Citigroup Inc. Has $84 Million Holdings in Trane Technologies plc (NYSE:TT)

Key Points

• Citigroup Inc. has significantly increased its investment in Trane Technologies plc by purchasing an additional 86,756 shares, raising its stake by 53.4% to a total of 249,317 shares valued at approximately $84 million.
• Trane Technologies reported earnings per share (EPS) of $3.88 for the last quarter, exceeding estimates by $0.09, alongside a revenue of $5.75 billion, showing a year-over-year growth of 7.6%.
• The company has declared a quarterly dividend of $0.94 per share, bringing the annualized dividend to $3.76, with a yield of 0.9%, to be paid on September 30th.

Citigroup Inc. increased its position in Trane Technologies plc (NYSE:TT - Free Report) by 53.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 249,317 shares of the company's stock after purchasing an additional 86,756 shares during the quarter. Citigroup Inc. owned approximately 0.11% of Trane Technologies worth $84,000,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC grew its position in shares of Trane Technologies by 35,458.2% in the 1st quarter. GAMMA Investing LLC now owns 2,015,792 shares of the company's stock valued at $679,161,000 after purchasing an additional 2,010,123 shares during the period. Northern Trust Corp grew its position in shares of Trane Technologies by 20.1% in the 4th quarter. Northern Trust Corp now owns 2,567,527 shares of the company's stock valued at $948,316,000 after purchasing an additional 429,953 shares during the period. Pictet Asset Management Holding SA lifted its stake in Trane Technologies by 27.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 1,915,630 shares of the company's stock valued at $645,343,000 after acquiring an additional 410,734 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Trane Technologies in the 4th quarter valued at approximately $147,251,000. Finally, BNP Paribas Financial Markets bought a new stake in Trane Technologies in the 4th quarter valued at approximately $137,999,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on TT shares. Stephens upgraded Trane Technologies from an "equal weight" rating to an "overweight" rating and set a $475.00 target price on the stock in a research note on Thursday, May 1st. Hsbc Global Res cut Trane Technologies from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 31st. UBS Group increased their price target on Trane Technologies from $500.00 to $544.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. HSBC cut Trane Technologies from a "buy" rating to a "hold" rating and increased their price target for the company from $415.00 to $460.00 in a research note on Thursday, July 31st. Finally, JPMorgan Chase & Co. upped their price objective on Trane Technologies from $334.00 to $400.00 and gave the company a "neutral" rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $458.60.

Trane Technologies Trading Down 1.5%

Shares of TT traded down $6.78 during mid-day trading on Wednesday, reaching $432.17. 83,979 shares of the company were exchanged, compared to its average volume of 1,473,014. Trane Technologies plc has a 52 week low of $298.15 and a 52 week high of $476.18. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.76 and a current ratio of 1.10. The stock has a market capitalization of $96.16 billion, a PE ratio of 34.23, a PEG ratio of 2.67 and a beta of 1.09. The business has a 50 day simple moving average of $435.49 and a two-hundred day simple moving average of $390.36.

Trane Technologies (NYSE:TT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $3.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.79 by $0.09. Trane Technologies had a return on equity of 36.61% and a net margin of 13.76%. The company 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 firm's revenue was up 7.6% compared to the same quarter last year. On average, analysts predict that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 5th will be paid 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 yield of 0.9%. Trane Technologies's dividend payout ratio (DPR) is currently 29.82%.

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.