Trane Technologies plc (NYSE:TT) Shares Purchased by SouthState Corp

SouthState Corp boosted its stake in Trane Technologies plc (NYSE:TT – Get Rating) by 728.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 646 shares of the company’s stock after buying an additional 568 shares during the period. SouthState Corp’s holdings in Trane Technologies were worth $99,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its position in Trane Technologies by 7.1% in the fourth quarter. JPMorgan Chase & Co. now owns 17,594,499 shares of the company’s stock worth $3,554,616,000 after buying an additional 1,173,662 shares during the period. State Street Corp grew its stake in shares of Trane Technologies by 3.4% in the fourth quarter. State Street Corp now owns 10,764,373 shares of the company’s stock worth $2,174,726,000 after purchasing an additional 351,926 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Trane Technologies by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 4,554,635 shares of the company’s stock worth $917,883,000 after purchasing an additional 69,773 shares in the last quarter. Norges Bank bought a new position in shares of Trane Technologies in the fourth quarter worth $578,209,000. Finally, Impax Asset Management Group plc grew its stake in shares of Trane Technologies by 0.5% in the fourth quarter. Impax Asset Management Group plc now owns 1,683,736 shares of the company’s stock worth $340,165,000 after purchasing an additional 7,754 shares in the last quarter. 80.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Barclays increased their price target on Trane Technologies from $160.00 to $166.00 and gave the stock an “overweight” rating in a research note on Thursday. Mizuho increased their price target on Trane Technologies from $140.00 to $150.00 and gave the stock a “neutral” rating in a research note on Thursday. Jefferies Financial Group decreased their target price on Trane Technologies from $160.00 to $140.00 in a research note on Friday, July 15th. Morgan Stanley raised their target price on Trane Technologies from $153.00 to $166.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Credit Suisse Group raised their target price on Trane Technologies from $165.00 to $169.00 and gave the company an “outperform” rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $170.13.

Trane Technologies Trading Down 0.3 %

NYSE:TT opened at $154.34 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.09 and a debt-to-equity ratio of 0.66. Trane Technologies plc has a 1-year low of $120.64 and a 1-year high of $204.23. The firm has a market capitalization of $36.09 billion, a price-to-earnings ratio of 24.65, a price-to-earnings-growth ratio of 1.89 and a beta of 1.04. The stock has a fifty day simple moving average of $134.28 and a 200 day simple moving average of $145.21.

Trane Technologies (NYSE:TT – Get Rating) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.06. Trane Technologies had a return on equity of 25.03% and a net margin of 10.06%. The business had revenue of $4.19 billion during the quarter, compared to analyst estimates of $4.11 billion. During the same quarter last year, the company posted $1.92 EPS. Trane Technologies’s revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts forecast that Trane Technologies plc will post 7.08 earnings per share for the current year.

Trane Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be paid a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Thursday, September 1st. Trane Technologies’s dividend payout ratio is currently 42.81%.

About Trane Technologies

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Trane Technologies plc, together with its subsidiaries, engages in the designing, manufacturing, selling, and servicing of solutions for heating, ventilation, air conditioning, and transport refrigeration. It offers air conditioners, exchangers, and handlers; airside and terminal devices; auxiliary power units; chillers; coils and condensers; gensets; furnaces; heat pumps; home automation products; humidifiers; hybrid and non-diesel transport refrigeration, and ice energy storage solutions; indoor air quality assessments and related products; large and light commercial unitary products; motor replacements; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.