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Trane Technologies plc (NYSE:TT) Shares Sold by Bank of Nova Scotia

Trane Technologies logo with Construction background

Key Points

  • Bank of Nova Scotia significantly reduced its stake in Trane Technologies by 68.2%, selling over 100,000 shares during the first quarter, leaving it with 46,846 shares valued at approximately $15.78 million.
  • Wall Street analysts have issued varied ratings on Trane Technologies, with price targets ranging from $334.00 to $520.00, reflecting a consensus hold rating and an average target of $455.67.
  • Trane Technologies announced a quarterly dividend of $0.94 per share, set to be paid on September 30th, with a current payout ratio of 29.82%.
  • MarketBeat previews top five stocks to own in September.

Bank of Nova Scotia trimmed its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 68.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,846 shares of the company's stock after selling 100,540 shares during the quarter. Bank of Nova Scotia's holdings in Trane Technologies were worth $15,783,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TT. WFA Asset Management Corp boosted its position in Trane Technologies by 208.3% in the 1st quarter. WFA Asset Management Corp now owns 74 shares of the company's stock valued at $25,000 after buying an additional 50 shares during the last quarter. Minot DeBlois Advisors LLC bought a new stake in Trane Technologies in the fourth quarter worth about $26,000. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Trane Technologies during the fourth quarter worth $28,000. Opal Wealth Advisors LLC purchased a new stake in shares of Trane Technologies in the first quarter valued at $31,000. Finally, Bogart Wealth LLC boosted its position in Trane Technologies by 97.9% during the first quarter. Bogart Wealth LLC now owns 93 shares of the company's stock valued at $31,000 after purchasing an additional 46 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TT shares. HSBC restated a "hold" rating and set a $460.00 price target (up from $415.00) on shares of Trane Technologies in a research note on Thursday. JPMorgan Chase & Co. increased their target price on shares of Trane Technologies from $334.00 to $400.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Royal Bank Of Canada boosted their price target on Trane Technologies from $463.00 to $467.00 and gave the stock a "sector perform" rating in a research report on Thursday. UBS Group boosted their target price on shares of Trane Technologies from $470.00 to $500.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Finally, Morgan Stanley lifted their price target on Trane Technologies from $445.00 to $520.00 and gave the company an "overweight" rating in a research note on Thursday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $455.67.

Read Our Latest Stock Report on TT

Trane Technologies Stock Up 0.2%

Shares of NYSE TT opened at $439.01 on Monday. The firm has a fifty day moving average of $435.56 and a 200-day moving average of $388.63. The company has a quick ratio of 0.76, a current ratio of 1.10 and a debt-to-equity ratio of 0.50. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $476.18. The stock has a market capitalization of $97.68 billion, a PE ratio of 34.81, a P/E/G ratio of 2.80 and a beta of 1.09.

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

Trane Technologies Announces Dividend

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

Trane Technologies Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding TT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Trane Technologies plc (NYSE:TT - Free Report).

Institutional Ownership by Quarter for Trane Technologies (NYSE:TT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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