Eventide Asset Management LLC Decreases Holdings in Trane Technologies plc $TT

Key Points

• Eventide Asset Management LLC has reduced its stake in Trane Technologies plc by 0.4%, now holding 385,279 shares valued at approximately $129.8 million.
• Analysts have set new price targets for Trane Technologies, with the consensus price target rising to $458.60 amid mixed ratings from various firms.
• Trane Technologies reported $3.88 EPS for its recent quarter, beating estimates, while its revenue increased 7.6% year-over-year.

Eventide Asset Management LLC trimmed its position in Trane Technologies plc (NYSE:TT - Free Report) by 0.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 385,279 shares of the company's stock after selling 1,568 shares during the quarter. Trane Technologies makes up 2.6% of Eventide Asset Management LLC's holdings, making the stock its 3rd largest position. Eventide Asset Management LLC owned about 0.17% of Trane Technologies worth $129,757,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Trane Technologies by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 19,456,776 shares of the company's stock valued at $6,555,377,000 after purchasing an additional 221,206 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Trane Technologies by 9.8% in the 1st quarter. JPMorgan Chase & Co. now owns 15,722,530 shares of the company's stock valued at $5,297,235,000 after purchasing an additional 1,408,421 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Trane Technologies by 7.2% in the 1st quarter. Ameriprise Financial Inc. now owns 3,585,300 shares of the company's stock valued at $1,208,044,000 after purchasing an additional 241,910 shares during the period. Nuveen LLC bought a new stake in shares of Trane Technologies in the 1st quarter valued at about $877,468,000. Finally, Northern Trust Corp raised its holdings in shares of Trane Technologies by 0.7% in the 1st quarter. Northern Trust Corp now owns 2,584,819 shares of the company's stock valued at $870,877,000 after purchasing an additional 17,292 shares during the period. 82.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TT. Northcoast Research cut shares of Trane Technologies from a "buy" rating to a "neutral" rating in a report on Friday, August 1st. JPMorgan Chase & Co. increased their price target on shares of Trane Technologies from $334.00 to $400.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Wells Fargo & Company increased their price target on shares of Trane Technologies from $370.00 to $410.00 and gave the company an "underweight" rating in a report on Tuesday, July 1st. The Goldman Sachs Group increased their price target on shares of Trane Technologies from $416.00 to $460.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, HSBC cut shares of 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 report on Thursday, July 31st. Five equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Trane Technologies presently has a consensus rating of "Hold" and an average price target of $458.60.

Trane Technologies Stock Performance

Shares of TT traded up $1.06 during mid-day trading on Monday, hitting $414.89. 1,068,848 shares of the company's stock were exchanged, compared to its average volume of 1,445,366. Trane Technologies plc has a 52 week low of $298.15 and a 52 week high of $476.18. The stock's 50-day simple moving average is $434.03 and its 200-day simple moving average is $398.00. The firm has a market cap of $92.32 billion, a price-to-earnings ratio of 32.90, a price-to-earnings-growth ratio of 2.58 and a beta of 1.10. The company has a quick ratio of 0.76, a current ratio of 1.10 and a debt-to-equity ratio of 0.50.

Trane Technologies (NYSE:TT - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $3.88 EPS for the quarter, topping the consensus estimate of $3.79 by $0.09. Trane Technologies had a net margin of 13.76% and a return on equity of 36.61%. The company had revenue of $5.75 billion for the quarter, compared to analysts' expectations of $5.77 billion. During the same period last year, the firm earned $3.30 earnings per share. The business's revenue for the quarter was up 7.6% on a year-over-year basis. Trane Technologies has set its FY 2025 guidance at 13.050-13.050 EPS. On average, equities research analysts expect that Trane Technologies plc will post 12.83 EPS for the current year.

Insider Activity at Trane Technologies

In other news, CEO David S. Regnery sold 22,497 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $410.00, for a total transaction of $9,223,770.00. Following the transaction, the chief executive officer directly owned 123,713 shares of the company's stock, valued at approximately $50,722,330. This trade represents a 15.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.14% of the company's stock.

About Trane Technologies

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.