ING Groep NV Lowers Position in Trane Technologies plc (NYSE:TT)

Key Points

• ING Groep NV reduced its stake in Trane Technologies plc by 45.7% in the first quarter, now holding 110,740 shares valued at approximately $37.31 million.
• Trane Technologies recently reported a quarterly EPS of $3.88, exceeding estimates, and had a revenue increase of 7.6% year-over-year despite falling slightly short of analyst expectations.
• The company declared a quarterly dividend of $0.94 per share, with a current annualized yield of 0.9% and a payout ratio of 29.82%.

ING Groep NV lessened its position in Trane Technologies plc (NYSE:TT - Free Report) by 45.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 110,740 shares of the company's stock after selling 93,300 shares during the quarter. ING Groep NV's holdings in Trane Technologies were worth $37,311,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Csenge Advisory Group raised its stake in Trane Technologies by 0.6% during the first quarter. Csenge Advisory Group now owns 3,944 shares of the company's stock valued at $1,314,000 after buying an additional 25 shares during the last quarter. Fiera Capital Corp raised its stake in Trane Technologies by 1.4% during the first quarter. Fiera Capital Corp now owns 1,930 shares of the company's stock valued at $650,000 after buying an additional 27 shares during the last quarter. Bingham Private Wealth LLC raised its stake in Trane Technologies by 3.2% during the first quarter. Bingham Private Wealth LLC now owns 944 shares of the company's stock valued at $318,000 after buying an additional 29 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Trane Technologies by 0.8% during the fourth quarter. Quadrant Capital Group LLC now owns 3,786 shares of the company's stock valued at $1,398,000 after buying an additional 30 shares during the last quarter. Finally, Tradewinds Capital Management LLC raised its stake in Trane Technologies by 46.2% during the first quarter. Tradewinds Capital Management LLC now owns 95 shares of the company's stock valued at $32,000 after buying an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Trane Technologies Stock Performance

Shares of TT opened at $439.01 on Monday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.10 and a quick ratio of 0.76. Trane Technologies plc has a one year low of $298.15 and a one year high of $476.18. The firm has a market capitalization of $97.68 billion, a P/E ratio of 34.81, a PEG ratio of 2.80 and a beta of 1.09. The business has a fifty day moving average of $435.56 and a 200 day moving average of $388.63.

Trane Technologies (NYSE:TT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $3.88 EPS for the quarter, topping the consensus estimate of $3.79 by $0.09. Trane Technologies had a return on equity of 36.61% and a net margin of 13.76%. The company had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the previous year, the company posted $3.30 earnings per share. Trane Technologies's revenue was up 7.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Trane Technologies plc will post 12.83 EPS for the current year.

Trane Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, September 5th. Trane Technologies's payout ratio is currently 29.82%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TT. Royal Bank Of Canada lifted their price objective on Trane Technologies from $463.00 to $467.00 and gave the company a "sector perform" rating in a research note on Thursday. Citigroup boosted their price target on Trane Technologies from $445.00 to $502.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Robert W. Baird boosted their price target on Trane Technologies from $396.00 to $450.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. UBS Group boosted their price target on Trane Technologies from $470.00 to $500.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, Stephens upgraded Trane Technologies from an "equal weight" rating to an "overweight" rating and set a $475.00 price target for the company in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Trane Technologies currently has a consensus rating of "Hold" and a consensus price target of $455.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.