Pictet Asset Management Holding SA Has $804.02 Million Stock Holdings in Trane Technologies plc $TT

Pictet Asset Management Holding SA decreased its position in Trane Technologies plc (NYSE:TT) by 5.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,929,841 shares of the company’s stock after selling 106,301 shares during the period. Trane Technologies accounts for 0.8% of Pictet Asset Management Holding SA’s portfolio, making the stock its 17th largest position. Pictet Asset Management Holding SA’s holdings in Trane Technologies were worth $804,019,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc lifted its position in Trane Technologies by 12.2% during the 1st quarter. Bell Investment Advisors Inc now owns 203 shares of the company’s stock valued at $85,000 after purchasing an additional 22 shares during the period. Fiduciary Family Office LLC grew its position in shares of Trane Technologies by 1.5% during the 4th quarter. Fiduciary Family Office LLC now owns 1,573 shares of the company’s stock worth $612,000 after buying an additional 23 shares during the period. Foster Dykema Cabot & Partners LLC raised its stake in shares of Trane Technologies by 10.6% during the fourth quarter. Foster Dykema Cabot & Partners LLC now owns 239 shares of the company’s stock worth $93,000 after buying an additional 23 shares during the last quarter. Cresset Asset Management LLC lifted its holdings in Trane Technologies by 0.3% in the third quarter. Cresset Asset Management LLC now owns 7,012 shares of the company’s stock valued at $2,959,000 after buying an additional 24 shares during the period. Finally, Bridges Investment Management Inc. lifted its holdings in Trane Technologies by 1.6% in the fourth quarter. Bridges Investment Management Inc. now owns 1,542 shares of the company’s stock valued at $600,000 after buying an additional 24 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Trane Technologies

In related news, insider Donald E. Simmons sold 4,593 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total value of $2,296,500.00. Following the completion of the transaction, the insider directly owned 3,819 shares of the company’s stock, valued at approximately $1,909,500. This represents a 54.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of the stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total value of $3,878,550.00. Following the transaction, the chief financial officer owned 60,576 shares of the company’s stock, valued at approximately $27,259,200. This trade represents a 12.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TT. JPMorgan Chase & Co. raised their price target on Trane Technologies from $460.00 to $476.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Trane Technologies in a research note on Monday, April 20th. Citigroup raised their target price on Trane Technologies from $525.00 to $570.00 and gave the stock a “buy” rating in a report on Friday, May 1st. KeyCorp boosted their target price on Trane Technologies from $525.00 to $555.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Finally, Sanford C. Bernstein assumed coverage on Trane Technologies in a research note on Tuesday, June 9th. They issued an “outperform” rating and a $550.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $509.12.

Trane Technologies Stock Down 5.0%

Shares of Trane Technologies stock opened at $478.08 on Friday. The company has a market capitalization of $105.68 billion, a P/E ratio of 36.97, a price-to-earnings-growth ratio of 2.20 and a beta of 1.20. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77. The business has a 50-day moving average of $469.89 and a two-hundred day moving average of $437.98. Trane Technologies plc has a 1 year low of $348.06 and a 1 year high of $505.87.

Trane Technologies (NYSE:TT) last released its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.10. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The business had revenue of $4.97 billion for the quarter, compared to analysts’ expectations of $4.81 billion. During the same quarter in the previous year, the business posted $2.45 EPS. Trane Technologies’s revenue for the quarter was up 6.0% on a year-over-year basis. As a group, equities analysts predict that Trane Technologies plc will post 14.88 EPS for the current year.

Trane Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be issued a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, September 4th. Trane Technologies’s dividend payout ratio (DPR) is presently 32.48%.

About Trane Technologies

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.