Hsbc Holdings PLC Cuts Holdings in Trane Technologies plc $TT

Key Points

• Hsbc Holdings PLC cut its Trane Technologies stake by 7.4% in the fourth quarter, selling 16,642 shares and leaving it with 206,825 shares valued at about $80.6 million.
• Trane Technologies posted strong quarterly results, with EPS of $2.63 and revenue of $4.97 billion, both above analyst estimates. Revenue rose 6% from a year earlier.
• The company also announced a quarterly dividend of $1.05 per share, or $4.20 annualized, for a yield of 0.9%, while analysts currently rate the stock a “Moderate Buy” with an average target price of $509.12.

Hsbc Holdings PLC decreased its position in Trane Technologies plc (NYSE:TT - Free Report) by 7.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 206,825 shares of the company's stock after selling 16,642 shares during the period. Hsbc Holdings PLC owned 0.09% of Trane Technologies worth $80,616,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of TT. Tucker Asset Management LLC purchased a new stake in shares of Trane Technologies during the fourth quarter valued at approximately $25,000. Hilton Head Capital Partners LLC purchased a new position in Trane Technologies in the fourth quarter worth $32,000. JPL Wealth Management LLC bought a new position in Trane Technologies in the 3rd quarter valued at $32,000. Kemnay Advisory Services Inc. bought a new position in Trane Technologies in the 4th quarter valued at $34,000. Finally, Creative Financial Designs Inc. ADV increased its position in shares of Trane Technologies by 119.5% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 90 shares of the company's stock valued at $35,000 after purchasing an additional 49 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

Trane Technologies Stock Up 1.6%

TT stock opened at $490.95 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.10. The company has a market capitalization of $108.52 billion, a price-to-earnings ratio of 37.97, a PEG ratio of 2.23 and a beta of 1.20. Trane Technologies plc has a fifty-two week low of $348.06 and a fifty-two week high of $503.47. The stock has a fifty day moving average of $468.51 and a 200-day moving average of $435.96.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.53 by $0.10. The business had revenue of $4.97 billion for the quarter, compared to analysts' expectations of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The firm's quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the previous year, the business posted $2.45 EPS. As a group, equities research analysts predict that Trane Technologies plc will post 14.88 earnings per share for the current year.

Trane Technologies Dividend Announcement

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 of this dividend is Friday, September 4th. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. Trane Technologies's payout ratio is 32.48%.

Insider Activity at Trane Technologies

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on TT. Evercore began coverage on Trane Technologies in a research note on Monday, April 13th. They set an "outperform" rating and a $535.00 target price on the stock. Citigroup raised their price objective on shares of Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a report on Friday, May 1st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Trane Technologies in a research report on Monday, April 20th. Barclays boosted their target price on shares of Trane Technologies from $507.00 to $585.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Finally, Royal Bank Of Canada increased their target price on shares of Trane Technologies from $440.00 to $501.00 and gave the company a "sector perform" rating in a research report on Friday, May 1st. 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 stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $509.12.

Trane Technologies Company Profile

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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