Progressive Investment Management Corp Sells 132 Shares of Trane Technologies plc (NYSE:TT)

Progressive Investment Management Corp lowered its stake in Trane Technologies plc (NYSE:TT) by 0.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 14,186 shares of the company’s stock after selling 132 shares during the quarter. Trane Technologies comprises approximately 1.4% of Progressive Investment Management Corp’s investment portfolio, making the stock its 24th biggest holding. Progressive Investment Management Corp’s holdings in Trane Technologies were worth $5,515,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Albar Capital Ltd bought a new stake in shares of Trane Technologies in the second quarter worth $14,556,000. GDS Wealth Management grew its stake in shares of Trane Technologies by 4.3% in the third quarter. GDS Wealth Management now owns 51,767 shares of the company’s stock valued at $20,123,000 after buying an additional 2,124 shares in the last quarter. King Wealth Management Group acquired a new position in Trane Technologies during the third quarter worth $1,879,000. Gradient Investments LLC raised its position in Trane Technologies by 7,988.0% during the second quarter. Gradient Investments LLC now owns 2,022 shares of the company’s stock worth $665,000 after acquiring an additional 1,997 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in shares of Trane Technologies by 29.2% during the 1st quarter. Bessemer Group Inc. now owns 53,255 shares of the company’s stock worth $15,988,000 after purchasing an additional 12,045 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Trane Technologies Stock Performance

Shares of TT stock opened at $413.05 on Wednesday. Trane Technologies plc has a 12 month low of $221.22 and a 12 month high of $421.78. The firm has a market capitalization of $92.94 billion, a PE ratio of 38.32, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02. The firm has a fifty day simple moving average of $390.71 and a two-hundred day simple moving average of $354.63. 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 (NYSE:TT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share for the quarter, beating the consensus estimate of $3.23 by $0.14. The business had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Trane Technologies had a net margin of 12.73% and a return on equity of 34.62%. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter last year, the firm earned $2.79 EPS. Analysts forecast that Trane Technologies plc will post 11.13 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

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

Wall Street Analysts Forecast Growth

TT has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price objective on shares of Trane Technologies from $320.00 to $360.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. HSBC cut shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $405.00 price target on the stock. in a report on Thursday, October 31st. Mizuho upped their target price on Trane Technologies from $325.00 to $400.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Barclays lifted their price target on Trane Technologies from $425.00 to $440.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Hsbc Global Res cut 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 assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $389.77.

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.