Raiffeisen Bank International AG Increases Holdings in Trane Technologies plc $TT

Key Points

• Raiffeisen Bank International AG increased its Trane Technologies stake by 208.5% in the fourth quarter, ending with 86,621 shares valued at about $33.93 million.
• Trane Technologies reported better-than-expected quarterly results, posting EPS of $2.63 versus estimates of $2.53 and revenue of $4.97 billion versus $4.81 billion expected, with revenue up 6.0% year over year.
• The company also announced a quarterly dividend of $1.05 per share, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $509.12.

Raiffeisen Bank International AG grew its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 208.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 86,621 shares of the company's stock after buying an additional 58,547 shares during the period. Raiffeisen Bank International AG's holdings in Trane Technologies were worth $33,930,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Trane Technologies by 1.0% in 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 during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Trane Technologies by 10.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock valued at $6,550,975,000 after purchasing an additional 1,433,563 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Trane Technologies by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 5,071,072 shares of the company's stock valued at $1,964,896,000 after purchasing an additional 14,179 shares during the last quarter. Norges Bank purchased a new stake in shares of Trane Technologies in the 4th quarter valued at about $1,163,124,000. Finally, Nordea Investment Management AB lifted its holdings 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 valued at $1,010,419,000 after purchasing an additional 72,998 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Christopher J. Kuehn sold 8,619 shares of the company's stock in a transaction that occurred on 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 sale, the chief financial officer owned 60,576 shares of the company's stock, valued at approximately $27,259,200. This 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 this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Donald E. Simmons sold 4,593 shares of the company's stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total value of $2,296,500.00. Following the completion of the sale, the insider directly owned 3,819 shares in the company, valued at approximately $1,909,500. The trade was a 54.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by corporate insiders.

Trane Technologies Stock Performance

TT opened at $459.89 on Friday. The stock has a market cap of $101.66 billion, a P/E ratio of 35.57, a P/E/G ratio of 2.07 and a beta of 1.20. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77. The stock's 50 day simple moving average is $462.86 and its 200 day simple moving average is $432.97. 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 results on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, topping analysts' consensus estimates of $2.53 by $0.10. The business had revenue of $4.97 billion for the quarter, compared to analysts' expectations of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The company's revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.45 EPS. As a group, equities analysts anticipate that Trane Technologies plc will post 14.88 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be paid a $1.05 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. Trane Technologies's dividend payout ratio is presently 32.48%.

Analyst Ratings Changes

Several analysts have commented on the company. Citigroup upped their price objective on Trane Technologies from $525.00 to $570.00 and gave the company a "buy" rating in a research note on Friday, May 1st. JPMorgan Chase & Co. upped their price objective on Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a research note on Thursday, May 14th. Barclays upped their price objective on Trane Technologies from $507.00 to $585.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. BNP Paribas Exane assumed coverage on Trane Technologies in a research note on Tuesday, April 14th. They set an "outperform" rating and a $550.00 price objective for the company. Finally, Evercore assumed coverage on Trane Technologies in a research note on Monday, April 13th. They set an "outperform" rating and a $535.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $509.12.

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.

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