First Hawaiian Bank Cuts Holdings in Trane Technologies plc (NYSE:TT)

First Hawaiian Bank trimmed its holdings in shares of Trane Technologies plc (NYSE:TT) by 8.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,291 shares of the company’s stock after selling 1,723 shares during the period. First Hawaiian Bank’s holdings in Trane Technologies were worth $6,345,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of TT. Norges Bank purchased a new position in shares of Trane Technologies during the 4th quarter worth approximately $655,804,000. International Assets Investment Management LLC raised its stake in shares of Trane Technologies by 24,670.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,034,423 shares of the company’s stock worth $252,296,000 after buying an additional 1,030,247 shares in the last quarter. Swedbank AB purchased a new position in shares of Trane Technologies during the 1st quarter worth approximately $206,211,000. TD Asset Management Inc increased its stake in Trane Technologies by 719.8% in the 4th quarter. TD Asset Management Inc now owns 750,894 shares of the company’s stock valued at $183,143,000 after purchasing an additional 659,299 shares in the last quarter. Finally, Putnam Investments LLC increased its stake in Trane Technologies by 27,824.4% in the 4th quarter. Putnam Investments LLC now owns 572,730 shares of the company’s stock valued at $139,689,000 after purchasing an additional 570,679 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Trading Down 4.5 %

Shares of TT stock traded down $14.88 during mid-day trading on Friday, hitting $318.45. 2,070,074 shares of the company’s stock were exchanged, compared to its average volume of 1,336,537. Trane Technologies plc has a fifty-two week low of $184.02 and a fifty-two week high of $351.41. The stock has a 50-day simple moving average of $331.66 and a two-hundred day simple moving average of $306.41. The company has a quick ratio of 0.74, a current ratio of 1.17 and a debt-to-equity ratio of 0.62. The stock has a market cap of $71.86 billion, a price-to-earnings ratio of 34.02, a PEG ratio of 2.50 and a beta of 1.01.

Trane Technologies (NYSE:TT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.08 by $0.22. Trane Technologies had a return on equity of 33.97% and a net margin of 12.33%. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter last year, the firm earned $2.68 earnings per share. The business’s revenue was up 12.8% on a year-over-year basis. Equities analysts expect that Trane Technologies plc will post 10.83 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 1.06%. The ex-dividend date is Friday, September 6th. Trane Technologies’s dividend payout ratio (DPR) is currently 35.90%.

Insider Buying and Selling

In related news, CFO Christopher J. Kuehn sold 4,000 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $318.67, for a total value of $1,274,680.00. Following the transaction, the chief financial officer now directly owns 61,293 shares of the company’s stock, valued at approximately $19,532,240.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Christopher J. Kuehn sold 4,000 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $318.67, for a total value of $1,274,680.00. Following the transaction, the chief financial officer now directly owns 61,293 shares of the company’s stock, valued at approximately $19,532,240.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Evan M. Turtz sold 8,988 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $321.30, for a total value of $2,887,844.40. Following the completion of the transaction, the senior vice president now directly owns 20,758 shares in the company, valued at $6,669,545.40. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on TT. The Goldman Sachs Group raised their price objective on Trane Technologies from $287.00 to $326.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Wells Fargo & Company raised their price objective on Trane Technologies from $310.00 to $315.00 and gave the company an “underweight” rating in a research note on Thursday. UBS Group raised their price objective on Trane Technologies from $330.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, June 3rd. Royal Bank of Canada raised their price objective on Trane Technologies from $334.00 to $350.00 and gave the company a “sector perform” rating in a research note on Thursday. Finally, Stephens raised their price objective on Trane Technologies from $310.00 to $320.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Trane Technologies has an average rating of “Hold” and a consensus price target of $321.14.

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.