Gabelli Funds LLC Reduces Stock Position in Trane Technologies plc (NYSE:TT)

Gabelli Funds LLC reduced its holdings in shares of Trane Technologies plc (NYSE:TT) by 8.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 95,766 shares of the company’s stock after selling 9,164 shares during the quarter. Gabelli Funds LLC’s holdings in Trane Technologies were worth $28,749,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in TT. BKM Wealth Management LLC acquired a new position in Trane Technologies in the fourth quarter worth $25,000. Mutual Advisors LLC acquired a new stake in shares of Trane Technologies during the 4th quarter worth approximately $389,000. Pacer Advisors Inc. lifted its holdings in shares of Trane Technologies by 30.8% in the 4th quarter. Pacer Advisors Inc. now owns 19,440 shares of the company’s stock worth $4,741,000 after purchasing an additional 4,575 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in Trane Technologies by 822.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 91,083 shares of the company’s stock valued at $22,215,000 after purchasing an additional 81,214 shares during the period. Finally, Procyon Advisors LLC acquired a new stake in Trane Technologies in the fourth quarter worth $247,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TT shares. JPMorgan Chase & Co. increased their price objective on Trane Technologies from $247.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Mizuho increased their target price on shares of Trane Technologies from $280.00 to $325.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Barclays upped their price target on shares of Trane Technologies from $380.00 to $385.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Robert W. Baird raised their price objective on shares of Trane Technologies from $344.00 to $360.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Finally, TD Cowen increased their price target on Trane Technologies from $325.00 to $360.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Trane Technologies presently has a consensus rating of “Hold” and a consensus target price of $312.36.

Trane Technologies Stock Up 2.3 %

Trane Technologies stock traded up $7.49 during trading hours on Friday, hitting $329.71. The company had a trading volume of 1,232,284 shares, compared to its average volume of 1,436,565. Trane Technologies plc has a fifty-two week low of $184.02 and a fifty-two week high of $347.33. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.13 and a quick ratio of 0.74. The firm has a market capitalization of $74.63 billion, a P/E ratio of 35.23, a price-to-earnings-growth ratio of 2.49 and a beta of 1.01. The firm’s fifty day moving average is $332.14 and its 200-day moving average is $302.65.

Trane Technologies (NYSE:TT) last issued its earnings results on Tuesday, April 30th. The company reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.30. The company had revenue of $4.22 billion for the quarter, compared to analyst estimates of $3.99 billion. Trane Technologies had a return on equity of 32.78% and a net margin of 11.81%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.41 EPS. On average, research analysts forecast that Trane Technologies plc will post 10.49 earnings per share for the current year.

Trane Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be given a $0.84 dividend. The ex-dividend date is Friday, September 6th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.02%. Trane Technologies’s dividend payout ratio is currently 35.90%.

Insider Transactions at Trane Technologies

In other news, SVP Evan M. Turtz sold 8,988 shares of Trane Technologies stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $321.30, for a total value of $2,887,844.40. Following the transaction, the senior vice president now owns 20,758 shares of the company’s stock, valued at $6,669,545.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, SVP Evan M. Turtz sold 8,988 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $321.30, for a total value of $2,887,844.40. Following the sale, the senior vice president now directly owns 20,758 shares of the company’s stock, valued at $6,669,545.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Christopher J. Kuehn sold 4,000 shares of Trane Technologies stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $318.67, for a total value of $1,274,680.00. Following the completion of the transaction, the chief financial officer now owns 61,293 shares in the company, valued at $19,532,240.31. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by corporate insiders.

About Trane Technologies

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.