Healthcare of Ontario Pension Plan Trust Fund Sells 9,546 Shares of Trane Technologies plc (NYSE:TT)

by Atma
28/02/2023

Healthcare of Ontario Pension Plan Trust Fund lessened its stake in shares of Trane Technologies plc (NYSE:TT – Get Rating) by 57.7% during the third quarter, according to the company’s most recent disclosure with the SEC. The fund owned 6,990 shares of the company’s stock after selling 9,546 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Trane Technologies were worth $1,012,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. UBS Oconnor LLC boosted its position in Trane Technologies by 54.1% during the third quarter. UBS Oconnor LLC now owns 56,621 shares of the company’s stock valued at $8,199,000 after acquiring an additional 19,887 shares during the last quarter. Colonial Trust Advisors lifted its holdings in Trane Technologies by 2.0% during the third quarter. Colonial Trust Advisors now owns 38,188 shares of the company’s stock worth $5,530,000 after acquiring an additional 751 shares during the period. Cipher Capital LP boosted its position in Trane Technologies by 153.3% in the third quarter. Cipher Capital LP now owns 34,776 shares of the company’s stock worth $5,036,000 after purchasing an additional 21,048 shares during the last quarter. Waldron Private Wealth LLC increased its position in shares of Trane Technologies by 2.9% during the 3rd quarter. Waldron Private Wealth LLC now owns 2,155 shares of the company’s stock valued at $312,000 after purchasing an additional 60 shares during the last quarter. Finally, Brown Advisory Inc. raised its stake in shares of Trane Technologies by 33.4% during the 3rd quarter. Brown Advisory Inc. now owns 6,740 shares of the company’s stock worth $977,000 after purchasing an additional 1,687 shares during the period. 81.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Keith A. Sultana sold 279 shares of the company’s stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $182.02, for a total transaction of $50,783.58. Following the completion of the sale, the senior vice president now owns 34,864 shares of the company’s stock, valued at approximately $6,345,945.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Trane Technologies news, EVP Raymond D. Pittard sold 23,003 shares of Trane Technologies stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $170.42, for a total transaction of $3,920,171.26. Following the transaction, the executive vice president now owns 87,718 shares of the company’s stock, valued at $14,948,901.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Keith A. Sultana sold 279 shares of the stock in a transaction on Friday, February 10th. The stock was sold at an average price of $182.02, for a total transaction of $50,783.58. Following the completion of the sale, the senior vice president now directly owns 34,864 shares of the company’s stock, valued at $6,345,945.28. The disclosure for this sale can be found here. Insiders sold 28,925 shares of company stock valued at $5,011,431 over the last 90 days. Company insiders own 0.74% of the company’s stock.

Trane Technologies Stock Performance

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Trane Technologies stock opened at $184.29 on Tuesday. Trane Technologies plc has a fifty-two week low of $120.64 and a fifty-two week high of $188.23. The stock has a market cap of $42.22 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 2.24 and a beta of 1.02. The stock’s 50 day simple moving average is $177.49 and its two-hundred day simple moving average is $167.29. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.77 and a current ratio of 1.12.

Trane Technologies (NYSE:TT – Get Rating) last issued its quarterly earnings results on Thursday, February 2nd. The company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.18. The company had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $3.94 billion. Trane Technologies has a return on equity of 29.14% and a net margin of 10.98%. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.36 earnings per share. As a group, analysts expect that Trane Technologies plc will post 8.29 earnings per share for the current fiscal year.

Trane Technologies Increases Dividends

The business also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 3rd will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date of this dividend is Thursday, March 2nd. This is an increase from Trane Technologies’s previous quarterly dividend of $0.67. Trane Technologies’s payout ratio is 35.78%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on TT. Wells Fargo & Company raised their price objective on shares of Trane Technologies from $163.00 to $176.00 and gave the stock an “underweight” rating in a report on Friday, February 3rd. Stephens upped their price objective on Trane Technologies from $170.00 to $185.00 and gave the company an “equal weight” rating in a research note on Monday, February 6th. Deutsche Bank Aktiengesellschaft raised their target price on Trane Technologies from $170.00 to $184.00 in a research report on Friday, February 3rd. BMO Capital Markets downgraded Trane Technologies from an “outperform” rating to a “market perform” rating and set a $180.00 price target for the company. in a research note on Wednesday, December 21st. Finally, Citigroup boosted their price objective on Trane Technologies from $204.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, February 3rd. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $182.44.

Trane Technologies Company Profile

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Trane Technologies Plc is a global climate innovator, which engages in providing efficient and sustainable climate solutions to buildings, homes, and transportation. Its strategic brands include Trane and Thermo King. It operates through the following segments: Americas, EMEA, and Asia Pacific. The Americas segment includes commercial heating and cooling systems, building controls, and energy services and solutions; residential heating and cooling; and transport refrigeration systems and solutions in North America and Latin America regions.