M&T Bank Corp lowered its holdings in Trane (NYSE:TT) by 7.7% during the second quarter, Holdings Channel reports. The fund owned 104,946 shares of the company’s stock after selling 8,765 shares during the quarter. M&T Bank Corp’s holdings in Trane were worth $9,337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in Trane in the first quarter valued at $1,420,425,000. Wellington Management Group LLP purchased a new stake in shares of Trane in the first quarter worth about $1,210,301,000. State Street Corp acquired a new stake in Trane during the first quarter worth about $879,895,000. JPMorgan Chase & Co. purchased a new position in Trane during the first quarter valued at approximately $579,616,000. Finally, Massachusetts Financial Services Co. MA acquired a new position in Trane in the first quarter valued at approximately $533,524,000. 79.59% of the stock is owned by hedge funds and other institutional investors.
In other news, SVP Keith A. Sultana sold 1,314 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $101.35, for a total transaction of $133,173.90. Following the transaction, the senior vice president now directly owns 22,317 shares in the company, valued at approximately $2,261,827.95. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.92% of the company’s stock.
NYSE TT opened at $111.87 on Friday. The company has a fifty day moving average price of $94.48. The company has a current ratio of 1.66, a quick ratio of 1.20 and a debt-to-equity ratio of 0.77. The firm has a market cap of $26.78 billion, a P/E ratio of 28.18 and a beta of 1.36. Trane has a one year low of $70.00 and a one year high of $146.85.
Trane (NYSE:TT) last released its earnings results on Wednesday, July 29th. The company reported $1.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.50. The business had revenue of $3.10 billion during the quarter, compared to analyst estimates of $2.77 billion. Trane had a net margin of 6.76% and a return on equity of 18.82%. The business’s revenue was down 14.3% compared to the same quarter last year. On average, research analysts predict that Trane will post 3.34 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be issued a $0.53 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $2.12 dividend on an annualized basis and a yield of 1.90%. Trane’s payout ratio is 33.28%.
A number of brokerages have recently commented on TT. UBS Group initiated coverage on shares of Trane in a research note on Monday, June 22nd. They set a “neutral” rating and a $95.00 price objective on the stock. Wolfe Research cut shares of Trane from a “market perform” rating to an “underperform” rating and set a $90.00 price objective for the company. in a report on Wednesday, April 15th. Robert W. Baird lowered their target price on shares of Trane from $90.00 to $80.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 6th. Cleveland Research assumed coverage on Trane in a research note on Friday, April 24th. They issued a “neutral” rating for the company. Finally, Credit Suisse Group upped their price target on Trane from $108.00 to $117.00 and gave the stock an “outperform” rating in a report on Thursday. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $102.79.
Ingersoll-Rand Plc designs, manufactures, sells, and services industrial and commercial products. The company operates through Climate and Industrial segments. The Climate segment offers air conditioners, exchangers, and handlers; airside and terminal devices; auxiliary power units; chillers; coils and condensers; gensets; furnaces; heat pumps; home automation; humidifiers; hybrid and non-diesel transport refrigeration, and ice energy storage solutions; indoor air quality; industrial refrigeration; motor replacements; refrigerant reclamation; thermostats/controls; transport heater products; and water source heat pumps.
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