Cambria Investment Management L.P. Sells 1,509 Shares of Trane Technologies plc $TT

Cambria Investment Management L.P. reduced its stake in Trane Technologies plc (NYSE:TT) by 31.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,332 shares of the company’s stock after selling 1,509 shares during the quarter. Cambria Investment Management L.P.’s holdings in Trane Technologies were worth $1,406,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Trane Technologies in the 2nd quarter worth approximately $1,356,065,000. JPMorgan Chase & Co. increased its position in shares of Trane Technologies by 10.2% during the third quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock worth $6,550,975,000 after buying an additional 1,433,563 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Trane Technologies by 229.3% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company’s stock worth $766,583,000 after buying an additional 1,220,388 shares during the last quarter. ABN AMRO Bank N.V. bought a new stake in Trane Technologies during the second quarter valued at $291,206,000. Finally, Corient Private Wealth LLC grew its holdings in Trane Technologies by 135.4% during the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock worth $321,757,000 after acquiring an additional 423,090 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on TT shares. UBS Group dropped their price objective on Trane Technologies from $544.00 to $520.00 and set a “buy” rating on the stock in a research note on Monday, January 5th. Bank of America raised Trane Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the company from $490.00 to $550.00 in a research note on Thursday, November 13th. Morgan Stanley reduced their price objective on shares of Trane Technologies from $550.00 to $535.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. KeyCorp upgraded shares of Trane Technologies from a “sector weight” rating to an “overweight” rating and set a $500.00 price objective for the company in a research note on Monday, December 15th. Finally, Melius Research upgraded shares of Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 price target for the company in a report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $484.67.

Insider Buying and Selling

In related news, CAO Elizabeth A. Elwell sold 137 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $462.48, for a total transaction of $63,359.76. Following the transaction, the chief accounting officer directly owned 7,100 shares of the company’s stock, valued at $3,283,608. This trade represents a 1.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David S. Regnery sold 5,588 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $462.60, for a total transaction of $2,585,008.80. Following the completion of the sale, the chief executive officer directly owned 96,948 shares of the company’s stock, valued at $44,848,144.80. The trade was a 5.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 8,936 shares of company stock valued at $4,133,991. 0.14% of the stock is owned by corporate insiders.

Trane Technologies Stock Down 0.1%

Trane Technologies stock opened at $445.20 on Thursday. The firm has a market capitalization of $98.54 billion, a price-to-earnings ratio of 34.30, a price-to-earnings-growth ratio of 2.35 and a beta of 1.19. The firm’s fifty day moving average price is $421.28 and its two-hundred day moving average price is $417.04. Trane Technologies plc has a 1-year low of $298.15 and a 1-year high of $479.37. The company has a current ratio of 1.25, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46.

Trane Technologies (NYSE:TT) last posted its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping analysts’ consensus estimates of $2.81 by $0.05. The company had revenue of $5.14 billion for the quarter, compared to analyst estimates of $5.09 billion. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The firm’s revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.61 EPS. On average, equities research analysts predict that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 6th will be given a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from Trane Technologies’s previous quarterly dividend of $0.94. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. Trane Technologies’s payout ratio is presently 28.97%.

Trane Technologies Company Profile

Trane Technologies (NYSE: TT) is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.