Bank of Nova Scotia Sells 105,218 Shares of Trane Technologies plc $TT

Bank of Nova Scotia reduced its position in shares of Trane Technologies plc (NYSE:TT) by 37.9% in the 1st quarter, Holdings Channel reports. The institutional investor owned 172,368 shares of the company’s stock after selling 105,218 shares during the quarter. Bank of Nova Scotia’s holdings in Trane Technologies were worth $71,833,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Gibbs Wealth Management bought a new stake in Trane Technologies in the 1st quarter valued at approximately $622,000. Sei Investments Co. grew its stake in shares of Trane Technologies by 261.5% during the 1st quarter. Sei Investments Co. now owns 357,337 shares of the company’s stock worth $148,915,000 after acquiring an additional 258,478 shares in the last quarter. Lido Advisors LLC raised its holdings in shares of Trane Technologies by 123.1% in the first quarter. Lido Advisors LLC now owns 30,718 shares of the company’s stock valued at $12,801,000 after purchasing an additional 16,951 shares during the last quarter. State of Wyoming lifted its position in shares of Trane Technologies by 23.9% in the first quarter. State of Wyoming now owns 815 shares of the company’s stock worth $340,000 after purchasing an additional 157 shares in the last quarter. Finally, Aureus Asset Management LLC lifted its position in shares of Trane Technologies by 5.3% in the first quarter. Aureus Asset Management LLC now owns 1,230 shares of the company’s stock worth $513,000 after purchasing an additional 62 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Trane Technologies Stock Performance

NYSE TT opened at $480.56 on Friday. The firm has a market capitalization of $106.23 billion, a P/E ratio of 37.17, a price-to-earnings-growth ratio of 2.18 and a beta of 1.19. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The firm’s fifty day moving average price is $469.84 and its two-hundred day moving average price is $449.65. Trane Technologies plc has a 1 year low of $348.06 and a 1 year high of $505.87.

Trane Technologies (NYSE:TT) last announced its quarterly earnings data on Friday, May 1st. The company reported $2.63 EPS for the quarter, beating analysts’ consensus estimates of $2.53 by $0.10. The company had revenue of $4.97 billion during the quarter, compared to the consensus estimate of $4.81 billion. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.45 EPS. As a group, research analysts anticipate that Trane Technologies plc will post 14.89 EPS for the current year.

Trane Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be paid a $1.05 dividend. The ex-dividend date is Friday, September 4th. This represents a $4.20 annualized dividend and a yield of 0.9%. Trane Technologies’s dividend payout ratio is currently 32.48%.

Insider Activity

In other news, insider Donald E. Simmons sold 4,593 shares of Trane Technologies stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the completion of the transaction, the insider directly owned 3,819 shares in the company, valued at approximately $1,909,500. The trade was a 54.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on TT. Royal Bank Of Canada raised their target price on shares of Trane Technologies from $440.00 to $501.00 and gave the company a “sector perform” rating in a research report on Friday, May 1st. BNP Paribas Exane began coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They set an “outperform” rating and a $550.00 price objective for the company. KeyCorp raised their price objective on Trane Technologies from $525.00 to $555.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of Trane Technologies in a report on Friday, July 17th. Finally, Evercore initiated coverage on Trane Technologies in a research report on Monday, April 13th. They set an “outperform” rating and a $535.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $516.67.

About Trane Technologies

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.