Empowered Funds LLC Boosts Stake in Trane Technologies plc (NYSE:TT)

Empowered Funds LLC increased its position in Trane Technologies plc (NYSE:TT) by 2.2% in the third quarter, HoldingsChannel reports. The firm owned 21,034 shares of the company’s stock after purchasing an additional 443 shares during the quarter. Empowered Funds LLC’s holdings in Trane Technologies were worth $8,177,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its stake in Trane Technologies by 35,914.4% during the third quarter. International Assets Investment Management LLC now owns 1,645,137 shares of the company’s stock valued at $639,514,000 after buying an additional 1,640,569 shares during the last quarter. Swedbank AB purchased a new position in shares of Trane Technologies in the 1st quarter worth about $206,211,000. 1832 Asset Management L.P. boosted its stake in Trane Technologies by 7,363.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 422,785 shares of the company’s stock worth $139,067,000 after purchasing an additional 417,120 shares in the last quarter. Point72 Asset Management L.P. increased its stake in Trane Technologies by 162.7% during the 2nd quarter. Point72 Asset Management L.P. now owns 447,705 shares of the company’s stock valued at $147,263,000 after purchasing an additional 277,274 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Trane Technologies by 1,023.0% in the second quarter. Assenagon Asset Management S.A. now owns 235,858 shares of the company’s stock worth $77,581,000 after buying an additional 214,855 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on TT shares. Barclays boosted their price objective on shares of Trane Technologies from $425.00 to $440.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Wells Fargo & Company upped their price target on shares of Trane Technologies from $320.00 to $360.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Robert W. Baird dropped their price objective on shares of Trane Technologies from $408.00 to $404.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Morgan Stanley assumed coverage on shares of Trane Technologies in a report on Friday, September 6th. They set an “overweight” rating and a $425.00 target price for the company. Finally, The Goldman Sachs Group lifted their price target on shares of Trane Technologies from $364.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $389.77.

Trane Technologies Trading Down 0.6 %

Shares of TT opened at $407.60 on Friday. Trane Technologies plc has a fifty-two week low of $221.22 and a fifty-two week high of $421.78. The stock has a market capitalization of $91.72 billion, a PE ratio of 37.81, a P/E/G ratio of 2.63 and a beta of 1.02. The company’s fifty day moving average is $388.09 and its 200 day moving average is $352.80. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.92 and a current ratio of 1.22.

Trane Technologies (NYSE:TT) last issued 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. The business had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.32 billion. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.79 earnings per share. Sell-side analysts expect that Trane Technologies plc will post 11.13 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 6th will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 0.82%. The ex-dividend date is Friday, December 6th. Trane Technologies’s payout ratio is currently 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.