ABN AMRO Bank N.V. Has $211.57 Million Position in Trane Technologies plc $TT

Key Points

• ABN AMRO Bank cut its Trane Technologies stake by 25.2% in Q1, but still held 502,446 shares worth about $211.6 million, making TT its 11th-largest position.
• Trane Technologies reported strong quarterly results, with EPS of $2.63 beating estimates and revenue of $4.97 billion topping forecasts; revenue rose 6% year over year.
• The company also declared a quarterly dividend of $1.05 per share, while Wall Street analysts remain broadly positive, with an average rating of Moderate Buy and a $509.12 average price target.

ABN AMRO Bank N.V. lowered its holdings in Trane Technologies plc (NYSE:TT - Free Report) by 25.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 502,446 shares of the company's stock after selling 169,197 shares during the quarter. Trane Technologies accounts for about 2.3% of ABN AMRO Bank N.V.'s investment portfolio, making the stock its 11th biggest position. ABN AMRO Bank N.V. owned about 0.23% of Trane Technologies worth $211,573,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in TT. Norges Bank acquired a new position in shares of Trane Technologies in the 4th quarter worth approximately $1,163,124,000. Capital International Investors acquired a new stake in Trane Technologies in the 4th quarter valued at $324,639,000. Corient Private Wealth LLC grew its position in Trane Technologies by 135.4% in the second quarter. Corient Private Wealth LLC now owns 735,589 shares of the company's stock valued at $321,757,000 after acquiring an additional 423,090 shares during the period. SG Americas Securities LLC raised its stake in Trane Technologies by 13,460.8% during the fourth quarter. SG Americas Securities LLC now owns 423,504 shares of the company's stock worth $164,828,000 after acquiring an additional 420,381 shares in the last quarter. Finally, Capital Research Global Investors bought a new position in shares of Trane Technologies during the fourth quarter valued at $132,124,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Buying and Selling at Trane Technologies

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

Trane Technologies Stock Down 5.0%

Shares of NYSE:TT opened at $478.08 on Friday. 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 stock has a market cap of $105.68 billion, a price-to-earnings ratio of 36.97, a P/E/G ratio of 2.20 and a beta of 1.20. The company has a 50 day moving average of $469.89 and a 200-day moving average of $437.98. Trane Technologies plc has a one year low of $348.06 and a one year high of $505.87.

Trane Technologies (NYSE:TT - Get Free Report) last announced 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 net margin of 13.41% and a return on equity of 35.55%. The business had revenue of $4.97 billion for the quarter, compared to analyst estimates of $4.81 billion. During the same period in the prior year, the business posted $2.45 earnings per share. Trane Technologies's revenue was up 6.0% compared to the same quarter last year. On average, sell-side analysts forecast that Trane Technologies plc will post 14.88 earnings per share for the current year.

Trane Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 4th will be given a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, September 4th. Trane Technologies's dividend payout ratio (DPR) is currently 32.48%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. KeyCorp upped their target price on shares of Trane Technologies from $525.00 to $555.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Sanford C. Bernstein assumed coverage on shares of Trane Technologies in a research note on Tuesday, June 9th. They set an "outperform" rating and a $550.00 price objective on the stock. BNP Paribas Exane began coverage on shares of Trane Technologies in a report on Tuesday, April 14th. They set an "outperform" rating and a $550.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on shares of Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a research note on Thursday, May 14th. Finally, Citigroup increased their price target on Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $509.12.

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.

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