AMF Tjanstepension AB Grows Position in Trane Technologies plc (NYSE:TT)

Key Points

• AMF Tjanstepension AB increased its stake in Trane Technologies plc by 14.6%, now holding 36,917 shares valued at approximately $12.44 million.
• Brokerage ratings for Trane Technologies show a consensus rating of "Hold" with an average price target of $458.60, reflecting mixed sentiments among analysts.
• Trane Technologies reported a quarterly EPS of $3.88, exceeding estimates, and announced a quarterly dividend of $0.94 per share to be paid on September 30th.

AMF Tjanstepension AB increased its position in shares of Trane Technologies plc (NYSE:TT - Free Report) by 14.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,917 shares of the company's stock after buying an additional 4,697 shares during the period. AMF Tjanstepension AB's holdings in Trane Technologies were worth $12,438,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TT. Csenge Advisory Group boosted its holdings in Trane Technologies by 0.6% in the first quarter. Csenge Advisory Group now owns 3,944 shares of the company's stock valued at $1,314,000 after purchasing an additional 25 shares in the last quarter. Fiera Capital Corp boosted its holdings in Trane Technologies by 1.4% in the first quarter. Fiera Capital Corp now owns 1,930 shares of the company's stock valued at $650,000 after purchasing an additional 27 shares in the last quarter. Bingham Private Wealth LLC boosted its holdings in Trane Technologies by 3.2% in the first quarter. Bingham Private Wealth LLC now owns 944 shares of the company's stock valued at $318,000 after purchasing an additional 29 shares in the last quarter. Tradewinds Capital Management LLC boosted its holdings in Trane Technologies by 46.2% in the first quarter. Tradewinds Capital Management LLC now owns 95 shares of the company's stock valued at $32,000 after purchasing an additional 30 shares in the last quarter. Finally, Smith Group Asset Management LLC boosted its holdings in Trane Technologies by 1.2% in the first quarter. Smith Group Asset Management LLC now owns 2,610 shares of the company's stock valued at $879,000 after purchasing an additional 30 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TT shares. Stephens raised Trane Technologies from an "equal weight" rating to an "overweight" rating and set a $475.00 price target for the company in a report on Thursday, May 1st. The Goldman Sachs Group upped their price target on Trane Technologies from $416.00 to $460.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Citigroup upped their price target on Trane Technologies from $445.00 to $502.00 and gave the company a "buy" rating in a report on Monday, July 14th. Royal Bank Of Canada increased their price objective on Trane Technologies from $463.00 to $467.00 and gave the company a "sector perform" rating in a report on Thursday, July 31st. Finally, HSBC downgraded Trane Technologies from a "buy" rating to a "hold" rating and increased their price objective for the company from $415.00 to $460.00 in a report on Thursday, July 31st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $458.60.

Trane Technologies Stock Performance

Shares of NYSE TT traded up $1.98 during mid-day trading on Friday, hitting $430.09. 755,558 shares of the company were exchanged, compared to its average volume of 1,346,768. The company has a quick ratio of 0.76, a current ratio of 1.10 and a debt-to-equity ratio of 0.50. The stock has a 50 day simple moving average of $435.42 and a 200-day simple moving average of $389.90. Trane Technologies plc has a 1-year low of $298.15 and a 1-year high of $476.18. The firm has a market cap of $95.70 billion, a price-to-earnings ratio of 34.11, a price-to-earnings-growth ratio of 2.68 and a beta of 1.09.

Trane Technologies (NYSE:TT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $3.88 earnings per share for the quarter, topping the consensus estimate of $3.79 by $0.09. Trane Technologies had a return on equity of 36.61% and a net margin of 13.76%. The firm had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same period last year, the company earned $3.30 earnings per share. The company's revenue for the quarter was up 7.6% on a year-over-year basis. On average, sell-side analysts forecast that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 5th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $3.76 annualized dividend and a dividend yield of 0.9%. Trane Technologies's dividend payout ratio (DPR) is currently 29.82%.

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.