Gabelli Funds LLC Lowers Stock Holdings in Trane Technologies plc (NYSE:TT)

Gabelli Funds LLC trimmed its position in shares of Trane Technologies plc (NYSE:TT) by 1.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,300 shares of the company’s stock after selling 700 shares during the quarter. Gabelli Funds LLC’s holdings in Trane Technologies were worth $11,533,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Trane Technologies by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 18,133,851 shares of the company’s stock valued at $2,769,040,000 after buying an additional 77,924 shares during the period. FMR LLC boosted its stake in shares of Trane Technologies by 102.1% in the 1st quarter. FMR LLC now owns 7,871,515 shares of the company’s stock valued at $1,448,201,000 after buying an additional 3,976,234 shares during the period. Geode Capital Management LLC boosted its stake in shares of Trane Technologies by 1.7% in the 1st quarter. Geode Capital Management LLC now owns 4,765,976 shares of the company’s stock valued at $874,863,000 after buying an additional 80,607 shares during the period. Norges Bank purchased a new position in shares of Trane Technologies in the 4th quarter valued at about $526,026,000. Finally, Morgan Stanley boosted its stake in shares of Trane Technologies by 21.1% in the 4th quarter. Morgan Stanley now owns 2,707,243 shares of the company’s stock valued at $455,061,000 after buying an additional 471,969 shares during the period. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

Trane Technologies Trading Down 0.7 %

NYSE:TT opened at $226.95 on Tuesday. The firm has a market cap of $51.64 billion, a P/E ratio of 26.73, a PEG ratio of 1.85 and a beta of 1.01. The company has a current ratio of 1.29, a quick ratio of 0.87 and a debt-to-equity ratio of 0.67. The stock’s 50 day simple moving average is $205.62 and its 200-day simple moving average is $195.35. Trane Technologies plc has a 12-month low of $162.04 and a 12-month high of $229.94.

Trane Technologies (NYSE:TT) last released its earnings results on Wednesday, November 1st. The company reported $2.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.66 by $0.13. The business had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.80 billion. Trane Technologies had a return on equity of 31.97% and a net margin of 11.30%. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.27 earnings per share. Equities analysts anticipate that Trane Technologies plc will post 9.01 EPS for the current year.

Trane Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date is Thursday, November 30th. Trane Technologies’s payout ratio is currently 35.34%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TT. JPMorgan Chase & Co. upgraded Trane Technologies from an “underweight” rating to a “neutral” rating and set a $191.00 price objective for the company in a research note on Friday, October 6th. Morgan Stanley boosted their target price on Trane Technologies from $231.00 to $234.00 and gave the stock an “overweight” rating in a research note on Friday, September 22nd. Barclays boosted their target price on Trane Technologies from $222.00 to $226.00 and gave the stock an “overweight” rating in a research note on Thursday, November 2nd. Royal Bank of Canada boosted their target price on Trane Technologies from $204.00 to $231.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 2nd. Finally, HSBC assumed coverage on Trane Technologies in a research note on Friday, September 15th. They set a “buy” rating and a $256.00 target price for the company. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $207.31.

Insider Activity

In related news, CEO David S. Regnery sold 17,585 shares of Trane Technologies stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $220.00, for a total value of $3,868,700.00. Following the sale, the chief executive officer now directly owns 93,081 shares in the company, valued at $20,477,820. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Raymond D. Pittard sold 13,144 shares of Trane Technologies stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $218.24, for a total value of $2,868,546.56. Following the sale, the executive vice president now directly owns 82,235 shares in the company, valued at $17,946,966.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO David S. Regnery sold 17,585 shares of the business’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $220.00, for a total value of $3,868,700.00. Following the sale, the chief executive officer now owns 93,081 shares in the company, valued at $20,477,820. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,366 shares of company stock valued at $7,093,065. Company insiders own 0.39% of the company’s stock.

Trane Technologies Company Profile

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.