Bank of Nova Scotia Acquires 23,416 Shares of Trane Technologies plc (NYSE:TT)

Bank of Nova Scotia grew its holdings in Trane Technologies plc (NYSE:TT) by 18.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 147,386 shares of the company’s stock after purchasing an additional 23,416 shares during the quarter. Bank of Nova Scotia’s holdings in Trane Technologies were worth $54,437,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in shares of Trane Technologies in the 4th quarter worth $1,117,816,000. Raymond James Financial Inc. purchased a new position in Trane Technologies in the fourth quarter valued at about $611,322,000. Bank Julius Baer & Co. Ltd Zurich raised its holdings in Trane Technologies by 455.2% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 427,226 shares of the company’s stock worth $167,977,000 after purchasing an additional 350,277 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Trane Technologies by 42.9% during the fourth quarter. Nordea Investment Management AB now owns 978,275 shares of the company’s stock valued at $361,874,000 after buying an additional 293,916 shares during the last quarter. Finally, Caisse Des Depots ET Consignations bought a new stake in shares of Trane Technologies in the 4th quarter valued at about $98,560,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling at Trane Technologies

In related news, SVP Evan M. Turtz sold 318 shares of Trane Technologies stock in a transaction on Monday, February 10th. The shares were sold at an average price of $358.12, for a total value of $113,882.16. Following the sale, the senior vice president now owns 20,513 shares of the company’s stock, valued at approximately $7,346,115.56. This trade represents a 1.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Mairead Magner sold 198 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $357.61, for a total transaction of $70,806.78. Following the transaction, the senior vice president now owns 13,401 shares of the company’s stock, valued at $4,792,331.61. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,234 shares of company stock valued at $2,588,102. Corporate insiders own 0.38% of the company’s stock.

Trane Technologies Price Performance

Shares of TT opened at $314.77 on Wednesday. The business’s 50-day moving average is $348.59 and its two-hundred day moving average is $377.60. The company has a market capitalization of $70.60 billion, a P/E ratio of 27.98, a P/E/G ratio of 2.50 and a beta of 1.08. Trane Technologies plc has a fifty-two week low of $286.32 and a fifty-two week high of $422.00. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.88 and a current ratio of 1.21.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Thursday, January 30th. The company reported $2.61 earnings per share for the quarter, beating the consensus estimate of $2.52 by $0.09. Trane Technologies had a return on equity of 35.37% and a net margin of 12.94%. Research analysts predict that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 6th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $3.76 annualized dividend and a yield of 1.19%. Trane Technologies’s dividend payout ratio is presently 33.42%.

Wall Street Analyst Weigh In

A number of research firms recently commented on TT. Citigroup decreased their target price on shares of Trane Technologies from $478.00 to $476.00 and set a “buy” rating for the company in a research report on Monday, January 13th. JPMorgan Chase & Co. lowered their price objective on Trane Technologies from $396.00 to $323.00 and set a “neutral” rating for the company in a research report on Tuesday. Royal Bank of Canada upped their target price on Trane Technologies from $390.00 to $395.00 and gave the company a “sector perform” rating in a research report on Friday, January 3rd. UBS Group dropped their price target on Trane Technologies from $500.00 to $470.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. Finally, Wells Fargo & Company decreased their price objective on shares of Trane Technologies from $380.00 to $360.00 and set an “underweight” rating for the company in a research report on Friday, January 31st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $409.13.

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.