National Bank of Canada FI Lowers Stock Position in Trane Technologies plc (NYSE:TT)

Key Points

• National Bank of Canada FI reduced its stake in Trane Technologies plc by 33.6%, selling 152,968 shares and owning 301,981 shares after the transaction.
• Trane Technologies reported a quarterly EPS of $3.88, exceeding analyst expectations of $3.79, with revenues of $5.75 billion despite slightly falling short of estimates.
• The company declared a quarterly dividend of $0.94, representing an annualized yield of 0.9%, to be paid to shareholders on September 30th.

National Bank of Canada FI trimmed its stake in Trane Technologies plc (NYSE:TT - Free Report) by 33.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 301,981 shares of the company's stock after selling 152,968 shares during the period. National Bank of Canada FI owned about 0.14% of Trane Technologies worth $101,783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. UBS Group boosted their price objective on shares of Trane Technologies from $500.00 to $544.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. HSBC lowered shares of Trane Technologies from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $415.00 to $460.00 in a research note on Thursday, July 31st. Barclays boosted their price objective on shares of Trane Technologies from $480.00 to $495.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Robert W. Baird boosted their price objective on shares of Trane Technologies from $396.00 to $450.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, Northcoast Research lowered shares of Trane Technologies from a "buy" rating to a "neutral" rating in a research note on Friday, August 1st. One research 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. According to MarketBeat.com, Trane Technologies has an average rating of "Hold" and an average target price of $458.60.

Trane Technologies Stock Performance

NYSE:TT traded up $1.98 during trading hours on Friday, hitting $430.09. 755,558 shares of the company were exchanged, compared to its average volume of 1,337,319. The stock has a market capitalization of $95.70 billion, a price-to-earnings ratio of 34.11, a PEG ratio of 2.68 and a beta of 1.09. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $476.18. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.10 and a quick ratio of 0.76. The company's 50 day moving average price is $435.42 and its 200-day moving average price is $389.83.

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

Trane Technologies Dividend Announcement

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

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.