Korea Investment CORP Raises Stake in Trane Technologies plc $TT

Key Points

• Korea Investment CORP has increased its stake in Trane Technologies plc by 0.7%, now owning approximately 202,665 shares valued at $68.3 million as of the latest SEC filing.
• Multiple analysts have raised their price targets for Trane Technologies, with new targets ranging from $410.00 to $544.00, indicating a generally optimistic outlook for the stock.
• Trane Technologies announced a quarterly dividend of $0.94 per share, reflecting a yield of 0.9% and a payout ratio of 29.82% as they continue to show year-over-year revenue growth.

Korea Investment CORP raised its position in Trane Technologies plc (NYSE:TT - Free Report) by 0.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 202,665 shares of the company's stock after acquiring an additional 1,336 shares during the quarter. Korea Investment CORP owned approximately 0.09% of Trane Technologies worth $68,282,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Aptus Capital Advisors LLC lifted its stake in Trane Technologies by 27.0% in the first quarter. Aptus Capital Advisors LLC now owns 4,705 shares of the company's stock worth $1,585,000 after acquiring an additional 999 shares during the last quarter. Northern Trust Corp lifted its stake in Trane Technologies by 0.7% in the first quarter. Northern Trust Corp now owns 2,584,819 shares of the company's stock worth $870,877,000 after acquiring an additional 17,292 shares during the last quarter. Brooklyn Investment Group lifted its stake in Trane Technologies by 37.8% in the first quarter. Brooklyn Investment Group now owns 1,994 shares of the company's stock worth $671,000 after acquiring an additional 547 shares during the last quarter. Corient IA LLC purchased a new position in Trane Technologies in the first quarter worth approximately $1,208,000. Finally, George Kaiser Family Foundation purchased a new position in Trane Technologies in the first quarter worth approximately $263,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

TT has been the subject of a number of recent research reports. Morgan Stanley lifted their price target on shares of Trane Technologies from $445.00 to $520.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. The Goldman Sachs Group raised their price objective on shares of Trane Technologies from $416.00 to $460.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. UBS Group raised their price objective on shares of Trane Technologies from $500.00 to $544.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Wells Fargo & Company raised their price objective on shares of Trane Technologies from $370.00 to $410.00 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. Finally, Stephens raised shares of Trane Technologies from an "equal weight" rating to an "overweight" rating and set a $475.00 price objective on the stock in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $458.60.

Trane Technologies Trading Up 1.4%

NYSE TT opened at $429.20 on Tuesday. Trane Technologies plc has a 12 month low of $298.15 and a 12 month high of $476.18. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.10 and a quick ratio of 0.76. The company has a market capitalization of $95.50 billion, a price-to-earnings ratio of 34.04, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The company's fifty day moving average price is $435.42 and its two-hundred day moving average price is $392.33.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $3.88 earnings per share (EPS) 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 for the quarter, compared to analysts' expectations of $5.77 billion. During the same period last year, the business posted $3.30 earnings per share. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. As a group, research analysts predict that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently disclosed 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 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 29.82%.

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.

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