Chevy Chase Trust Holdings LLC Lowers Position in Trane Technologies plc (NYSE:TT)

Chevy Chase Trust Holdings LLC lessened its holdings in Trane Technologies plc (NYSE:TT) by 1.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 126,834 shares of the company’s stock after selling 1,687 shares during the period. Chevy Chase Trust Holdings LLC owned 0.06% of Trane Technologies worth $38,076,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Central Pacific Bank Trust Division purchased a new stake in shares of Trane Technologies in the first quarter worth $797,000. Patron Partners LLC raised its position in Trane Technologies by 27.1% during the first quarter. Patron Partners LLC now owns 1,162 shares of the company’s stock valued at $349,000 after purchasing an additional 248 shares in the last quarter. Financial Counselors Inc. raised its position in Trane Technologies by 3.1% during the first quarter. Financial Counselors Inc. now owns 2,382 shares of the company’s stock valued at $715,000 after purchasing an additional 71 shares in the last quarter. Peregrine Asset Advisers Inc. purchased a new stake in Trane Technologies during the first quarter valued at about $271,000. Finally, Graypoint LLC raised its position in Trane Technologies by 62.3% during the first quarter. Graypoint LLC now owns 3,880 shares of the company’s stock valued at $1,165,000 after purchasing an additional 1,490 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TT. Robert W. Baird raised their price objective on Trane Technologies from $315.00 to $344.00 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 $295.00 to $310.00 and gave the company an “underweight” rating in a research note on Wednesday. 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. Citigroup raised their price objective on Trane Technologies from $355.00 to $366.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. raised their target price on Trane Technologies from $247.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $310.86.

Insider Buying and Selling

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

Trane Technologies Stock Performance

TT traded up $4.47 during mid-day trading on Wednesday, reaching $338.21. 440,037 shares of the company traded hands, compared to its average volume of 1,086,165. The stock has a market capitalization of $76.55 billion, a P/E ratio of 35.92, a P/E/G ratio of 2.58 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 company’s fifty day moving average price is $329.30 and its 200-day moving average price is $294.81. Trane Technologies plc has a 52-week low of $184.02 and a 52-week high of $345.46.

Trane Technologies (NYSE:TT) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.30. Trane Technologies had a net margin of 11.81% and a return on equity of 32.78%. The firm had revenue of $4.22 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same quarter in the previous year, the firm posted $1.41 EPS. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, sell-side analysts expect that Trane Technologies plc will post 10.48 EPS for the current year.

Trane Technologies Announces Dividend

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 issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend is Friday, September 6th. Trane Technologies’s dividend payout ratio is currently 35.90%.

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.