Trane Technologies plc $TT Shares Sold by Brighton Jones LLC

Brighton Jones LLC trimmed its stake in shares of Trane Technologies plc (NYSE:TT) by 17.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 7,169 shares of the company’s stock after selling 1,518 shares during the quarter. Brighton Jones LLC’s holdings in Trane Technologies were worth $3,240,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of TT. Cullinan Associates Inc. boosted its holdings in shares of Trane Technologies by 48.9% in the third quarter. Cullinan Associates Inc. now owns 2,979 shares of the company’s stock worth $1,347,000 after buying an additional 979 shares during the period. Ethic Inc. increased its position in shares of Trane Technologies by 3.6% in the third quarter. Ethic Inc. now owns 30,953 shares of the company’s stock worth $13,990,000 after acquiring an additional 1,087 shares in the last quarter. StoneX Group Inc. raised its holdings in shares of Trane Technologies by 14.3% during the third quarter. StoneX Group Inc. now owns 1,770 shares of the company’s stock valued at $799,000 after acquiring an additional 222 shares during the period. Kornitzer Capital Management Inc. KS raised its holdings in shares of Trane Technologies by 23.5% during the third quarter. Kornitzer Capital Management Inc. KS now owns 2,501 shares of the company’s stock valued at $1,130,000 after acquiring an additional 476 shares during the period. Finally, Parallel Advisors LLC lifted its position in shares of Trane Technologies by 1.4% in the 3rd quarter. Parallel Advisors LLC now owns 3,662 shares of the company’s stock valued at $1,655,000 after acquiring an additional 49 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Price Performance

NYSE TT opened at $401.98 on Monday. The company has a 50 day simple moving average of $445.69 and a 200-day simple moving average of $454.46. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.12 and a quick ratio of 0.79. The firm has a market capitalization of $87.99 billion, a price-to-earnings ratio of 28.39, a price-to-earnings-growth ratio of 1.89 and a beta of 1.19. Trane Technologies plc has a 52-week low of $348.06 and a 52-week high of $505.87.

Trane Technologies (NYSE:TT) last posted its quarterly earnings results on Thursday, October 29th. The company reported $4.86 EPS for the quarter, topping the consensus estimate of $4.74 by $0.12. Trane Technologies had a net margin of 13.56% and a return on equity of 37.26%. The business had revenue of $6.76 billion during the quarter, compared to analysts’ expectations of $6.50 billion. During the same period last year, the company posted $3.88 earnings per share. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. Equities research analysts predict that Trane Technologies plc will post 15.29 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Friday, December 4th will be paid a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.0%. Trane Technologies’s dividend payout ratio (DPR) is 29.66%.

Insider Activity

In other Trane Technologies news, CEO David Regnery sold 48,091 shares of Trane Technologies stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $480.00, for a total transaction of $23,083,680.00. Following the completion of the sale, the chief executive officer owned 96,951 shares of the company’s stock, valued at $46,536,480. This trade represents a 33.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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 equities analysts recently commented on the stock. Mizuho raised their price objective on shares of Trane Technologies from $475.00 to $485.00 and gave the stock a “neutral” rating in a research note on Thursday, October 15th. Sanford C. Bernstein boosted their target price on shares of Trane Technologies from $555.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Argus set a $500.00 target price on Trane Technologies in a report on Friday, October 30th. The Goldman Sachs Group raised Trane Technologies from a “neutral” rating to a “buy” rating and raised their target price for the stock from $548.00 to $565.00 in a research report on Wednesday, October 14th. Finally, Weiss Ratings upgraded Trane Technologies from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 10th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $535.89.

About Trane Technologies

Trane Technologies plc is a global climate innovator that designs, manufactures, and services heating, ventilation, air conditioning, and refrigeration systems. Its products and services support commercial buildings, homes, and transportation applications, including temperature-controlled shipping.

The company’s portfolio includes the Trane brand of HVAC systems and building services, as well as Thermo King equipment for transport refrigeration and climate control. It also offers building controls, energy-efficiency solutions, system maintenance, and related services.

Trane Technologies was formed in 2020 when Ingersoll Rand completed the spin-off of its industrial businesses and adopted the Trane Technologies name.