Tower Bridge Advisors Cuts Stake in Trane Technologies plc (NYSE:TT)

Tower Bridge Advisors lowered its position in shares of Trane Technologies plc (NYSE:TT) by 4.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,169 shares of the company’s stock after selling 200 shares during the quarter. Tower Bridge Advisors’ holdings in Trane Technologies were worth $1,621,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. DT Investment Partners LLC purchased a new position in Trane Technologies during the 3rd quarter worth $36,000. Pittenger & Anderson Inc. purchased a new position in Trane Technologies during the 3rd quarter worth $39,000. Fortitude Family Office LLC increased its holdings in shares of Trane Technologies by 63.2% in the 2nd quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock valued at $37,000 after purchasing an additional 43 shares in the last quarter. Triad Wealth Partners LLC purchased a new position in shares of Trane Technologies in the 2nd quarter valued at about $39,000. Finally, Quarry LP purchased a new position in shares of Trane Technologies in the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Trane Technologies Price Performance

Trane Technologies stock opened at $407.49 on Friday. Trane Technologies plc has a 12-month low of $221.22 and a 12-month high of $421.78. The stock has a market capitalization of $91.69 billion, a P/E ratio of 37.80, a P/E/G ratio of 2.58 and a beta of 1.02. The firm’s 50-day moving average is $388.09 and its two-hundred day moving average is $353.05. 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 released its quarterly earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.23 by $0.14. Trane Technologies had a net margin of 12.73% and a return on equity of 34.62%. The company had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same period last year, the company earned $2.79 EPS. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. Equities analysts predict that Trane Technologies plc will post 11.13 earnings per share for the current year.

Trane Technologies Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TT shares. Barclays increased their price target on shares of Trane Technologies from $425.00 to $440.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Robert W. Baird cut their price target on shares of Trane Technologies from $408.00 to $404.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Hsbc Global Res downgraded shares of Trane Technologies from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. Morgan Stanley began coverage on shares of Trane Technologies in a research note on Friday, September 6th. They issued an “overweight” rating and a $425.00 price objective on the stock. Finally, The Goldman Sachs Group increased their price objective on shares of Trane Technologies from $364.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Trane Technologies has a consensus rating of “Hold” and an average target price of $389.77.

Trane Technologies 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.