Bridges Investment Management Inc. Cuts Stake in Trane Technologies plc (NYSE:TT)

Bridges Investment Management Inc. reduced its stake in shares of Trane Technologies plc (NYSE:TT) by 4.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,531 shares of the company’s stock after selling 69 shares during the quarter. Bridges Investment Management Inc.’s holdings in Trane Technologies were worth $595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of TT. DT Investment Partners LLC purchased a new stake in Trane Technologies in the 3rd quarter worth $36,000. Pittenger & Anderson Inc. purchased a new stake in shares of Trane Technologies in the third quarter worth about $39,000. Fortitude Family Office LLC boosted its stake in Trane Technologies by 63.2% during the second quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock valued at $37,000 after buying an additional 43 shares during the last quarter. Triad Wealth Partners LLC bought a new stake in Trane Technologies in the 2nd quarter worth approximately $39,000. Finally, Quarry LP purchased a new stake in shares of Trane Technologies during the 2nd quarter worth approximately $39,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

TT has been the topic of several research reports. Mizuho boosted their price target 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. Royal Bank of Canada boosted their target price on shares of Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a report on Thursday, August 1st. Wells Fargo & Company increased their price target on shares of Trane Technologies from $320.00 to $360.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Stephens restated an “equal weight” rating and set a $350.00 price objective on shares of Trane Technologies in a research report on Monday, August 5th. Finally, Hsbc Global Res downgraded Trane Technologies from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $380.15.

Trane Technologies Trading Up 3.7 %

NYSE TT opened at $410.58 on Friday. The stock has a market cap of $92.39 billion, a PE ratio of 38.09, a PEG ratio of 2.48 and a beta of 1.02. The company has a current ratio of 1.22, a quick ratio of 0.92 and a debt-to-equity ratio of 0.57. Trane Technologies plc has a 12 month low of $220.62 and a 12 month high of $413.74. The company’s 50-day moving average price is $381.70 and its 200-day moving average price is $348.89.

Trane Technologies (NYSE:TT) last issued its earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share for the quarter, topping the consensus estimate of $3.23 by $0.14. The business had revenue of $5.44 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.79 EPS. Equities research analysts forecast that Trane Technologies plc will post 11.13 earnings per share for the current year.

Trane Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 6th will be issued a dividend of $0.84 per share. The ex-dividend date is Friday, December 6th. This represents a $3.36 dividend on an annualized basis and a yield of 0.82%. Trane Technologies’s dividend payout ratio is currently 31.17%.

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.