Verition Fund Management LLC Lowers Position in Trane Technologies plc (NYSE:TT)

Verition Fund Management LLC decreased its stake in shares of Trane Technologies plc (NYSE:TT) by 58.4% in the third quarter, Holdings Channel.com reports. The fund owned 15,277 shares of the company’s stock after selling 21,419 shares during the period. Verition Fund Management LLC’s holdings in Trane Technologies were worth $5,939,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. FMR LLC increased its stake in Trane Technologies by 4.0% in the 3rd quarter. FMR LLC now owns 10,337,672 shares of the company’s stock worth $4,018,563,000 after acquiring an additional 397,537 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Trane Technologies by 35.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,550,511 shares of the company’s stock valued at $991,460,000 after purchasing an additional 671,691 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Trane Technologies by 0.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,142,081 shares of the company’s stock worth $832,691,000 after buying an additional 20,151 shares in the last quarter. International Assets Investment Management LLC increased its stake in Trane Technologies by 35,914.4% during the third quarter. International Assets Investment Management LLC now owns 1,645,137 shares of the company’s stock worth $639,514,000 after acquiring an additional 1,640,569 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Trane Technologies by 1.3% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,438,515 shares of the company’s stock valued at $559,194,000 after acquiring an additional 18,403 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Stock Performance

Shares of Trane Technologies stock opened at $414.61 on Tuesday. Trane Technologies plc has a one year low of $226.18 and a one year high of $422.00. The company has a market capitalization of $93.30 billion, a PE ratio of 38.46, a P/E/G ratio of 2.52 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.92 and a current ratio of 1.22. The company has a 50-day simple moving average of $398.01 and a two-hundred day simple moving average of $359.50.

Trane Technologies (NYSE:TT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.37 EPS for the quarter, topping the consensus estimate of $3.23 by $0.14. The firm had revenue of $5.44 billion during the quarter, compared to analyst estimates of $5.32 billion. Trane Technologies had a net margin of 12.73% and a return on equity of 34.62%. Trane Technologies’s revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.79 EPS. Research analysts expect that Trane Technologies plc will post 11.14 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 6th will be paid a dividend of $0.84 per share. The ex-dividend date is Friday, December 6th. This represents a $3.36 annualized dividend and a yield of 0.81%. Trane Technologies’s dividend payout ratio (DPR) is 31.17%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TT. Northcoast Research initiated coverage on Trane Technologies in a report on Friday, November 22nd. They set a “buy” rating and a $500.00 price objective for the company. Mizuho raised their target price on shares of Trane Technologies from $325.00 to $400.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Morgan Stanley started coverage on Trane Technologies in a report on Friday, September 6th. They issued an “overweight” rating and a $425.00 price target for the company. UBS Group started coverage on Trane Technologies in a report on Wednesday, November 13th. They set a “buy” rating and a $500.00 price objective on the stock. Finally, The Goldman Sachs Group upped their target price on Trane Technologies from $364.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Trane Technologies currently has a consensus rating of “Hold” and an average price target of $397.64.

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.