First Citizens Bank & Trust Co. Sells 456 Shares of Trane Technologies plc (NYSE:TT)

First Citizens Bank & Trust Co. decreased its holdings in shares of Trane Technologies plc (NYSE:TT) by 2.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,908 shares of the company’s stock after selling 456 shares during the period. First Citizens Bank & Trust Co.’s holdings in Trane Technologies were worth $3,610,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Morgan Stanley raised its position in Trane Technologies by 12.9% during the 2nd quarter. Morgan Stanley now owns 1,600,341 shares of the company’s stock valued at $294,688,000 after purchasing an additional 182,823 shares during the last quarter. National Asset Management Inc. grew its holdings in shares of Trane Technologies by 43.0% during the 2nd quarter. National Asset Management Inc. now owns 4,719 shares of the company’s stock worth $864,000 after acquiring an additional 1,419 shares during the period. Ontario Teachers Pension Plan Board purchased a new position in shares of Trane Technologies during the 2nd quarter worth approximately $697,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Trane Technologies by 13.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 78,455 shares of the company’s stock worth $14,447,000 after acquiring an additional 9,050 shares during the period. Finally, M&G Investment Management Ltd. grew its holdings in shares of Trane Technologies by 3,547.8% during the 2nd quarter. M&G Investment Management Ltd. now owns 93,383 shares of the company’s stock worth $17,182,000 after acquiring an additional 90,823 shares during the period. 80.09% of the stock is owned by institutional investors and hedge funds.

In other news, insider Michael W. Lamach sold 126,724 shares of the stock in a transaction on Wednesday, September 1st. The stock was sold at an average price of $197.45, for a total transaction of $25,021,653.80. Following the transaction, the insider now directly owns 257,340 shares of the company’s stock, valued at approximately $50,811,783. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.74% of the stock is owned by corporate insiders.

A number of research analysts have weighed in on TT shares. Royal Bank of Canada reduced their target price on Trane Technologies from $185.00 to $183.00 and set a “sector perform” rating on the stock in a report on Thursday, November 4th. Stephens upped their target price on Trane Technologies from $200.00 to $205.00 and gave the stock an “equal weight” rating in a report on Thursday, November 4th. Argus upped their price target on Trane Technologies from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, August 5th. JPMorgan Chase & Co. downgraded Trane Technologies from a “neutral” rating to an “underweight” rating and set a $160.00 price target on the stock. in a research note on Monday, August 9th. They noted that the move was a valuation call. Finally, Morgan Stanley upped their price target on Trane Technologies from $216.00 to $217.00 and gave the stock an “overweight” rating in a research note on Thursday, November 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $195.08.

Shares of TT opened at $194.25 on Friday. The business’s fifty day simple moving average is $182.52 and its two-hundred day simple moving average is $187.15. The company has a current ratio of 1.62, a quick ratio of 1.28 and a debt-to-equity ratio of 0.69. Trane Technologies plc has a 12 month low of $137.08 and a 12 month high of $207.06. The company has a market cap of $46.14 billion, a price-to-earnings ratio of 34.87, a P/E/G ratio of 1.47 and a beta of 0.95.

Trane Technologies (NYSE:TT) last issued its earnings results on Wednesday, November 3rd. The company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.85 by ($0.05). Trane Technologies had a net margin of 9.82% and a return on equity of 21.78%. The business had revenue of $3.72 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter in the prior year, the business posted $1.72 earnings per share. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, research analysts forecast that Trane Technologies plc will post 6.05 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 31st. Stockholders of record on Friday, December 3rd will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Thursday, December 2nd. This represents a $2.36 annualized dividend and a dividend yield of 1.21%. Trane Technologies’s payout ratio is 42.37%.

Trane Technologies Company Profile

Trane Technologies Plc engages in the provision of products, services, and solutions to enhance the quality, energy, and comfort of air in homes and buildings, transport and protect food and perishables and increase industrial productivity and efficiency. It operates through the following segments: Americas, EMEA, and Asia Pacific.

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Institutional Ownership by Quarter for Trane Technologies (NYSE:TT)

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