Trane Technologies plc (NYSE:TT) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its stake in Trane Technologies by 40.3%, now holding 475,000 shares valued at approximately $160 million, following a sale of over 320,000 shares in Q1.
• Strong earnings performance: Trane Technologies reported $2.45 EPS for the last quarter, exceeding analyst expectations of $2.20, with a revenue increase of 11.2% year over year.
• Trane Technologies announced a quarterly dividend of $0.94 per share, with a yield of 0.80% and a payout ratio of 31.28%.

Mackenzie Financial Corp trimmed its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 40.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 475,000 shares of the company's stock after selling 320,660 shares during the quarter. Mackenzie Financial Corp owned approximately 0.21% of Trane Technologies worth $160,037,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. GAMMA Investing LLC raised its position in Trane Technologies by 35,458.2% during the first quarter. GAMMA Investing LLC now owns 2,015,792 shares of the company's stock worth $679,161,000 after acquiring an additional 2,010,123 shares during the period. Northern Trust Corp increased its stake in shares of Trane Technologies by 20.1% during the fourth quarter. Northern Trust Corp now owns 2,567,527 shares of the company's stock worth $948,316,000 after purchasing an additional 429,953 shares in the last quarter. Pictet Asset Management Holding SA raised its position in shares of Trane Technologies by 27.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,915,630 shares of the company's stock worth $645,343,000 after purchasing an additional 410,734 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Trane Technologies in the 4th quarter valued at about $147,251,000. Finally, BNP Paribas Financial Markets acquired a new stake in Trane Technologies in the 4th quarter worth about $137,999,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Trane Technologies

In related news, insider Donald E. Simmons sold 3,571 shares of the firm's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $380.00, for a total transaction of $1,356,980.00. Following the completion of the sale, the insider directly owned 3,593 shares of the company's stock, valued at approximately $1,365,340. This trade represents a 49.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.38% of the stock is currently owned by company insiders.

Trane Technologies Price Performance

Trane Technologies stock opened at $472.43 on Monday. The company has a current ratio of 1.09, a quick ratio of 0.74 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average price of $433.17 and a 200 day moving average price of $386.23. Trane Technologies plc has a 12-month low of $298.15 and a 12-month high of $473.13. The stock has a market cap of $105.36 billion, a P/E ratio of 39.30, a PEG ratio of 3.07 and a beta of 1.15.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.20 by $0.25. Trane Technologies had a net margin of 13.47% and a return on equity of 36.10%. The business had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter last year, the firm earned $1.94 EPS. The business's revenue was up 11.2% compared to the same quarter last year. Sell-side analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Dividend Announcement

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 given 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 0.80%. Trane Technologies's dividend payout ratio is currently 31.28%.

Analyst Ratings Changes

A number of brokerages have commented on TT. Royal Bank Of Canada increased their target price on Trane Technologies from $363.00 to $408.00 and gave the company a "sector perform" rating in a report on Thursday, May 1st. Citigroup boosted their price target on Trane Technologies from $445.00 to $502.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. HSBC upgraded Trane Technologies from a "hold" rating to a "buy" rating and raised their price objective for the company from $405.00 to $415.00 in a report on Friday, April 25th. Hsbc Global Res raised shares of Trane Technologies from a "hold" rating to a "strong-buy" rating in a report on Friday, April 25th. Finally, UBS Group increased 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $441.40.

About Trane Technologies

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.

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