PNC Financial Services Group Inc. Sells 4,500 Shares of Trane Technologies plc $TT

Key Points

• PNC Financial Services trimmed its Trane Technologies stake by 1.7% in the fourth quarter, selling 4,500 shares and ending with 264,431 shares valued at about $102.9 million.
• Trane Technologies reported strong quarterly results, topping EPS and revenue estimates, with revenue up 6% year over year and EPS of $2.63 versus the expected $2.53.
• Analyst sentiment remains positive: the stock has an average “Moderate Buy” rating with a consensus price target of $506.56, while the company also announced a quarterly dividend of $1.05 per share.

PNC Financial Services Group Inc. decreased its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 1.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 264,431 shares of the company's stock after selling 4,500 shares during the period. PNC Financial Services Group Inc. owned 0.12% of Trane Technologies worth $102,917,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Trane Technologies by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 20,020,321 shares of the company's stock valued at $7,791,909,000 after purchasing an additional 192,270 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Trane Technologies by 10.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock valued at $6,550,975,000 after acquiring an additional 1,433,563 shares in the last quarter. Nordea Investment Management AB raised its position in shares of Trane Technologies by 2.9% in the 4th quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company's stock worth $1,010,419,000 after acquiring an additional 72,998 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Trane Technologies by 9.2% during the third quarter. Bank of America Corp DE now owns 2,422,690 shares of the company's stock valued at $1,022,278,000 after purchasing an additional 203,766 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in Trane Technologies by 2.4% in the third quarter. Legal & General Group Plc now owns 1,880,221 shares of the company's stock worth $793,378,000 after purchasing an additional 44,243 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on TT shares. JPMorgan Chase & Co. upped their target price on shares of Trane Technologies from $460.00 to $476.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. BNP Paribas Exane assumed coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They set an "outperform" rating and a $550.00 target price for the company. Barclays boosted their price target on Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a research 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. Finally, Oppenheimer boosted their target price on Trane Technologies from $460.00 to $468.00 and gave the stock an "outperform" rating in a report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Trane Technologies currently has an average rating of "Moderate Buy" and an average price target of $506.56.

Trane Technologies Trading Up 0.7%

NYSE:TT opened at $450.94 on Thursday. The stock has a market cap of $99.68 billion, a price-to-earnings ratio of 34.88, a PEG ratio of 2.06 and a beta of 1.25. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The company's 50 day moving average price is $451.61 and its 200-day moving average price is $429.27. Trane Technologies plc has a 52 week low of $348.06 and a 52 week high of $503.47.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.10. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The business had revenue of $4.97 billion for the quarter, compared to analysts' expectations of $4.81 billion. During the same period in the prior year, the firm posted $2.45 EPS. The firm's quarterly revenue was up 6.0% on a year-over-year basis. Trane Technologies has set its FY 2026 guidance at 14.750-14.950 EPS. On average, equities research analysts forecast that Trane Technologies plc will post 14.9 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The firm 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 dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. Trane Technologies's dividend payout ratio (DPR) is 32.48%.

Insiders Place Their Bets

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 approximately $27,259,200. This trade represents a 12.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 company's stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $422.70, for a total transaction of $268,414.50. Following the transaction, the chief accounting officer owned 7,100 shares in the company, valued at $3,001,170. This represents a 8.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 53,654 shares of company stock valued at $23,269,523. 0.14% of the stock is currently owned by corporate insiders.

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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