Swiss National Bank Increases Holdings in Trane Technologies plc $TT

Key Points

• Swiss National Bank boosted its stake in Trane Technologies by 6.7% in Q1, buying 41,040 additional shares and bringing its total to 650,783 shares worth about $271.2 million.
• Wall Street sentiment remains constructive: analysts have issued multiple Buy and Overweight ratings, with a consensus rating of Moderate Buy and an average price target of $516.67.
• Trane Technologies reported strong Q1 results, beating EPS and revenue estimates, and announced a quarterly dividend of $1.05 per share payable September 30.

Swiss National Bank increased its position in Trane Technologies plc (NYSE:TT - Free Report) by 6.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 650,783 shares of the company's stock after buying an additional 41,040 shares during the quarter. Swiss National Bank owned 0.29% of Trane Technologies worth $271,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Bell Investment Advisors Inc raised its stake in shares of Trane Technologies by 12.2% during the first quarter. Bell Investment Advisors Inc now owns 203 shares of the company's stock worth $85,000 after acquiring an additional 22 shares in the last quarter. Fiduciary Family Office LLC grew its holdings in shares of Trane Technologies by 1.5% during the 4th quarter. Fiduciary Family Office LLC now owns 1,573 shares of the company's stock valued at $612,000 after purchasing an additional 23 shares during the last quarter. Foster Dykema Cabot & Partners LLC grew its holdings in shares of Trane Technologies by 10.6% during the 4th quarter. Foster Dykema Cabot & Partners LLC now owns 239 shares of the company's stock valued at $93,000 after purchasing an additional 23 shares during the last quarter. Bridges Investment Management Inc. raised its position in Trane Technologies by 1.6% in the 4th quarter. Bridges Investment Management Inc. now owns 1,542 shares of the company's stock worth $600,000 after purchasing an additional 24 shares during the period. Finally, Cornerstone Planning Group LLC lifted its stake in Trane Technologies by 14.5% in the first quarter. Cornerstone Planning Group LLC now owns 190 shares of the company's stock worth $79,000 after purchasing an additional 24 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Analysts Set New Price Targets

TT has been the subject of several analyst reports. Barclays upped their price target on shares of Trane Technologies from $507.00 to $585.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Sanford C. Bernstein set a $555.00 target price on Trane Technologies in a research note on Thursday, July 9th. Citigroup increased their target price on Trane Technologies from $525.00 to $570.00 and gave the company a "buy" rating in a report on Friday, May 1st. JPMorgan Chase & Co. lifted their price target on Trane Technologies from $460.00 to $476.00 and gave the stock a "neutral" rating in a research note on Thursday, May 14th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Trane Technologies in a research report on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $516.67.

Insider Buying and Selling at Trane Technologies

In other news, insider Donald E. Simmons sold 4,593 shares of the business's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the transaction, the insider directly owned 3,819 shares of the company's stock, valued at approximately $1,909,500. The trade was a 54.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.43% of the company's stock.

Trane Technologies Price Performance

Shares of Trane Technologies stock opened at $469.59 on Friday. The company's fifty day simple moving average is $469.88 and its two-hundred day simple moving average is $446.98. Trane Technologies plc has a 12-month low of $348.06 and a 12-month high of $505.87. The firm has a market cap of $103.80 billion, a PE ratio of 36.32, a price-to-earnings-growth ratio of 2.16 and a beta of 1.19. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46.

Trane Technologies (NYSE:TT - Get Free Report) last posted its 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 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 for the quarter was up 6.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.45 earnings per share. As a group, equities analysts expect that Trane Technologies plc will post 14.89 EPS for the current year.

Trane Technologies Announces Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, September 4th. This represents a $4.20 annualized dividend and a yield of 0.9%. Trane Technologies's dividend payout ratio (DPR) is 32.48%.

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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