National Bank of Canada FI Has $126.01 Million Stock Position in Trane Technologies plc $TT

Key Points

• National Bank of Canada FI increased its stake in Trane Technologies by 60.7% in Q3 to 298,600 shares worth approximately $126.01 million, and institutional ownership stands at about 82.97% with other large buys from Norges Bank and JPMorgan.
• Trane beat quarterly estimates with $2.86 EPS (vs. $2.81 expected) and $5.14 billion in revenue (+5.6% YoY); the company has a market cap of about $93.3 billion and a P/E of 32.47.
• Analysts hold a consensus rating of "Moderate Buy" with an average price target of $484.67, the quarterly dividend was raised to $1.05 (annualized $4.20, ~1.0% yield), and insiders have recently reduced holdings via sales.

National Bank of Canada FI raised its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 60.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 298,600 shares of the company's stock after buying an additional 112,731 shares during the quarter. National Bank of Canada FI owned about 0.13% of Trane Technologies worth $126,005,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of TT. Norges Bank bought a new stake in Trane Technologies in the second quarter valued at about $1,356,065,000. JPMorgan Chase & Co. lifted its stake in Trane Technologies by 10.2% during the third quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock worth $6,550,975,000 after purchasing an additional 1,433,563 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Trane Technologies by 229.3% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company's stock valued at $766,583,000 after purchasing an additional 1,220,388 shares in the last quarter. ABN AMRO Bank N.V. acquired a new stake in Trane Technologies during the second quarter valued at approximately $291,206,000. Finally, Corient Private Wealth LLC grew its stake in shares of Trane Technologies by 135.4% in the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company's stock valued at $321,757,000 after purchasing an additional 423,090 shares during the period. 82.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wells Fargo & Company boosted their price target on Trane Technologies from $375.00 to $400.00 and gave the company an "underweight" rating in a research note on Friday, January 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Trane Technologies in a report on Wednesday, January 21st. Citigroup boosted their target price on shares of Trane Technologies from $513.00 to $525.00 and gave the company a "buy" rating in a research note on Friday, January 30th. KeyCorp raised shares of Trane Technologies from a "sector weight" rating to an "overweight" rating and set a $500.00 target price on the stock in a report on Monday, December 15th. Finally, Oppenheimer upped their target price on shares of Trane Technologies from $460.00 to $468.00 and gave the stock an "outperform" rating in a report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $484.67.

Trane Technologies Stock Performance

Shares of Trane Technologies stock opened at $421.48 on Tuesday. Trane Technologies plc has a 52 week low of $298.15 and a 52 week high of $479.37. 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 stock has a market capitalization of $93.29 billion, a price-to-earnings ratio of 32.47, a PEG ratio of 2.22 and a beta of 1.19. The firm has a fifty day moving average of $426.89 and a two-hundred day moving average of $417.11.

Trane Technologies (NYSE:TT - Get Free Report) last released its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.05. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The firm had revenue of $5.14 billion for the quarter, compared to analyst estimates of $5.09 billion. During the same quarter in the prior year, the firm posted $2.61 earnings per share. The company's quarterly revenue was up 5.6% on a year-over-year basis. As a group, equities research analysts predict that Trane Technologies plc will post 12.83 EPS for the current year.

Trane Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 6th will be issued a dividend of $1.05 per share. The ex-dividend date is Friday, March 6th. This is a positive change from Trane Technologies's previous quarterly dividend of $0.94. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.0%. Trane Technologies's dividend payout ratio (DPR) is 32.36%.

Insider Activity at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 2,389 shares of the company's stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $462.70, for a total transaction of $1,105,390.30. Following the sale, the chief financial officer owned 60,486 shares in the company, valued at approximately $27,986,872.20. This represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Donald E. Simmons sold 3,762 shares of the company's stock in a transaction on Friday, March 6th. The stock was sold at an average price of $422.70, for a total transaction of $1,590,197.40. Following the sale, the insider directly owned 3,819 shares in the company, valued at $1,614,291.30. This trade represents a 49.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 49,378 shares of company stock valued at $21,228,464. 0.14% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding TT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Trane Technologies plc (NYSE:TT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.