Magellan Asset Management Ltd Sells 461,479 Shares of Trane Technologies plc (NYSE:TT)

Magellan Asset Management Ltd lowered its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 63.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 262,526 shares of the company's stock after selling 461,479 shares during the period. Magellan Asset Management Ltd owned about 0.12% of Trane Technologies worth $96,964,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of TT. Pitcairn Co. raised its holdings in shares of Trane Technologies by 4.4% in the 4th quarter. Pitcairn Co. now owns 8,973 shares of the company's stock worth $3,314,000 after buying an additional 380 shares in the last quarter. World Investment Advisors grew its position in Trane Technologies by 11.9% in the fourth quarter. World Investment Advisors now owns 38,691 shares of the company's stock valued at $14,291,000 after acquiring an additional 4,110 shares during the period. OneAscent Financial Services LLC raised its stake in Trane Technologies by 13.5% during the fourth quarter. OneAscent Financial Services LLC now owns 2,567 shares of the company's stock worth $948,000 after acquiring an additional 305 shares in the last quarter. Huntington National Bank lifted its holdings in shares of Trane Technologies by 14.5% during the fourth quarter. Huntington National Bank now owns 6,105 shares of the company's stock valued at $2,255,000 after acquiring an additional 771 shares during the period. Finally, Kesler Norman & Wride LLC acquired a new stake in shares of Trane Technologies in the 4th quarter valued at $483,000. Institutional investors own 82.97% of the company's stock.

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Trane Technologies Trading Up 2.7 %

NYSE:TT traded up $8.67 on Tuesday, reaching $324.84. The company's stock had a trading volume of 532,213 shares, compared to its average volume of 1,269,010. The business's 50-day moving average price is $350.60 and its two-hundred day moving average price is $378.54. Trane Technologies plc has a 1-year low of $286.32 and a 1-year high of $422.00. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.88 and a current ratio of 1.21. The firm has a market cap of $72.86 billion, a PE ratio of 28.86, a PEG ratio of 2.50 and a beta of 1.08.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The company reported $2.61 earnings per share for the quarter, beating the consensus estimate of $2.52 by $0.09. Trane Technologies had a net margin of 12.94% and a return on equity of 35.37%. Equities research analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 6th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.16%. Trane Technologies's dividend payout ratio (DPR) is 33.42%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Melius Research reissued a "hold" rating and set a $398.00 price target on shares of Trane Technologies in a report on Tuesday, January 28th. UBS Group cut their target price on shares of Trane Technologies from $500.00 to $470.00 and set a "buy" rating for the company in a research note on Friday, January 31st. Barclays decreased their price target on Trane Technologies from $500.00 to $475.00 and set an "overweight" rating on the stock in a research report on Monday, March 10th. Citigroup dropped their price target on Trane Technologies from $478.00 to $476.00 and set a "buy" rating for the company in a report on Monday, January 13th. Finally, Royal Bank of Canada boosted their price objective on Trane Technologies from $390.00 to $395.00 and gave the stock a "sector perform" rating in a research note on Friday, January 3rd. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $413.69.

Insider Activity at Trane Technologies

In related news, SVP Mairead Magner sold 198 shares of the company's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $357.61, for a total transaction of $70,806.78. Following the sale, the senior vice president now owns 13,401 shares in the company, valued at approximately $4,792,331.61. This represents a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Christopher J. Kuehn sold 770 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $358.39, for a total value of $275,960.30. Following the sale, the chief financial officer now owns 62,221 shares in the company, valued at approximately $22,299,384.19. This represents a 1.22 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,234 shares of company stock valued at $2,588,102. 0.38% of the stock is owned by insiders.

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.