MUFG Securities EMEA plc Has $3.54 Million Position in Trane Technologies plc $TT

Key Points

• MUFG Securities EMEA plc sharply cut its Trane Technologies stake in the fourth quarter, reducing holdings by 96.8% and ending with 9,090 shares valued at about $3.54 million.
• Trane Technologies beat quarterly expectations, posting EPS of $2.63 versus the $2.53 consensus and revenue of $4.97 billion, up 6% year over year.
• The company remains well supported by Wall Street, with a consensus “Moderate Buy” rating and an average price target of $506.56, while it also announced a $1.05 quarterly dividend payable June 30.

MUFG Securities EMEA plc reduced its holdings in Trane Technologies plc (NYSE:TT - Free Report) by 96.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,090 shares of the company's stock after selling 275,169 shares during the quarter. MUFG Securities EMEA plc's holdings in Trane Technologies were worth $3,538,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Bearing Point Capital LLC grew its position in shares of Trane Technologies by 12.3% in the fourth quarter. Bearing Point Capital LLC now owns 16,983 shares of the company's stock valued at $6,610,000 after purchasing an additional 1,862 shares during the last quarter. Guinness Atkinson Asset Management Inc grew its position in Trane Technologies by 3.1% during the fourth quarter. Guinness Atkinson Asset Management Inc now owns 2,226 shares of the company's stock worth $877,000 after buying an additional 67 shares in the last quarter. BNP Paribas Financial Markets grew its position in Trane Technologies by 27.9% during the fourth quarter. BNP Paribas Financial Markets now owns 348,144 shares of the company's stock worth $135,498,000 after buying an additional 75,914 shares in the last quarter. AdvisorShares Investments LLC grew its position in Trane Technologies by 40.6% during the fourth quarter. AdvisorShares Investments LLC now owns 443 shares of the company's stock worth $172,000 after buying an additional 128 shares in the last quarter. Finally, Catalyst Capital Advisors LLC grew its position in Trane Technologies by 16.4% during the fourth quarter. Catalyst Capital Advisors LLC now owns 505 shares of the company's stock worth $197,000 after buying an additional 71 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Trane Technologies Stock Down 0.6%

NYSE TT opened at $448.60 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The stock's 50 day moving average is $455.94 and its two-hundred day moving average is $430.21. The company has a market capitalization of $99.17 billion, a price-to-earnings ratio of 34.69, a PEG ratio of 2.08 and a beta of 1.25. Trane Technologies plc has a 1-year low of $348.06 and a 1-year high of $503.47.

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

Trane Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be given a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, June 5th. Trane Technologies's payout ratio is 32.48%.

Insider Activity at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 8,619 shares of the business'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 value of $3,878,550.00. Following the completion of the transaction, the chief financial officer owned 60,576 shares in the company, valued at $27,259,200. The trade was a 12.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Elizabeth A. Elwell sold 635 shares of the business's stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $422.70, for a total transaction of $268,414.50. Following the completion of the transaction, the chief accounting officer owned 7,100 shares of the company's stock, valued at $3,001,170. This trade represents a 8.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 53,654 shares of company stock worth $23,269,523. Company insiders own 0.14% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on TT shares. KeyCorp lifted their target price on Trane Technologies from $525.00 to $555.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. BNP Paribas Exane started coverage on Trane Technologies in a research report on Tuesday, April 14th. They set an "outperform" rating and a $550.00 target price on the stock. Barclays lifted their target price on 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 lifted their target price on 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, JPMorgan Chase & Co. lifted their target price on Trane Technologies from $460.00 to $476.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $506.56.

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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