Nuveen LLC Invests $877.47 Million in Trane Technologies plc (NYSE:TT)

Key Points

• Nuveen LLC invested approximately $877.47 million in Trane Technologies by purchasing 2,604,382 shares, representing 1.17% of the company.
• Major analysts have set a consensus price target of $458.60 for Trane Technologies, with Goldman Sachs raising their target to $460.00 and JPMorgan Chase to $400.00.
• Trane Technologies recently declared a quarterly dividend of $0.94 per share, resulting in an annualized payout of $3.76 and a yield of 0.9%.

Nuveen LLC bought a new position in shares of Trane Technologies plc (NYSE:TT - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,604,382 shares of the company's stock, valued at approximately $877,468,000. Nuveen LLC owned approximately 1.17% of Trane Technologies at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Csenge Advisory Group increased its position in shares of Trane Technologies by 0.6% during the first quarter. Csenge Advisory Group now owns 3,944 shares of the company's stock worth $1,314,000 after acquiring an additional 25 shares in the last quarter. Fiera Capital Corp increased its position in shares of Trane Technologies by 1.4% during the first quarter. Fiera Capital Corp now owns 1,930 shares of the company's stock worth $650,000 after acquiring an additional 27 shares in the last quarter. Bingham Private Wealth LLC increased its position in shares of Trane Technologies by 3.2% during the first quarter. Bingham Private Wealth LLC now owns 944 shares of the company's stock worth $318,000 after acquiring an additional 29 shares in the last quarter. Tradewinds Capital Management LLC increased its position in shares of Trane Technologies by 46.2% during the first quarter. Tradewinds Capital Management LLC now owns 95 shares of the company's stock worth $32,000 after acquiring an additional 30 shares in the last quarter. Finally, Smith Group Asset Management LLC increased its position in shares of Trane Technologies by 1.2% during the first quarter. Smith Group Asset Management LLC now owns 2,610 shares of the company's stock worth $879,000 after acquiring an additional 30 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TT has been the subject of a number of analyst reports. The Goldman Sachs Group raised their target price on shares of Trane Technologies from $416.00 to $460.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada increased their price target on shares of Trane Technologies from $463.00 to $467.00 and gave the company a "sector perform" rating in a research note on Thursday, July 31st. Northcoast Research cut shares of Trane Technologies from a "buy" rating to a "neutral" rating in a research note 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 research note on Friday, May 16th. Finally, Hsbc Global Res cut shares of Trane Technologies from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Trane Technologies presently has a consensus rating of "Hold" and an average target price of $458.60.

Trane Technologies Stock Performance

NYSE TT opened at $430.09 on Friday. The firm has a 50-day moving average of $435.42 and a 200-day moving average of $389.90. 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 cap of $95.70 billion, a PE ratio of 34.11, a P/E/G ratio of 2.68 and a beta of 1.09. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $476.18.

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

Trane Technologies Announces Dividend

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