First Citizens Bank & Trust Co. Raises Stock Holdings in Trane Technologies plc (NYSE:TT)

First Citizens Bank & Trust Co. grew its stake in shares of Trane Technologies plc (NYSE:TT) by 17.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,081 shares of the company’s stock after buying an additional 162 shares during the period. First Citizens Bank & Trust Co.’s holdings in Trane Technologies were worth $399,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Global Wealth Strategies & Associates bought a new position in Trane Technologies in the 4th quarter worth $26,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Trane Technologies in the third quarter valued at about $27,000. DT Investment Partners LLC bought a new position in shares of Trane Technologies in the third quarter worth about $36,000. Sound Income Strategies LLC grew its position in shares of Trane Technologies by 1,314.3% during the fourth quarter. Sound Income Strategies LLC now owns 99 shares of the company’s stock worth $37,000 after purchasing an additional 92 shares in the last quarter. Finally, Quarry LP bought a new stake in Trane Technologies during the 2nd quarter valued at approximately $39,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Stock Performance

NYSE TT opened at $367.28 on Tuesday. The business’s 50 day moving average price is $394.35 and its 200-day moving average price is $376.04. Trane Technologies plc has a fifty-two week low of $250.77 and a fifty-two week high of $422.00. The company has a market cap of $82.65 billion, a P/E ratio of 34.07, a P/E/G ratio of 2.16 and a beta of 1.06. 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 announced its earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.23 by $0.14. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The business had revenue of $5.44 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same quarter in the previous year, the business earned $2.79 earnings per share. The company’s revenue for the quarter was up 10.0% compared to the same quarter last year. Sell-side analysts predict that Trane Technologies plc will post 11.16 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on TT. Barclays increased their price objective on shares of Trane Technologies from $440.00 to $500.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. HSBC cut 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. The Goldman Sachs Group boosted 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. Northcoast Research assumed coverage on Trane Technologies in a research report on Friday, November 22nd. They set a “buy” rating and a $500.00 price objective for the company. Finally, Mizuho boosted their target price on Trane Technologies from $325.00 to $400.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $420.64.

Insiders Place Their Bets

In other Trane Technologies news, SVP Mairead Magner sold 4,329 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $416.00, for a total value of $1,800,864.00. Following the completion of the sale, the senior vice president now directly owns 12,893 shares of the company’s stock, valued at $5,363,488. The trade was a 25.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.38% of the company’s stock.

Trane Technologies 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.