Mediolanum International Funds Ltd Has $10.43 Million Position in Trane Technologies plc (NYSE:TT)

Key Points

• Mediolanum International Funds Ltd increased its stake in Trane Technologies by 145.1%, acquiring 18,604 shares, bringing its total holdings to 31,427 shares valued at approximately $10.43 million.
• Wall Street analysts are optimistic about Trane Technologies, with price targets raised by several firms, placing an average target of $441.40 and a consensus rating of "Moderate Buy".
• Trane Technologies recently reported quarterly earnings of $2.45 EPS, surpassing expectations, along with an announced quarterly dividend of $0.94 per share, reflecting a dividend yield of 0.80%.

Mediolanum International Funds Ltd increased its stake in Trane Technologies plc (NYSE:TT - Free Report) by 145.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 31,427 shares of the company's stock after purchasing an additional 18,604 shares during the quarter. Mediolanum International Funds Ltd's holdings in Trane Technologies were worth $10,434,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in shares of Trane Technologies by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 4,775,263 shares of the company's stock valued at $1,760,549,000 after purchasing an additional 136,349 shares during the period. Ameriprise Financial Inc. increased its position in shares of Trane Technologies by 4.1% during the fourth quarter. Ameriprise Financial Inc. now owns 3,343,390 shares of the company's stock valued at $1,234,908,000 after purchasing an additional 130,867 shares during the period. Northern Trust Corp increased its position in shares of Trane Technologies by 20.1% during the fourth 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. Nuveen Asset Management LLC increased its position in shares of Trane Technologies by 1.6% during the fourth quarter. Nuveen Asset Management LLC now owns 2,332,626 shares of the company's stock valued at $861,555,000 after purchasing an additional 37,389 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Trane Technologies by 8.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,319,287 shares of the company's stock valued at $856,629,000 after purchasing an additional 177,206 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on TT shares. Royal Bank Of Canada upped their price target on Trane Technologies from $363.00 to $408.00 and gave the company a "sector perform" rating in a research report on Thursday, May 1st. Citigroup upped their price target on Trane Technologies from $445.00 to $502.00 and gave the company a "buy" rating in a research report on Monday, July 14th. JPMorgan Chase & Co. upped their price target on Trane Technologies from $334.00 to $400.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. HSBC raised Trane Technologies from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $405.00 to $415.00 in a research note on Friday, April 25th. Finally, The Goldman Sachs Group boosted their price objective on Trane Technologies from $416.00 to $460.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $441.40.

Trane Technologies Trading Down 7.6%

TT traded down $35.77 during midday trading on Wednesday, reaching $435.22. 1,509,939 shares of the company were exchanged, compared to its average volume of 1,481,673. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.74 and a current ratio of 1.09. Trane Technologies plc has a one year low of $298.15 and a one year high of $476.18. The stock has a market capitalization of $97.06 billion, a P/E ratio of 36.29, a PEG ratio of 3.07 and a beta of 1.15. The stock's 50-day simple moving average is $434.83 and its 200 day simple moving average is $387.49.

Trane Technologies (NYSE:TT - Get Free Report) last issued its earnings results 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 36.10% and a net margin of 13.47%. The firm had revenue of $5.75 billion for the quarter, compared to analysts' expectations of $5.77 billion. During the same quarter last year, the business earned $3.30 earnings per share. The company's revenue was up 7.6% compared to the same quarter last year. As a group, analysts forecast that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, September 5th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date is Friday, September 5th. Trane Technologies's dividend payout ratio is currently 31.28%.

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.