Trane Technologies plc (NYSE:TT) Shares Acquired by CCLA Investment Management

Key Points

• CCLA Investment Management increased its stake in Trane Technologies plc by 14.7%, owning approximately 0.13% of the company worth about $98.5 million.
• Trane Technologies reported earnings of $3.88 per share for the last quarter, exceeding analysts' expectations, with a year-over-year revenue increase of 7.6%.
• The company declared a quarterly dividend of $0.94, resulting in an annualized dividend of $3.76 and a dividend yield of 0.9%.

CCLA Investment Management boosted its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 14.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 292,419 shares of the company's stock after purchasing an additional 37,538 shares during the quarter. CCLA Investment Management owned approximately 0.13% of Trane Technologies worth $98,498,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Scotia Capital Inc. raised its holdings in shares of Trane Technologies by 17.0% during the first quarter. Scotia Capital Inc. now owns 9,760 shares of the company's stock valued at $3,288,000 after buying an additional 1,420 shares during the last quarter. Banco Santander S.A. acquired a new stake in Trane Technologies in the 1st quarter valued at approximately $728,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund raised its stake in Trane Technologies by 50.0% during the 1st quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 2,100 shares of the company's stock valued at $708,000 after acquiring an additional 700 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Trane Technologies by 1.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 294,504 shares of the company's stock worth $99,224,000 after acquiring an additional 3,290 shares during the period. Finally, TIAA Trust National Association grew its stake in shares of Trane Technologies by 0.9% in the first quarter. TIAA Trust National Association now owns 5,304 shares of the company's stock worth $1,787,000 after purchasing an additional 47 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Trane Technologies Stock Performance

TT opened at $439.01 on Friday. The company has a quick ratio of 0.74, a current ratio of 1.10 and a debt-to-equity ratio of 0.50. The firm has a market cap of $97.68 billion, a PE ratio of 34.81, a P/E/G ratio of 2.83 and a beta of 1.09. The business has a fifty day simple moving average of $435.56 and a 200-day simple moving average of $388.63. Trane Technologies plc has a fifty-two week low of $298.15 and a fifty-two 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 earnings per share for the quarter, beating analysts' consensus estimates of $3.79 by $0.09. The business had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.77 billion. Trane Technologies had a return on equity of 36.61% and a net margin of 13.76%. Trane Technologies's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the company posted $3.30 EPS. As a group, equities analysts predict that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The company 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 $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, September 5th. Trane Technologies's dividend payout ratio is 29.82%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on TT shares. UBS Group upped their price objective on shares of Trane Technologies from $470.00 to $500.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Hsbc Global Res lowered shares of Trane Technologies from a "strong-buy" rating to a "hold" rating in a research note on Thursday. The Goldman Sachs Group raised their price objective on shares of Trane Technologies from $416.00 to $460.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Citigroup boosted their target price on Trane Technologies from $445.00 to $502.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Finally, Wells Fargo & Company increased their price target on Trane Technologies from $370.00 to $410.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. One research 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. Based on data from MarketBeat, Trane Technologies has a consensus rating of "Hold" and an average price target of $455.67.

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.

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