Oppenheimer & Co. Inc. Lowers Holdings in Trane Technologies plc (NYSE:TT)

Oppenheimer & Co. Inc. lowered its stake in shares of Trane Technologies plc (NYSE:TT) by 2.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 8,870 shares of the company’s stock after selling 209 shares during the period. Oppenheimer & Co. Inc.’s holdings in Trane Technologies were worth $3,448,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Albar Capital Ltd purchased a new stake in Trane Technologies during the second quarter worth $14,556,000. GDS Wealth Management boosted its stake in shares of Trane Technologies by 4.3% during the 3rd quarter. GDS Wealth Management now owns 51,767 shares of the company’s stock worth $20,123,000 after acquiring an additional 2,124 shares in the last quarter. M&G Plc acquired a new stake in shares of Trane Technologies during the 1st quarter valued at about $8,939,000. Gradient Investments LLC increased its stake in shares of Trane Technologies by 7,988.0% in the 2nd quarter. Gradient Investments LLC now owns 2,022 shares of the company’s stock valued at $665,000 after purchasing an additional 1,997 shares in the last quarter. Finally, Bessemer Group Inc. raised its holdings in Trane Technologies by 29.2% in the 1st quarter. Bessemer Group Inc. now owns 53,255 shares of the company’s stock worth $15,988,000 after purchasing an additional 12,045 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on TT shares. Stephens restated an “equal weight” rating and issued a $350.00 price objective on shares of Trane Technologies in a research report on Monday, August 5th. Morgan Stanley initiated coverage on shares of Trane Technologies in a report on Friday, September 6th. They issued an “overweight” rating and a $425.00 price target for the company. The Goldman Sachs Group upped their price objective on shares of Trane Technologies from $364.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. UBS Group began coverage on shares of Trane Technologies in a research report on Wednesday. They issued a “buy” rating and a $500.00 target price on the stock. Finally, Royal Bank of Canada upped their price target on shares of Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $389.77.

Trane Technologies Trading Down 0.6 %

TT opened at $407.60 on Friday. The firm has a market capitalization of $91.72 billion, a price-to-earnings ratio of 37.81, a price-to-earnings-growth ratio of 2.63 and a beta of 1.02. The company’s 50 day simple moving average is $386.78 and its two-hundred day simple moving average is $352.06. Trane Technologies plc has a 1-year low of $221.22 and a 1-year high of $421.78. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.22 and a quick ratio of 0.92.

Trane Technologies (NYSE:TT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.37 EPS for the quarter, topping analysts’ consensus estimates of $3.23 by $0.14. The firm had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.32 billion. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The firm’s revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.79 earnings per share. Analysts expect that Trane Technologies plc will post 11.13 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 6th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 0.82%. The ex-dividend date of this dividend is Friday, December 6th. Trane Technologies’s payout ratio is currently 31.17%.

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.