Trane Technologies plc (NYSE:TT) Shares Bought by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. increased its stake in Trane Technologies plc by 1.1%, owning approximately 0.13% of the company worth $99,224,000 as of the latest report.
• Trane Technologies reported $3.88 earnings per share for the last quarter, surpassing analysts' expectations by $0.09, albeit with a revenue of $5.75 billion, slightly below projections.
• The company announced a quarterly dividend of $0.94 per share, with an annualized rate of $3.76 and a dividend yield of 0.9%.

PNC Financial Services Group Inc. raised its position in Trane Technologies plc (NYSE:TT - Free Report) by 1.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 294,504 shares of the company's stock after acquiring an additional 3,290 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.13% of Trane Technologies worth $99,224,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. TIAA Trust National Association increased its stake in shares of Trane Technologies by 0.9% during the first quarter. TIAA Trust National Association now owns 5,304 shares of the company's stock worth $1,787,000 after buying an additional 47 shares during the period. Hopwood Financial Services Inc. increased its stake in shares of Trane Technologies by 25.7% during the first quarter. Hopwood Financial Services Inc. now owns 259 shares of the company's stock worth $87,000 after buying an additional 53 shares during the period. Harbour Investments Inc. increased its stake in shares of Trane Technologies by 9.7% during the first quarter. Harbour Investments Inc. now owns 1,129 shares of the company's stock worth $380,000 after buying an additional 100 shares during the period. King Wealth Management Group increased its stake in shares of Trane Technologies by 8.7% during the first quarter. King Wealth Management Group now owns 12,647 shares of the company's stock worth $4,261,000 after buying an additional 1,010 shares during the period. Finally, Brentview Investment Management LLC increased its stake in shares of Trane Technologies by 6.4% during the first quarter. Brentview Investment Management LLC now owns 20,061 shares of the company's stock worth $6,759,000 after buying an additional 1,211 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Trane Technologies Stock Performance

Shares of NYSE TT traded up $2.56 during mid-day trading on Thursday, hitting $429.59. 133,292 shares of the company were exchanged, compared to its average volume of 1,486,774. The company has a quick ratio of 0.76, a current ratio of 1.10 and a debt-to-equity ratio of 0.50. The stock has a 50 day simple moving average of $435.50 and a 200-day simple moving average of $389.47. Trane Technologies plc has a 1-year low of $298.15 and a 1-year high of $476.18. The firm has a market cap of $95.59 billion, a price-to-earnings ratio of 34.07, a price-to-earnings-growth ratio of 2.67 and a beta of 1.09.

Trane Technologies (NYSE:TT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $3.88 earnings per share for the quarter, topping the consensus estimate of $3.79 by $0.09. Trane Technologies had a return on equity of 36.61% and a net margin of 13.76%. The firm had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same period last year, the company earned $3.30 earnings per share. The company's revenue for the quarter was up 7.6% on a year-over-year basis. On average, sell-side analysts forecast that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 5th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $3.76 dividend on an annualized basis and a yield of 0.9%. Trane Technologies's dividend payout ratio (DPR) is 29.82%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TT shares. Morgan Stanley upped their target price on shares of Trane Technologies from $445.00 to $520.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. The Goldman Sachs Group increased their price target on shares of Trane Technologies from $416.00 to $460.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Citigroup increased their price target on shares of Trane Technologies from $445.00 to $502.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Barclays increased their price target on shares of Trane Technologies from $480.00 to $495.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Finally, Hsbc Global Res lowered shares of Trane Technologies from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $458.60.

Trane Technologies Company Profile

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.