PNC Financial Services Group Inc. Cuts Position in Trane Technologies plc (NYSE:TT)

PNC Financial Services Group Inc. lessened its position in shares of Trane Technologies plc (NYSE:TT - Free Report) by 0.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 289,527 shares of the company's stock after selling 2,736 shares during the period. PNC Financial Services Group Inc. owned approximately 0.13% of Trane Technologies worth $112,548,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Trust Point Inc. lifted its holdings in shares of Trane Technologies by 3.1% during the 3rd quarter. Trust Point Inc. now owns 897 shares of the company's stock worth $349,000 after acquiring an additional 27 shares during the period. First Pacific Financial grew its stake in shares of Trane Technologies by 1.1% in the third quarter. First Pacific Financial now owns 2,674 shares of the company's stock worth $1,039,000 after purchasing an additional 28 shares during the last quarter. Greenleaf Trust raised its holdings in Trane Technologies by 0.5% during the 3rd quarter. Greenleaf Trust now owns 5,852 shares of the company's stock worth $2,275,000 after purchasing an additional 29 shares during the last quarter. Lake Street Advisors Group LLC lifted its stake in shares of Trane Technologies by 1.6% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,896 shares of the company's stock valued at $737,000 after purchasing an additional 30 shares during the period. Finally, PFG Private Wealth Management LLC boosted its position in shares of Trane Technologies by 4.7% during the 2nd quarter. PFG Private Wealth Management LLC now owns 706 shares of the company's stock valued at $232,000 after purchasing an additional 32 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Mizuho increased their price target on Trane Technologies from $325.00 to $400.00 and gave the stock a "neutral" rating in a report on Thursday, October 17th. Stephens reaffirmed an "equal weight" rating and issued a $350.00 price target on shares of Trane Technologies in a research note on Monday, August 5th. Robert W. Baird cut their target price on Trane Technologies from $408.00 to $404.00 and set a "neutral" rating on the stock in a report on Thursday, October 31st. Barclays raised their price target on shares of Trane Technologies from $425.00 to $440.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Finally, HSBC lowered shares of Trane Technologies from a "buy" rating to a "hold" rating and set a $405.00 target price for the company. in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Trane Technologies has an average rating of "Hold" and a consensus target price of $389.77.

Trane Technologies Stock Performance

Shares of TT stock traded down $1.87 during trading on Wednesday, reaching $411.16. 802,174 shares of the company's stock traded hands, compared to its average volume of 1,112,751. The firm's 50-day moving average is $391.85 and its 200 day moving average is $355.02. The company has a market capitalization of $92.52 billion, a P/E ratio of 38.14, a PEG ratio of 2.58 and a beta of 1.02. Trane Technologies plc has a 1 year low of $221.22 and a 1 year high of $421.78. The company has a current ratio of 1.22, a quick ratio of 0.92 and a debt-to-equity ratio of 0.57.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.23 by $0.14. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The company had revenue of $5.44 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period in the previous year, the company posted $2.79 EPS. The firm's revenue for the quarter was up 10.0% compared to the same quarter last year. Equities research analysts expect that Trane Technologies plc will post 11.13 EPS for the current year.

Trane Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 6th will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date is Friday, December 6th. Trane Technologies's dividend payout ratio (DPR) is presently 31.17%.

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.