Allspring Global Investments Holdings LLC Cuts Stake in Trane Technologies plc (NYSE:TT)

Allspring Global Investments Holdings LLC reduced its position in shares of Trane Technologies plc (NYSE:TT) by 44.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 37,514 shares of the company’s stock after selling 30,411 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Trane Technologies were worth $14,024,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Gladstone Institutional Advisory LLC lifted its position in shares of Trane Technologies by 219.0% during the fourth quarter. Gladstone Institutional Advisory LLC now owns 5,183 shares of the company’s stock worth $1,914,000 after purchasing an additional 3,558 shares during the last quarter. Certuity LLC grew its stake in shares of Trane Technologies by 67.0% during the fourth quarter. Certuity LLC now owns 940 shares of the company’s stock worth $347,000 after acquiring an additional 377 shares during the last quarter. Sage Private Wealth Group LLC grew its stake in shares of Trane Technologies by 13.1% during the fourth quarter. Sage Private Wealth Group LLC now owns 822 shares of the company’s stock worth $304,000 after acquiring an additional 95 shares during the last quarter. Community Bank & Trust Waco Texas grew its stake in shares of Trane Technologies by 3.8% during the fourth quarter. Community Bank & Trust Waco Texas now owns 1,843 shares of the company’s stock worth $681,000 after acquiring an additional 68 shares during the last quarter. Finally, Sovran Advisors LLC acquired a new stake in shares of Trane Technologies during the fourth quarter worth about $201,000. 82.97% of the stock is currently owned by institutional investors.

Trane Technologies Trading Up 0.6 %

Shares of TT stock opened at $363.58 on Tuesday. Trane Technologies plc has a 52-week low of $270.50 and a 52-week 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 company has a 50-day simple moving average of $377.68 and a two-hundred day simple moving average of $379.00. The company has a market capitalization of $81.81 billion, a price-to-earnings ratio of 32.32, a PEG ratio of 2.44 and a beta of 1.05.

Trane Technologies (NYSE:TT) last posted its 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 anticipate that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 7th will be given a dividend of $0.94 per share. This is a boost from Trane Technologies’s previous quarterly dividend of $0.84. This represents a $3.76 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Friday, March 7th. Trane Technologies’s dividend payout ratio (DPR) is 29.87%.

Insider Activity at Trane Technologies

In related news, SVP Mairead Magner sold 4,329 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $416.00, for a total transaction of $1,800,864.00. Following the completion of the sale, the senior vice president now directly owns 12,893 shares in the company, valued at approximately $5,363,488. The trade was a 25.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Christopher J. Kuehn sold 770 shares of Trane Technologies stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $358.39, for a total transaction of $275,960.30. Following the transaction, the chief financial officer now directly owns 62,221 shares in the company, valued at $22,299,384.19. This represents a 1.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,563 shares of company stock valued at $4,388,966 in the last three months. Company insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TT. Wells Fargo & Company cut their target price on Trane Technologies from $380.00 to $360.00 and set an “underweight” rating for the company in a research note on Friday, January 31st. HSBC lowered Trane Technologies from a “buy” rating to a “hold” rating and set a $405.00 target price on the stock. in a research report on Thursday, October 31st. Citigroup cut their price target on Trane Technologies from $478.00 to $476.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Hsbc Global Res lowered Trane Technologies from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Royal Bank of Canada lifted their price target on Trane Technologies from $390.00 to $395.00 and gave the company a “sector perform” rating in a research note on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $415.25.

About Trane Technologies

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.