USS Investment Management Ltd Reduces Position in Trane Technologies plc $TT

USS Investment Management Ltd decreased its position in shares of Trane Technologies plc (NYSE:TT) by 4.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,729 shares of the company’s stock after selling 1,808 shares during the period. USS Investment Management Ltd’s holdings in Trane Technologies were worth $15,730,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TT. IFM Investors Pty Ltd raised its position in Trane Technologies by 8.0% in the 1st quarter. IFM Investors Pty Ltd now owns 48,356 shares of the company’s stock valued at $20,152,000 after purchasing an additional 3,578 shares during the last quarter. Premier Path Wealth Partners LLC raised its holdings in shares of Trane Technologies by 5.8% in the first quarter. Premier Path Wealth Partners LLC now owns 2,419 shares of the company’s stock valued at $1,008,000 after buying an additional 133 shares during the last quarter. Caliber Wealth Management LLC KS boosted its stake in shares of Trane Technologies by 1.2% during the first quarter. Caliber Wealth Management LLC KS now owns 4,214 shares of the company’s stock worth $1,756,000 after buying an additional 50 shares during the period. Conscious Wealth Investments LLC grew its holdings in shares of Trane Technologies by 51.1% during the first quarter. Conscious Wealth Investments LLC now owns 1,782 shares of the company’s stock worth $824,000 after buying an additional 603 shares during the last quarter. Finally, Moss Adams Wealth Advisors LLC grew its holdings in shares of Trane Technologies by 5.8% during the first quarter. Moss Adams Wealth Advisors LLC now owns 785 shares of the company’s stock worth $327,000 after buying an additional 43 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Trane Technologies Stock Down 1.2%

TT stock opened at $485.28 on Thursday. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average price is $470.72 and its 200 day moving average price is $440.06. Trane Technologies plc has a 52 week low of $348.06 and a 52 week high of $505.87. The company has a market cap of $107.27 billion, a P/E ratio of 37.53, a P/E/G ratio of 2.26 and a beta of 1.19.

Trane Technologies (NYSE:TT) last posted its quarterly earnings results on Friday, May 1st. The company reported $2.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.53 by $0.10. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company had revenue of $4.97 billion during the quarter, compared to the consensus estimate of $4.81 billion. During the same period last year, the firm earned $2.45 EPS. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, research analysts expect that Trane Technologies plc will post 14.9 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 Wednesday, September 30th. Stockholders of record on Friday, September 4th will be paid a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, September 4th. Trane Technologies’s payout ratio is 32.48%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TT. Barclays lifted their target price on Trane Technologies from $507.00 to $585.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Evercore began coverage on shares of Trane Technologies in a research note on Monday, April 13th. They issued an “outperform” rating and a $535.00 price objective on the stock. Sanford C. Bernstein began coverage on shares of Trane Technologies in a research note on Tuesday, June 9th. They issued an “outperform” rating and a $550.00 target price for the company. JPMorgan Chase & Co. boosted their price target on shares of Trane Technologies from $460.00 to $476.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Trane Technologies in a research report on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $509.12.

Insider Activity

In related news, insider Donald E. Simmons sold 4,593 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $500.00, for a total value of $2,296,500.00. Following the sale, the insider directly owned 3,819 shares of the company’s stock, valued at approximately $1,909,500. This represents a 54.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the transaction, the chief financial officer owned 60,576 shares of the company’s stock, valued at approximately $27,259,200. The trade was a 12.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by insiders.

Trane Technologies Profile

Trane Technologies (NYSE: TT) is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.