M&T Bank Corp Sells 75,241 Shares of Trane Technologies plc $TT

Key Points

• M&T Bank cut its stake in Trane Technologies by 80%, selling 75,241 shares in Q4 and retaining 18,762 shares valued at about $7.30 million.
• Corporate insiders have been active sellers — the CEO sold 36,045 shares and the CFO 8,619, with insiders offloading 57,997 shares worth roughly $25.1 million in the past 90 days and now owning just 0.14% of the stock.
• Analysts have raised targets and coverage recently, leaving Trane Technologies with a consensus "Moderate Buy" rating and an average price target of about $492.94.

M&T Bank Corp trimmed its stake in Trane Technologies plc (NYSE:TT - Free Report) by 80.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,762 shares of the company's stock after selling 75,241 shares during the period. M&T Bank Corp's holdings in Trane Technologies were worth $7,302,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TT. Financial Consulate Inc. bought a new stake in Trane Technologies in the third quarter worth $25,000. United Community Bank increased its position in Trane Technologies by 134.4% during the third quarter. United Community Bank now owns 75 shares of the company's stock valued at $32,000 after acquiring an additional 43 shares during the last quarter. JPL Wealth Management LLC bought a new stake in shares of Trane Technologies in the 3rd quarter worth about $32,000. Halbert Hargrove Global Advisors LLC boosted its stake in shares of Trane Technologies by 34.2% during the 3rd quarter. Halbert Hargrove Global Advisors LLC now owns 102 shares of the company's stock worth $43,000 after purchasing an additional 26 shares during the period. Finally, KERR FINANCIAL PLANNING Corp bought a new position in Trane Technologies during the 3rd quarter valued at about $42,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

TT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Trane Technologies from $434.00 to $460.00 and gave the stock a "neutral" rating in a research report on Friday, January 30th. Barclays upped their target price on Trane Technologies from $505.00 to $507.00 and gave the company an "overweight" rating in a research note on Friday, January 30th. Oppenheimer increased their price target on Trane Technologies from $460.00 to $468.00 and gave the stock an "outperform" rating in a report on Friday, January 30th. Evercore began coverage on Trane Technologies in a report on Monday, April 13th. They set an "outperform" rating and a $535.00 price objective for the company. Finally, BNP Paribas Exane initiated coverage on Trane Technologies in a research report on Tuesday, April 14th. They issued an "outperform" rating and a $550.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $492.94.

Trane Technologies Stock Performance

Trane Technologies stock opened at $486.88 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25. The company has a market capitalization of $107.76 billion, a PE ratio of 37.51, a P/E/G ratio of 2.56 and a beta of 1.21. The company has a 50 day moving average price of $445.72 and a 200-day moving average price of $423.57. Trane Technologies plc has a fifty-two week low of $343.09 and a fifty-two week high of $490.15.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.05. The company had revenue of $5.14 billion for the quarter, compared to analysts' expectations of $5.09 billion. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.Trane Technologies's revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.61 earnings per share. As a group, equities analysts forecast that Trane Technologies plc will post 14.76 earnings per share for the current year.

Trane Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th will be given a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. Trane Technologies's dividend payout ratio is presently 32.36%.

Insider Transactions at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies 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 completion of the sale, the chief financial officer directly owned 60,576 shares in the company, valued at $27,259,200. The trade was a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David S. Regnery sold 36,045 shares of the company's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.69, for a total transaction of $15,235,861.05. Following the completion of the sale, the chief executive officer directly owned 96,948 shares of the company's stock, valued at approximately $40,978,950.12. This trade represents a 27.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 57,997 shares of company stock worth $25,107,014. Corporate insiders own 0.14% of the company's stock.

Trane Technologies 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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