Trane Technologies plc $TT Stock: Commonwealth Equity Services LLC Increases Position

Key Points

• Commonwealth Equity Services increased its Trane Technologies stake by 2.4% in the third quarter, adding 2,571 shares to bring its holdings to 108,946 shares, valued at about $49.2 million. Institutional investors collectively own 82.97% of the company.
• Trane Technologies reported quarterly EPS of $4.86, beating the $4.74 consensus estimate, while revenue of $6.76 billion topped expectations and rose 17.7% year over year.
• The company declared a quarterly dividend of $1.05 per share, equivalent to $4.20 annually and a 1.0% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $535.89.

Commonwealth Equity Services LLC boosted its position in shares of Trane Technologies plc (NYSE:TT - Free Report) by 2.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,946 shares of the company's stock after purchasing an additional 2,571 shares during the period. Commonwealth Equity Services LLC's holdings in Trane Technologies were worth $49,242,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SEB Asset Management AB acquired a new position in Trane Technologies during the 1st quarter worth $47,195,000. Nicholson Wealth Management Group LLC acquired a new position in shares of Trane Technologies during the first quarter valued at $1,644,000. Kestra Advisory Services LLC raised its stake in shares of Trane Technologies by 14.2% during the first quarter. Kestra Advisory Services LLC now owns 26,934 shares of the company's stock valued at $11,224,000 after purchasing an additional 3,348 shares in the last quarter. First Citizens Bank & Trust Co. raised its stake in shares of Trane Technologies by 178.4% during the third quarter. First Citizens Bank & Trust Co. now owns 6,265 shares of the company's stock valued at $2,832,000 after purchasing an additional 4,015 shares in the last quarter. Finally, Saudi Central Bank raised its stake in shares of Trane Technologies by 89.3% during the second quarter. Saudi Central Bank now owns 15,493 shares of the company's stock valued at $7,610,000 after purchasing an additional 7,308 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Trane Technologies Price Performance

NYSE:TT opened at $401.98 on Friday. The business's 50-day moving average price is $445.69 and its 200 day moving average price is $454.46. The firm has a market cap of $87.99 billion, a P/E ratio of 28.39, a PEG ratio of 1.89 and a beta of 1.19. Trane Technologies plc has a 52-week low of $348.06 and a 52-week high of $505.87. The company has a quick ratio of 0.79, a current ratio of 1.12 and a debt-to-equity ratio of 0.43.

Trane Technologies (NYSE:TT - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The company reported $4.86 EPS for the quarter, topping the consensus estimate of $4.74 by $0.12. Trane Technologies had a net margin of 13.56% and a return on equity of 37.26%. The firm had revenue of $6.76 billion for the quarter, compared to analysts' expectations of $6.50 billion. During the same period in the previous year, the business earned $3.88 earnings per share. Trane Technologies's revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, sell-side analysts predict that Trane Technologies plc will post 15.29 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Friday, December 4th will be issued a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, December 4th. Trane Technologies's payout ratio is presently 29.66%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TT. Mizuho increased their target price on shares of Trane Technologies from $475.00 to $485.00 and gave the company a "neutral" rating in a research report on Thursday, October 15th. Wall Street Zen downgraded shares of Trane Technologies from a "buy" rating to a "hold" rating in a research report on Sunday. Wells Fargo & Company started coverage on shares of Trane Technologies in a research report on Friday, September 25th. They set an "overweight" rating and a $536.00 price target on the stock. The Goldman Sachs Group raised shares of Trane Technologies from a "neutral" rating to a "buy" rating and upped their price target for the stock from $548.00 to $565.00 in a research note on Wednesday, October 14th. Finally, Weiss Ratings upgraded shares of Trane Technologies from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, September 10th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $535.89.

Insider Activity at Trane Technologies

In related news, CEO David Regnery sold 48,091 shares of the stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $480.00, for a total transaction of $23,083,680.00. Following the completion of the sale, the chief executive officer directly owned 96,951 shares of the company's stock, valued at $46,536,480. This represents a 33.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by insiders.

Trane Technologies Company Profile

Trane Technologies plc is a global climate innovator that designs, manufactures, and services heating, ventilation, air conditioning, and refrigeration systems. Its products and services support commercial buildings, homes, and transportation applications, including temperature-controlled shipping.

The company's portfolio includes the Trane brand of HVAC systems and building services, as well as Thermo King equipment for transport refrigeration and climate control. It also offers building controls, energy-efficiency solutions, system maintenance, and related services.

Trane Technologies was formed in 2020 when Ingersoll Rand completed the spin-off of its industrial businesses and adopted the Trane Technologies name.

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