NuWave Investment Management LLC trimmed its stake in Trane (NYSE:TT) by 43.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 1,315 shares of the company’s stock after selling 1,006 shares during the period. NuWave Investment Management LLC’s holdings in Trane were worth $119,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of TT. Global Retirement Partners LLC purchased a new stake in Trane in the first quarter valued at $25,000. Woodley Farra Manion Portfolio Management Inc. acquired a new stake in shares of Trane during the first quarter worth about $25,000. Solstein Capital LLC acquired a new stake in shares of Trane during the first quarter worth about $25,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Trane in the 1st quarter valued at about $25,000. Finally, Glassman Wealth Services purchased a new position in Trane during the 1st quarter worth approximately $27,000. 79.59% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently weighed in on TT shares. JPMorgan Chase & Co. downgraded Trane from an “overweight” rating to a “neutral” rating and set a $88.00 price objective for the company. in a report on Wednesday, March 18th. KeyCorp reduced their target price on shares of Trane from $145.00 to $112.00 and set an “overweight” rating for the company in a report on Wednesday, March 18th. Vertical Research downgraded Trane to a “hold” rating in a research note on Monday, March 23rd. Credit Suisse Group lifted their price objective on shares of Trane from $91.00 to $108.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Finally, Wolfe Research lowered Trane from a “market perform” rating to an “underperform” rating and set a $90.00 price objective on the stock. in a report on Wednesday, April 15th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $94.86.
Trane (NYSE:TT) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.07). The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.71 billion. Trane had a net margin of 7.54% and a return on equity of 20.96%. As a group, sell-side analysts anticipate that Trane will post 3.07 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.53 per share. The ex-dividend date is Thursday, September 3rd. This represents a $2.12 annualized dividend and a yield of 2.30%. Trane’s dividend payout ratio (DPR) is currently 33.28%.
In other news, SVP Keith A. Sultana sold 1,314 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $101.35, for a total transaction of $133,173.90. Following the completion of the transaction, the senior vice president now directly owns 22,317 shares of the company’s stock, valued at approximately $2,261,827.95. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.92% of the company’s stock.
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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