Invesco Ltd. Trims Position in Trane Technologies plc (NYSE:TT)

Key Points

• Invesco Ltd. reduced its stake in Trane Technologies plc by 7.8%, holding approximately 1.45 million shares valued at $488 million as of the end of the first quarter.
• Several institutional investors, including JPMorgan Chase & Co. and Covestor Ltd., have increased their positions in Trane Technologies, with 82.97% of the stock now owned by hedge funds and other institutions.
• Analysts have mixed ratings on Trane Technologies, with a consensus rating of "Hold" and an average price target of $458.60, following recent adjustments to target prices from major firms like Goldman Sachs and Citigroup.

Invesco Ltd. lowered its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 7.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,449,397 shares of the company's stock after selling 122,757 shares during the quarter. Invesco Ltd. owned about 0.65% of Trane Technologies worth $488,331,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of TT. GAMMA Investing LLC grew its holdings in Trane Technologies by 35,458.2% in the first quarter. GAMMA Investing LLC now owns 2,015,792 shares of the company's stock worth $679,161,000 after purchasing an additional 2,010,123 shares during the period. JPMorgan Chase & Co. grew its holdings in Trane Technologies by 9.8% in the first quarter. JPMorgan Chase & Co. now owns 15,722,530 shares of the company's stock worth $5,297,235,000 after purchasing an additional 1,408,421 shares during the period. Northern Trust Corp lifted its stake in shares of Trane Technologies by 20.1% in the fourth quarter. Northern Trust Corp now owns 2,567,527 shares of the company's stock worth $948,316,000 after buying an additional 429,953 shares in the last quarter. Pictet Asset Management Holding SA lifted its stake in shares of Trane Technologies by 27.3% in the first quarter. Pictet Asset Management Holding SA now owns 1,915,630 shares of the company's stock worth $645,343,000 after buying an additional 410,734 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Trane Technologies in the fourth quarter worth approximately $147,251,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Trane Technologies Stock Performance

TT traded up $10.98 during trading on Tuesday, hitting $439.05. The company's stock had a trading volume of 1,225,620 shares, compared to its average volume of 1,332,460. The company has a quick ratio of 0.76, a current ratio of 1.10 and a debt-to-equity ratio of 0.50. Trane Technologies plc has a one year low of $298.15 and a one year high of $476.18. The firm has a market cap of $97.69 billion, a PE ratio of 34.82, a P/E/G ratio of 2.67 and a beta of 1.09. The business's 50 day simple moving average is $435.49 and its 200-day simple moving average is $390.36.

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, topping the consensus estimate 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 the consensus estimate of $5.77 billion. During the same period last year, the firm earned $3.30 earnings per share. The company's quarterly revenue was up 7.6% on a year-over-year basis. As a group, sell-side analysts predict that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, September 5th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.9%. Trane Technologies's dividend payout ratio is 29.82%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. UBS Group upped their target price on shares of Trane Technologies from $500.00 to $544.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Morgan Stanley upped their target price on shares of Trane Technologies from $445.00 to $520.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Barclays upped their target price on shares of Trane Technologies from $480.00 to $495.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Robert W. Baird upped their target price on shares of Trane Technologies from $396.00 to $450.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, Royal Bank Of Canada upped their target price on shares of Trane Technologies from $463.00 to $467.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 31st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average 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.