Barclays PLC Cuts Stock Holdings in Trane Technologies plc $TT

Key Points

• Barclays PLC cut its stake in Trane Technologies by 18.6% in the fourth quarter, selling 98,686 shares and leaving it with 430,572 shares valued at about $167.6 million.
• Trane Technologies reported strong quarterly results, beating earnings and revenue estimates with $2.63 EPS on $4.97 billion in revenue, while revenue rose 6% year over year.
• Analysts remain broadly positive on TT, with a consensus rating of “Moderate Buy” and an average price target of $509.12; the stock also recently got higher targets from firms including Barclays and BNP Paribas Exane.

Barclays PLC reduced its position in shares of Trane Technologies plc (NYSE:TT - Free Report) by 18.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 430,572 shares of the company's stock after selling 98,686 shares during the period. Barclays PLC owned approximately 0.19% of Trane Technologies worth $167,579,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Aptus Capital Advisors LLC grew its position in Trane Technologies by 169.8% during the third quarter. Aptus Capital Advisors LLC now owns 14,738 shares of the company's stock worth $6,219,000 after buying an additional 9,276 shares during the period. Nordea Investment Management AB grew its position in Trane Technologies by 2.9% during the fourth quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company's stock worth $1,010,419,000 after buying an additional 72,998 shares during the period. Farther Finance Advisors LLC grew its position in Trane Technologies by 64.0% during the fourth quarter. Farther Finance Advisors LLC now owns 7,478 shares of the company's stock worth $2,911,000 after buying an additional 2,917 shares during the period. Dara Capital US Inc. acquired a new position in Trane Technologies during the fourth quarter worth about $966,000. Finally, Korea Investment CORP grew its position in Trane Technologies by 17.5% during the third quarter. Korea Investment CORP now owns 204,695 shares of the company's stock worth $86,373,000 after buying an additional 30,558 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 8,619 shares of the firm's stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the sale, the chief financial officer owned 60,576 shares in the company, valued at approximately $27,259,200. This trade represents a 12.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Donald E. Simmons sold 4,593 shares of the firm's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the sale, the insider owned 3,819 shares in the company, valued at approximately $1,909,500. This trade represents a 54.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TT. BNP Paribas Exane began coverage on shares of Trane Technologies in a research report on Tuesday, April 14th. They set an "outperform" rating and a $550.00 target price on the stock. Sanford C. Bernstein began coverage on shares of Trane Technologies in a research report on Tuesday, June 9th. They set an "outperform" rating and a $550.00 target price on the stock. Barclays upped their target price on shares of Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Royal Bank Of Canada upped their target price on shares of Trane Technologies from $440.00 to $501.00 and gave the stock a "sector perform" rating in a research report on Friday, May 1st. Finally, Evercore began coverage on shares of Trane Technologies in a research report on Monday, April 13th. They set an "outperform" rating and a $535.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $509.12.

Trane Technologies Stock Up 3.1%

TT stock opened at $472.54 on Tuesday. The company's 50 day simple moving average is $464.34 and its 200-day simple moving average is $433.68. The firm has a market capitalization of $104.45 billion, a PE ratio of 36.55, a P/E/G ratio of 2.11 and a beta of 1.20. Trane Technologies plc has a 12 month low of $348.06 and a 12 month high of $503.47. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The company reported $2.63 EPS for the quarter, beating the consensus estimate of $2.53 by $0.10. The business had revenue of $4.97 billion for the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company's quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the business earned $2.45 earnings per share. Equities analysts expect that Trane Technologies plc will post 14.88 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The firm 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. The ex-dividend date is Friday, September 4th. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. Trane Technologies's dividend payout ratio is currently 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.

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