Sumitomo Mitsui DS Asset Management Company Ltd Cuts Stock Holdings in Trane Technologies plc (NYSE:TT)

Sumitomo Mitsui DS Asset Management Company Ltd decreased its stake in shares of Trane Technologies plc (NYSE:TT) by 2.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 60,136 shares of the company’s stock after selling 1,743 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Trane Technologies were worth $22,211,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Tidal Investments LLC lifted its holdings in Trane Technologies by 22.2% during the third quarter. Tidal Investments LLC now owns 15,827 shares of the company’s stock worth $6,152,000 after acquiring an additional 2,874 shares during the period. Synovus Financial Corp lifted its holdings in Trane Technologies by 16.8% during the third quarter. Synovus Financial Corp now owns 8,828 shares of the company’s stock worth $3,431,000 after acquiring an additional 1,271 shares during the period. Ameritas Advisory Services LLC bought a new stake in Trane Technologies during the fourth quarter worth $468,000. HB Wealth Management LLC raised its stake in shares of Trane Technologies by 14.3% in the fourth quarter. HB Wealth Management LLC now owns 5,689 shares of the company’s stock valued at $2,101,000 after buying an additional 711 shares during the period. Finally, GDS Wealth Management raised 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 during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Trane Technologies Price Performance

TT opened at $356.94 on Friday. The stock has a 50-day moving average price of $386.03 and a 200-day moving average price of $377.10. Trane Technologies plc has a 12-month low of $265.37 and a 12-month high of $422.00. The company has a current ratio of 1.21, a quick ratio of 0.88 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $80.32 billion, a P/E ratio of 31.73, a PEG ratio of 2.18 and a beta of 1.05.

Trane Technologies (NYSE:TT) last released its earnings results on Thursday, January 30th. The company reported $2.61 earnings per share for the quarter, beating analysts’ consensus estimates of $2.52 by $0.09. Trane Technologies had a return on equity of 35.37% and a net margin of 12.94%. Equities analysts predict that Trane Technologies plc will post 12.79 earnings per share 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. Shareholders of record on Friday, March 7th will be given a dividend of $0.94 per share. This is a positive change from Trane Technologies’s previous quarterly dividend of $0.84. The ex-dividend date is Friday, March 7th. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. Trane Technologies’s dividend payout ratio is presently 29.87%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wells Fargo & Company lowered their target price on Trane Technologies from $380.00 to $360.00 and set an “underweight” rating on the stock in a research note on Friday, January 31st. Robert W. Baird lowered their target price on Trane Technologies from $408.00 to $404.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Citigroup decreased their price objective on Trane Technologies from $478.00 to $476.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Melius Research reiterated a “hold” rating and set a $398.00 price objective on shares of Trane Technologies in a research note on Tuesday, January 28th. Finally, Melius lowered Trane Technologies from a “buy” rating to a “hold” rating and set a $398.00 price objective on the stock. in a research note on Tuesday, January 28th. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $415.25.

Insider Buying and Selling at Trane Technologies

In related news, SVP Mairead Magner sold 198 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $357.61, for a total value of $70,806.78. Following the sale, the senior vice president now owns 13,401 shares in the company, valued at $4,792,331.61. This represents a 1.46 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Christopher J. Kuehn sold 876 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $357.42, for a total value of $313,099.92. Following the completion of the sale, the chief financial officer now owns 63,841 shares in the company, valued at $22,818,050.22. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,157 shares of company stock valued at $3,168,885 in the last 90 days. Insiders own 0.38% of the company’s stock.

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.