Swiss National Bank Has $271.24 Million Stake in Trane Technologies plc $TT

Key Points

• Swiss National Bank trimmed its holding in Trane Technologies by 5.3% during the third quarter to 642,803 shares—about $271.24 million or roughly 0.29% of the company.
• Company insiders have been net sellers recently—CAO Elizabeth Elwell and CFO Christopher Kuehn sold shares on Feb. 10, and insiders have disposed of 8,936 shares worth $4.13 million over the past 90 days (insiders now own 0.14% of the stock).
• Trane beat quarterly estimates (EPS $2.86 vs. $2.81; revenue $5.14B vs. $5.09B), announced a higher quarterly dividend of $1.05 ($4.20 annualized, 1.0% yield), and holds a consensus analyst rating of “Moderate Buy” with an average price target of $484.67.

Swiss National Bank lowered its position in shares of Trane Technologies plc (NYSE:TT - Free Report) by 5.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 642,803 shares of the company's stock after selling 36,200 shares during the quarter. Swiss National Bank owned about 0.29% of Trane Technologies worth $271,237,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Financial Consulate Inc. acquired a new position in shares of Trane Technologies in the 3rd quarter valued at about $25,000. Icon Advisers Inc. Co. acquired a new stake in Trane Technologies during the second quarter worth approximately $26,000. United Community Bank increased its holdings in Trane Technologies by 134.4% in the third quarter. United Community Bank now owns 75 shares of the company's stock worth $32,000 after purchasing an additional 43 shares in the last quarter. Halbert Hargrove Global Advisors LLC increased its holdings in Trane Technologies by 34.2% in the third quarter. Halbert Hargrove Global Advisors LLC now owns 102 shares of the company's stock worth $43,000 after purchasing an additional 26 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its stake in Trane Technologies by 58.2% in the third quarter. Hantz Financial Services Inc. now owns 106 shares of the company's stock valued at $45,000 after buying an additional 39 shares during the period. 82.97% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Trane Technologies news, CAO Elizabeth A. Elwell sold 137 shares of the business's stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $462.48, for a total transaction of $63,359.76. Following the completion of the sale, the chief accounting officer directly owned 7,100 shares of the company's stock, valued at approximately $3,283,608. The trade was a 1.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Christopher J. Kuehn sold 2,389 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $462.70, for a total value of $1,105,390.30. Following the completion of the sale, the chief financial officer directly owned 60,486 shares of the company's stock, valued at approximately $27,986,872.20. This trade represents a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 8,936 shares of company stock worth $4,133,991 over the last 90 days. Company insiders own 0.14% of the company's stock.

Trane Technologies Stock Performance

Shares of TT stock opened at $423.04 on Monday. The company has a current ratio of 1.25, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. The firm has a fifty day simple moving average of $422.75 and a two-hundred day simple moving average of $416.99. Trane Technologies plc has a 12 month low of $298.15 and a 12 month high of $479.37. The firm has a market capitalization of $93.63 billion, a PE ratio of 32.59, a price-to-earnings-growth ratio of 2.23 and a beta of 1.19.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, beating analysts' consensus estimates of $2.81 by $0.05. The firm had revenue of $5.14 billion for the quarter, compared to analyst estimates of $5.09 billion. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The business's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period last year, the firm earned $2.61 earnings per share. Analysts forecast that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 6th will be given a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from Trane Technologies's previous quarterly dividend of $0.94. Trane Technologies's payout ratio is 32.36%.

Wall Street Analyst Weigh In

TT has been the subject of several recent analyst reports. Citigroup raised their price objective on shares of Trane Technologies from $513.00 to $525.00 and gave the stock a "buy" rating in a research report on Friday, January 30th. Bank of America upgraded shares of Trane Technologies from a "neutral" rating to a "buy" rating and boosted their target price for the company from $490.00 to $550.00 in a research report on Thursday, November 13th. Barclays raised their price target on shares of Trane Technologies from $505.00 to $507.00 and gave the stock an "overweight" rating in a report on Friday, January 30th. Wells Fargo & Company upped their price objective on shares of Trane Technologies from $375.00 to $400.00 and gave the company an "underweight" rating in a report on Friday, January 30th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Trane Technologies in a research note on Wednesday, January 21st. One 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $484.67.

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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