Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stock Holdings in Trane Technologies plc (NYSE:TT)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Trane Technologies by 11.8% in the first quarter, acquiring an additional 43,214 shares, now owning approximately 0.18% of the company valued at $137.5 million.
• Trane Technologies recently reported a quarterly earnings per share (EPS) of $3.88, exceeding analysts' estimates by $0.09, with a year-over-year revenue increase of 7.6% to $5.75 billion.
• The stock has received mixed ratings from analysts, with one sell rating, ten hold ratings, and five buy ratings, leading to a current consensus target price of $458.60.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Trane Technologies plc (NYSE:TT - Free Report) by 11.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 408,018 shares of the company's stock after buying an additional 43,214 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of Trane Technologies worth $137,512,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TT. Brighton Jones LLC increased its position in Trane Technologies by 60.0% in the 4th quarter. Brighton Jones LLC now owns 6,194 shares of the company's stock valued at $2,288,000 after buying an additional 2,323 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Trane Technologies during the 4th quarter worth approximately $13,396,000. Advisory Services Network LLC increased its holdings in Trane Technologies by 83.2% during the 4th quarter. Advisory Services Network LLC now owns 10,240 shares of the company's stock worth $3,782,000 after purchasing an additional 4,650 shares in the last quarter. Texas Yale Capital Corp. increased its holdings in Trane Technologies by 0.7% during the 4th quarter. Texas Yale Capital Corp. now owns 6,745 shares of the company's stock worth $2,491,000 after purchasing an additional 50 shares in the last quarter. Finally, Bessemer Group Inc. increased its holdings in Trane Technologies by 1.7% during the 4th quarter. Bessemer Group Inc. now owns 18,389 shares of the company's stock worth $6,792,000 after purchasing an additional 300 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

Trane Technologies Stock Performance

Shares of TT stock traded up $1.98 during trading on Friday, hitting $430.09. The company's stock had a trading volume of 755,558 shares, compared to its average volume of 1,346,768. The company 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. The company has a current ratio of 1.10, a quick ratio of 0.76 and a debt-to-equity ratio of 0.50. The business has a fifty day moving average of $435.42 and a 200-day moving average of $389.90. 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 posted its quarterly earnings data on Wednesday, July 30th. The company reported $3.88 EPS for the quarter, beating 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 business had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the business earned $3.30 earnings per share. Trane Technologies's revenue for the quarter was up 7.6% on a year-over-year basis. As a group, research analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current 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 $0.94 dividend. 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 is presently 29.82%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Northcoast Research lowered Trane Technologies from a "buy" rating to a "neutral" rating in a report on Friday, August 1st. Hsbc Global Res lowered Trane Technologies from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 31st. Robert W. Baird boosted their price objective on Trane Technologies from $396.00 to $450.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. JPMorgan Chase & Co. boosted their price objective on Trane Technologies from $334.00 to $400.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. 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 report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Trane Technologies presently has a consensus rating of "Hold" and a consensus target price of $458.60.

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.