Parnassus Investments LLC Has $32.72 Million Holdings in Trane Technologies plc (NYSE:TT)

Parnassus Investments LLC lowered its stake in shares of Trane Technologies plc (NYSE:TT) by 1.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,575 shares of the company’s stock after selling 1,165 shares during the quarter. Parnassus Investments LLC’s holdings in Trane Technologies were worth $32,715,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. MidAtlantic Capital Management Inc. acquired a new stake in shares of Trane Technologies during the 3rd quarter worth $27,000. Global Wealth Strategies & Associates acquired a new stake in shares of Trane Technologies during the 4th quarter worth $26,000. Sound Income Strategies LLC grew its stake in Trane Technologies by 1,314.3% during the fourth quarter. Sound Income Strategies LLC now owns 99 shares of the company’s stock worth $37,000 after buying an additional 92 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in Trane Technologies during the fourth quarter worth about $39,000. Finally, Legacy Investment Solutions LLC acquired a new stake in Trane Technologies during the third quarter worth about $44,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Buying and Selling

In related news, SVP Mairead Magner sold 198 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $357.61, for a total value of $70,806.78. Following the transaction, the senior vice president now owns 13,401 shares in the company, valued at $4,792,331.61. The trade was a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Evan M. Turtz sold 318 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $358.12, for a total transaction of $113,882.16. Following the completion of the transaction, the senior vice president now owns 20,513 shares in the company, valued at approximately $7,346,115.56. The trade was a 1.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,234 shares of company stock valued at $2,588,102 over the last ninety days. 0.38% of the stock is owned by company insiders.

Trane Technologies Price Performance

Shares of NYSE:TT opened at $338.29 on Friday. The firm has a market cap of $75.87 billion, a PE ratio of 30.07, a price-to-earnings-growth ratio of 2.50 and a beta of 1.08. The firm’s fifty day moving average is $365.31 and its 200-day moving average is $379.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.88 and a current ratio of 1.21. Trane Technologies plc has a 52 week low of $286.32 and a 52 week high of $422.00.

Trane Technologies (NYSE:TT) last announced its earnings results on Thursday, January 30th. The company reported $2.61 EPS for the quarter, topping the consensus estimate of $2.52 by $0.09. Trane Technologies had a return on equity of 35.37% and a net margin of 12.94%. Sell-side analysts predict that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 7th will be paid a $0.94 dividend. This is a positive change from Trane Technologies’s previous quarterly dividend of $0.84. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend is Friday, March 7th. Trane Technologies’s payout ratio is currently 33.42%.

Analyst Ratings Changes

Several research firms recently issued reports on TT. Melius lowered shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $398.00 price target on the stock. in a research report on Tuesday, January 28th. Barclays reduced their target price on Trane Technologies from $500.00 to $475.00 and set an “overweight” rating on the stock in a report on Monday. Royal Bank of Canada raised their target price on Trane Technologies from $390.00 to $395.00 and gave the company a “sector perform” rating in a report on Friday, January 3rd. Northcoast Research started coverage on Trane Technologies in a research note on Friday, November 22nd. They issued a “buy” rating and a $500.00 price objective on the stock. Finally, Wells Fargo & Company reduced their price objective 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. One investment 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.com, Trane Technologies presently has a consensus rating of “Hold” and an average price target of $413.69.

Trane Technologies Company 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.