Trane Technologies plc (NYSE:TT) Shares Sold by Eventide Asset Management LLC

Eventide Asset Management LLC trimmed its position in Trane Technologies plc (NYSE:TT) by 24.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 605,407 shares of the company’s stock after selling 200,095 shares during the quarter. Trane Technologies accounts for 4.1% of Eventide Asset Management LLC’s holdings, making the stock its biggest holding. Eventide Asset Management LLC’s holdings in Trane Technologies were worth $235,340,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. MidAtlantic Capital Management Inc. bought a new stake in shares of Trane Technologies in the third quarter valued at approximately $27,000. DT Investment Partners LLC bought a new stake in Trane Technologies during the third quarter worth about $36,000. Fortitude Family Office LLC increased its holdings in 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 buying an additional 43 shares during the period. Triad Wealth Partners LLC bought a new stake in shares of Trane Technologies during the 2nd quarter worth approximately $39,000. Finally, Quarry LP acquired a new stake in shares of Trane Technologies during the 2nd quarter worth approximately $39,000. Institutional investors own 82.97% of the company’s stock.

Trane Technologies Price Performance

Shares of TT opened at $416.09 on Friday. The business has a 50-day moving average of $397.38 and a 200-day moving average of $358.48. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.22 and a quick ratio of 0.92. The company has a market capitalization of $93.63 billion, a price-to-earnings ratio of 38.60, a price-to-earnings-growth ratio of 2.52 and a beta of 1.02. Trane Technologies plc has a 1 year low of $221.22 and a 1 year high of $422.00.

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. The firm had revenue of $5.44 billion during the quarter, compared to analyst estimates of $5.32 billion. Trane Technologies had a net margin of 12.73% and a return on equity of 34.62%. The company’s revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the business earned $2.79 EPS. As a group, equities research analysts anticipate that Trane Technologies plc will post 11.14 earnings per share for the current year.

Trane Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 6th will be issued a $0.84 dividend. The ex-dividend date is Friday, December 6th. This represents a $3.36 annualized dividend and a yield of 0.81%. Trane Technologies’s payout ratio is 31.17%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Robert W. Baird reduced their target price on Trane Technologies from $408.00 to $404.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Northcoast Research assumed coverage on Trane Technologies in a research note on Friday, November 22nd. They set a “buy” rating and a $500.00 target price for the company. 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 target on the stock. 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. Finally, HSBC cut shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $405.00 target price on the stock. in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Trane Technologies presently has an average rating of “Hold” and an average target price of $397.64.

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.