JPMorgan Chase & Co. Increases Stock Position in Trane Technologies plc (NYSE:TT)

Key Points

• JPMorgan Chase & Co. increased its holdings in Trane Technologies plc by 9.8% during the first quarter, owning over 15.7 million shares worth approximately $5.3 billion.
• Trane Technologies reported earnings of $3.88 per share in its last quarter, exceeding analysts' estimates, with revenue of $5.75 billion—a 7.6% increase compared to the same quarter last year.
• The company also announced a quarterly dividend of $0.94 per share, representing an annual yield of 0.9%, with a dividend payout ratio of 29.82%.

JPMorgan Chase & Co. grew its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 9.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,722,530 shares of the company's stock after purchasing an additional 1,408,421 shares during the period. JPMorgan Chase & Co. owned approximately 7.05% of Trane Technologies worth $5,297,235,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. GAMMA Investing LLC increased its position in shares of Trane Technologies by 35,458.2% during the first quarter. GAMMA Investing LLC now owns 2,015,792 shares of the company's stock worth $679,161,000 after acquiring an additional 2,010,123 shares in the last quarter. 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 worth $948,316,000 after acquiring an additional 429,953 shares in the last quarter. Pictet Asset Management Holding SA increased its position in shares of Trane Technologies by 27.3% during the first quarter. Pictet Asset Management Holding SA now owns 1,915,630 shares of the company's stock worth $645,343,000 after acquiring an additional 410,734 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Trane Technologies during the fourth quarter worth about $147,251,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of Trane Technologies during the fourth quarter worth about $137,999,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TT. JPMorgan Chase & Co. boosted their target price on shares of Trane Technologies from $334.00 to $400.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. HSBC downgraded shares of Trane Technologies from a "buy" rating to a "hold" rating and boosted their target price for the stock from $415.00 to $460.00 in a research report on Thursday, July 31st. Barclays upped their price objective on shares of Trane Technologies from $480.00 to $495.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Morgan Stanley upped their price objective on shares of Trane Technologies from $445.00 to $520.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Finally, UBS Group upped their price objective on shares of Trane Technologies from $500.00 to $544.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $458.60.

Trane Technologies Stock Performance

TT traded up $1.98 during midday trading on Friday, reaching $430.09. The company had a trading volume of 755,558 shares, compared to its average volume of 1,337,319. 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 12-month low of $298.15 and a 12-month high of $476.18. The business has a 50-day moving average price of $435.42 and a two-hundred day moving average price of $389.83.

Trane Technologies (NYSE:TT - Get Free Report) last released its 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 firm had revenue of $5.75 billion for the quarter, compared to analysts' expectations of $5.77 billion. Trane Technologies had a net margin of 13.76% and a return on equity of 36.61%. The company's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company earned $3.30 earnings per share. On average, sell-side analysts expect 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. Investors of record on Friday, September 5th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, September 5th. Trane Technologies's dividend payout ratio is presently 29.82%.

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.