M&T Bank Corp Trims Position in Trane Technologies plc $TT

M&T Bank Corp decreased its holdings in shares of Trane Technologies plc (NYSE:TT) by 3.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 94,003 shares of the company’s stock after selling 3,694 shares during the quarter. M&T Bank Corp’s holdings in Trane Technologies were worth $39,666,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in Trane Technologies by 14.5% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 315 shares of the company’s stock worth $133,000 after buying an additional 40 shares during the period. Night Squared LP purchased a new stake in Trane Technologies in the 3rd quarter valued at about $7,252,000. NorthRock Partners LLC increased its stake in shares of Trane Technologies by 7.0% during the 3rd quarter. NorthRock Partners LLC now owns 2,196 shares of the company’s stock valued at $927,000 after acquiring an additional 144 shares during the last quarter. Bank OZK lifted its holdings in shares of Trane Technologies by 9.5% during the 3rd quarter. Bank OZK now owns 9,334 shares of the company’s stock worth $3,939,000 after acquiring an additional 807 shares during the period. Finally, Texas Capital Bank Wealth Management Services Inc boosted its position in shares of Trane Technologies by 4.4% in the third quarter. Texas Capital Bank Wealth Management Services Inc now owns 18,657 shares of the company’s stock worth $7,873,000 after acquiring an additional 780 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TT has been the subject of several research analyst reports. Royal Bank Of Canada upped their price target on shares of Trane Technologies from $469.00 to $470.00 and gave the stock a “sector perform” rating in a research report on Friday, January 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Trane Technologies in a research note on Wednesday, January 21st. Citigroup upped their price objective on Trane Technologies from $513.00 to $525.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Wells Fargo & Company lifted their target price on Trane Technologies from $375.00 to $400.00 and gave the company an “underweight” rating in a report on Friday, January 30th. Finally, Melius Research raised Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 price target for the company in a research report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $484.67.

Insider Buying and Selling

In other news, CEO David S. Regnery sold 36,045 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.69, for a total value of $15,235,861.05. Following the completion of the sale, the chief executive officer owned 96,948 shares in the company, valued at approximately $40,978,950.12. This trade represents a 27.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Christopher J. Kuehn sold 2,389 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $462.70, for a total value of $1,105,390.30. Following the sale, the chief financial officer owned 60,486 shares in the company, valued at approximately $27,986,872.20. The trade was a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 49,378 shares of company stock worth $21,228,464. Company insiders own 0.14% of the company’s stock.

Trane Technologies Trading Up 0.2%

Shares of TT stock opened at $422.66 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. Trane Technologies plc has a fifty-two week low of $298.15 and a fifty-two week high of $479.37. The firm’s 50 day moving average price is $426.27 and its two-hundred day moving average price is $417.25. The stock has a market cap of $93.55 billion, a price-to-earnings ratio of 32.56, a price-to-earnings-growth ratio of 2.22 and a beta of 1.19.

Trane Technologies (NYSE:TT) last released its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.05. The company had revenue of $5.14 billion during the quarter, compared to analyst estimates of $5.09 billion. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.61 earnings per share. On average, analysts anticipate that Trane Technologies plc will post 12.83 EPS for the current year.

Trane Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 6th will be given a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 1.0%. This is a boost from Trane Technologies’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Friday, March 6th. Trane Technologies’s dividend payout ratio is 32.36%.

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.