Gabelli Funds LLC Sells 9,164 Shares of Trane Technologies plc (NYSE:TT)

Gabelli Funds LLC trimmed its stake in Trane Technologies plc (NYSE:TT) by 8.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,766 shares of the company’s stock after selling 9,164 shares during the quarter. Gabelli Funds LLC’s holdings in Trane Technologies were worth $28,749,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in TT. Norges Bank bought a new position in Trane Technologies during the fourth quarter worth about $655,804,000. International Assets Investment Management LLC boosted 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 acquiring an additional 1,030,247 shares during the period. TD Asset Management Inc increased its holdings in shares of Trane Technologies by 719.8% during the 4th quarter. TD Asset Management Inc now owns 750,894 shares of the company’s stock worth $183,143,000 after acquiring an additional 659,299 shares during the last quarter. Putnam Investments LLC raised 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 acquiring an additional 570,679 shares during the period. Finally, Kodai Capital Management LP bought a new position in Trane Technologies during the fourth quarter worth $77,615,000. Institutional investors own 82.97% of the company’s stock.

Trane Technologies Price Performance

Shares of NYSE:TT traded up $7.49 during trading on Friday, hitting $329.71. 1,232,284 shares of the company were exchanged, compared to its average volume of 1,436,565. Trane Technologies plc has a 1-year low of $184.02 and a 1-year high of $347.33. The company has a market capitalization of $74.63 billion, a P/E ratio of 35.23, a price-to-earnings-growth ratio of 2.49 and a beta of 1.01. The company has a quick ratio of 0.74, a current ratio of 1.13 and a debt-to-equity ratio of 0.58. The business’s 50 day moving average is $332.14 and its 200-day moving average is $302.65.

Trane Technologies (NYSE:TT) last issued its earnings results on Tuesday, April 30th. The company reported $1.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.30. Trane Technologies had a return on equity of 32.78% and a net margin of 11.81%. The business had revenue of $4.22 billion during the quarter, compared to analysts’ expectations of $3.99 billion. During the same quarter in the prior year, the firm earned $1.41 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts forecast that Trane Technologies plc will post 10.49 earnings per share for the current year.

Trane Technologies Announces Dividend

The business 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 dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend is Friday, September 6th. Trane Technologies’s dividend payout ratio is currently 35.90%.

Insiders Place Their Bets

In other news, CFO Christopher J. Kuehn sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were 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 owns 61,293 shares in the company, valued at approximately $19,532,240.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Christopher J. Kuehn sold 4,000 shares of Trane Technologies stock in a transaction dated 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 completion of 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Evan M. Turtz sold 8,988 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were 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. Company insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. TD Cowen upped their price target on shares of Trane Technologies from $325.00 to $360.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Citigroup upped their target price on Trane Technologies from $355.00 to $366.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Robert W. Baird raised their price target on Trane Technologies from $344.00 to $360.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. UBS Group upped their price objective on shares of Trane Technologies from $330.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, June 3rd. Finally, Barclays upped their price target on shares of Trane Technologies from $380.00 to $385.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $312.36.

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.