 on Friday. Trane Technologies plc has a 12-month low of $348.06 and a 12-month high of $503.47. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77. The company has a market capitalization of $106.96 billion, a price-to-earnings ratio of 37.42, a price-to-earnings-growth ratio of 2.18 and a beta of 1.20. The firm’s fifty day moving average price is $467.20 and its 200 day moving average price is $434.88.

Trane Technologies (NYSE:TT) last posted its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.10. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company had revenue of $4.97 billion during the quarter, compared to analysts’ expectations of $4.81 billion. During the same period in the prior year, the company posted $2.45 EPS. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, research analysts forecast that Trane Technologies plc will post 14.88 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be issued a $1.05 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. Trane Technologies’s dividend payout ratio is currently 32.48%.

Insider Buying and Selling

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of Trane Technologies stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the sale, the insider directly owned 3,819 shares in the company, valued at $1,909,500. The trade was a 54.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total value of $3,878,550.00. Following the transaction, the chief financial officer owned 60,576 shares of the company’s stock, valued at approximately $27,259,200. This trade represents a 12.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TT. Weiss Ratings reissued a “buy (b)” rating on shares of Trane Technologies in a research note on Monday, April 20th. BNP Paribas Exane initiated coverage on shares of Trane Technologies in a research report on Tuesday, April 14th. They set an “outperform” rating and a $550.00 price target for the company. Barclays raised their price objective on Trane Technologies from $507.00 to $585.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Royal Bank Of Canada increased their target price on Trane Technologies from $440.00 to $501.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Finally, Sanford C. Bernstein started coverage on Trane Technologies in a report on Tuesday, June 9th. They set an “outperform” rating and a $550.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Trane Technologies presently has an average rating of “Moderate Buy” and an average target price of $509.12.

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.