Legal & General Group Plc Cuts Stake in Trane Technologies plc (NYSE:TT)

Legal & General Group Plc cut its holdings in shares of Trane Technologies plc (NYSE:TT) by 15.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,765,805 shares of the company’s stock after selling 310,896 shares during the quarter. Legal & General Group Plc owned 0.78% of Trane Technologies worth $652,201,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Trane Technologies by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 19,235,570 shares of the company’s stock worth $7,104,658,000 after purchasing an additional 152,353 shares during the period. Geode Capital Management LLC increased its holdings in shares of Trane Technologies by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 4,775,263 shares of the company’s stock worth $1,760,549,000 after buying an additional 136,349 shares during the period. Norges Bank purchased a new position in shares of Trane Technologies in the fourth quarter worth about $1,117,816,000. Raymond James Financial Inc. purchased a new stake in Trane Technologies during the 4th quarter valued at about $611,322,000. Finally, Charles Schwab Investment Management Inc. grew its position in Trane Technologies by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,248,083 shares of the company’s stock worth $460,980,000 after acquiring an additional 21,678 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Barclays lowered their price objective on Trane Technologies from $500.00 to $475.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Royal Bank of Canada upped their price target on shares of Trane Technologies from $390.00 to $395.00 and gave the company a “sector perform” rating in a report on Friday, January 3rd. UBS Group cut their price target on shares of Trane Technologies from $500.00 to $470.00 and set a “buy” rating on the stock in a report on Friday, January 31st. JPMorgan Chase & Co. upped their price objective on shares of Trane Technologies from $387.00 to $396.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Finally, Wells Fargo & Company cut their target price on Trane Technologies from $380.00 to $360.00 and set an “underweight” rating on the stock in a research note on Friday, January 31st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $413.69.

Insider Buying and Selling

In related news, SVP Mairead Magner sold 198 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $357.61, for a total value of $70,806.78. Following the transaction, the senior vice president now owns 13,401 shares in the company, valued at $4,792,331.61. The trade was a 1.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Evan M. Turtz sold 318 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $358.12, for a total transaction of $113,882.16. Following the sale, the senior vice president now owns 20,513 shares of the company’s stock, valued at approximately $7,346,115.56. This represents a 1.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,234 shares of company stock worth $2,588,102 in the last 90 days. Insiders own 0.38% of the company’s stock.

Trane Technologies Price Performance

Shares of TT stock opened at $318.18 on Monday. The company has a quick ratio of 0.88, a current ratio of 1.21 and a debt-to-equity ratio of 0.58. The stock has a market cap of $71.36 billion, a price-to-earnings ratio of 28.28, a PEG ratio of 2.50 and a beta of 1.08. The business’s fifty day moving average is $351.63 and its 200 day moving average is $379.00. Trane Technologies plc has a twelve month low of $286.32 and a twelve month high of $422.00.

Trane Technologies (NYSE:TT) last issued its quarterly earnings results on Thursday, January 30th. The company reported $2.61 earnings per share (EPS) for the quarter, topping 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%. Research analysts expect that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 6th will be given a $0.94 dividend. The ex-dividend date is Friday, June 6th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.18%. Trane Technologies’s dividend payout ratio is currently 33.42%.

Trane Technologies 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.