AMF Tjanstepension AB Sells 22,460 Shares of Trane Technologies plc (NYSE:TT)

AMF Tjanstepension AB decreased its stake in Trane Technologies plc (NYSE:TT) by 41.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,220 shares of the company’s stock after selling 22,460 shares during the period. AMF Tjanstepension AB’s holdings in Trane Technologies were worth $9,672,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TT. Norges Bank bought a new position in Trane Technologies in the 4th quarter valued at approximately $655,804,000. International Assets Investment Management LLC raised its stake in shares of Trane Technologies by 24,670.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,034,423 shares of the company’s stock valued at $252,296,000 after acquiring an additional 1,030,247 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Trane Technologies by 5.4% during the third quarter. JPMorgan Chase & Co. now owns 17,085,662 shares of the company’s stock valued at $3,466,852,000 after acquiring an additional 880,583 shares during the last quarter. TD Asset Management Inc raised its stake in shares of Trane Technologies by 719.8% during the fourth quarter. TD Asset Management Inc now owns 750,894 shares of the company’s stock valued at $183,143,000 after acquiring an additional 659,299 shares during the last quarter. Finally, Putnam Investments LLC raised its stake in shares of Trane Technologies by 27,824.4% during the fourth quarter. Putnam Investments LLC now owns 572,730 shares of the company’s stock valued at $139,689,000 after acquiring an additional 570,679 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Trane Technologies Trading Down 1.4 %

NYSE:TT opened at $328.93 on Friday. The company has a current ratio of 1.13, a quick ratio of 0.74 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $74.45 billion, a price-to-earnings ratio of 35.14, a PEG ratio of 2.65 and a beta of 1.01. The firm has a fifty day simple moving average of $324.44 and a two-hundred day simple moving average of $289.08. Trane Technologies plc has a 12 month low of $184.02 and a 12 month high of $345.46.

Trane Technologies (NYSE:TT) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.30. The business had revenue of $4.22 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Trane Technologies had a net margin of 11.81% and a return on equity of 32.78%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the company posted $1.41 earnings per share. Analysts expect that Trane Technologies plc will post 10.48 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

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 issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend is Friday, September 6th. Trane Technologies’s payout ratio is 35.90%.

Insider Activity

In other news, CFO Christopher J. Kuehn sold 4,000 shares of Trane Technologies stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $318.67, for a total transaction of $1,274,680.00. Following the completion of the transaction, the chief financial officer now directly owns 61,293 shares in the company, valued at $19,532,240.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Christopher J. Kuehn sold 4,000 shares of Trane Technologies stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $318.67, for a total transaction of $1,274,680.00. Following the completion of the transaction, the chief financial officer now directly owns 61,293 shares in the company, valued at $19,532,240.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Evan M. Turtz sold 8,988 shares of Trane Technologies stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $321.30, for a total transaction 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 disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TT. Stephens raised their price target on shares of Trane Technologies from $310.00 to $320.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 1st. TD Cowen raised their price target on shares of Trane Technologies from $325.00 to $360.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Citigroup raised their price target on shares of Trane Technologies from $355.00 to $366.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Barclays raised their price target on shares of Trane Technologies from $354.00 to $380.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Trane Technologies from $247.00 to $300.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $309.79.

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.