Swedbank AB Sells 110,808 Shares of Trane Technologies plc $TT

Key Points

• Swedbank AB reduced its stake in Trane Technologies by 9.8% in the first quarter, selling 110,808 shares and ending with 1,024,397 shares worth about $426.9 million.
• Trane Technologies reported solid quarterly results, with EPS of $2.63 beating estimates and revenue of $4.97 billion topping forecasts; revenue also rose 6% year over year.
• Analysts remain generally positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $509.12, while the company also announced a quarterly dividend of $1.05 per share.

Swedbank AB lessened its stake in Trane Technologies plc (NYSE:TT - Free Report) by 9.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,024,397 shares of the company's stock after selling 110,808 shares during the quarter. Swedbank AB owned approximately 0.46% of Trane Technologies worth $426,913,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Tucker Asset Management LLC bought a new position in shares of Trane Technologies during the 4th quarter worth $25,000. JPL Wealth Management LLC bought a new stake in Trane Technologies in the 3rd quarter valued at about $32,000. Physician Wealth Advisors Inc. raised its stake in Trane Technologies by 192.6% in the 1st quarter. Physician Wealth Advisors Inc. now owns 79 shares of the company's stock valued at $33,000 after acquiring an additional 52 shares during the period. Hilton Head Capital Partners LLC purchased a new stake in Trane Technologies during the fourth quarter valued at about $32,000. Finally, Kemnay Advisory Services Inc. bought a new position in Trane Technologies during the fourth quarter worth about $34,000. 82.97% of the stock is owned by institutional investors.

Analyst Ratings Changes

TT has been the topic of several research reports. JPMorgan Chase & Co. boosted their price target on shares of Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. Barclays raised their price objective on shares of Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Weiss Ratings reiterated a "buy (b)" rating on shares of Trane Technologies in a research note on Monday, April 20th. Evercore initiated coverage on shares of Trane Technologies in a report on Monday, April 13th. They set an "outperform" rating and a $535.00 target price on the stock. Finally, Royal Bank Of Canada increased 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. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $509.12.

Trane Technologies Price Performance

TT stock traded down $18.53 during mid-day trading on Tuesday, reaching $468.71. 203,443 shares of the company traded hands, compared to its average volume of 1,486,437. The company has a fifty day moving average price of $470.69 and a 200-day moving average price of $441.25. Trane Technologies plc has a 52-week low of $348.06 and a 52-week high of $505.87. The company has a market capitalization of $103.61 billion, a P/E ratio of 36.24, a P/E/G ratio of 2.20 and a beta of 1.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings data on Friday, May 1st. The company reported $2.63 EPS for the quarter, beating analysts' consensus estimates of $2.53 by $0.10. The company had revenue of $4.97 billion during the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. Trane Technologies's revenue was up 6.0% compared to the same quarter last year. During the same period last year, the business earned $2.45 earnings per share. As a group, analysts anticipate that Trane Technologies plc will post 14.9 earnings per share for the current year.

Trane Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be issued a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, September 4th. Trane Technologies's dividend payout ratio (DPR) is presently 32.48%.

Insiders Place Their Bets

In other news, insider Donald E. Simmons sold 4,593 shares of the business's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the completion of the transaction, the insider directly owned 3,819 shares in the company, valued at $1,909,500. The trade was a 54.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of the company's stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the completion of the transaction, the chief financial officer directly owned 60,576 shares in the company, valued at approximately $27,259,200. The trade was a 12.46% 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 owned by insiders.

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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