Royal Bank of Canada Sells 309,795 Shares of Trane Technologies plc $TT

Royal Bank of Canada cut its position in shares of Trane Technologies plc (NYSE:TT) by 22.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,056,200 shares of the company’s stock after selling 309,795 shares during the period. Royal Bank of Canada owned approximately 0.48% of Trane Technologies worth $440,162,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Trane Technologies in the 4th quarter worth $1,163,124,000. Capital International Investors bought a new position in shares of Trane Technologies during the 4th quarter valued at approximately $324,639,000. First Trust Advisors LP raised its holdings in Trane Technologies by 536.6% during the 1st quarter. First Trust Advisors LP now owns 532,138 shares of the company’s stock valued at $221,763,000 after buying an additional 448,547 shares during the period. Hsbc Holdings PLC increased its position in Trane Technologies by 215.9% during the first quarter. Hsbc Holdings PLC now owns 653,423 shares of the company’s stock valued at $271,950,000 after acquiring an additional 446,598 shares during the last quarter. Finally, Corient Private Wealth LLC raised its stake in shares of Trane Technologies by 135.4% in the second quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock valued at $321,757,000 after acquiring an additional 423,090 shares during the period. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

TT has been the subject of several research analyst reports. BNP Paribas Exane started coverage on Trane Technologies in a research report on Tuesday, April 14th. They set an “outperform” rating and a $550.00 target price for the company. Evercore assumed coverage on Trane Technologies in a research report on Monday, April 13th. They set an “outperform” rating and a $535.00 price objective on the stock. Sanford C. Bernstein set a $555.00 price objective on Trane Technologies in a report on Thursday, July 9th. Citigroup upped their target price on Trane Technologies from $525.00 to $570.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Finally, Barclays raised their target price on Trane Technologies from $507.00 to $585.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $516.67.

Insider Buying and Selling

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total value of $2,296,500.00. Following the sale, the insider directly owned 3,819 shares in the company, valued at $1,909,500. This trade represents a 54.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by company insiders.

Trane Technologies Price Performance

Trane Technologies stock opened at $470.66 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. Trane Technologies plc has a 52-week low of $348.06 and a 52-week high of $505.87. The firm has a market cap of $104.04 billion, a PE ratio of 36.40, a price-to-earnings-growth ratio of 2.22 and a beta of 1.19. The company’s 50 day moving average is $471.04 and its two-hundred day moving average is $451.67.

Trane Technologies (NYSE:TT) last posted its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.10. The business had revenue of $4.97 billion for the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The company’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.45 earnings per share. On average, research analysts expect that Trane Technologies plc will post 14.89 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be paid a dividend of $1.05 per share. The ex-dividend date is Friday, September 4th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. Trane Technologies’s payout ratio is presently 32.48%.

Trane Technologies Profile

Trane Technologies (NYSE: TT) is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.