Trane Technologies plc $TT is Eventide Asset Management LLC's 4th Largest Position

Key Points

• Eventide Asset Management increased its holding in Trane Technologies by 2.6% to 398,521 shares, making TT its 4th-largest position (about 2.8% of Eventide's portfolio) valued at roughly $168 million.
• Other institutions have also been buying: Norges Bank opened a new stake worth about $1.36 billion and JPMorgan raised its position to 15.53 million shares (≈$6.55 billion), leaving institutional investors with about 82.97% ownership of the stock.
• Trane recently reported an earnings beat (Q: $2.86 EPS vs. $2.81 est.; revenue $5.14B, +5.6% YoY) and carries a consensus analyst rating of "Moderate Buy" with a $484.67 price target; the company also raised its quarterly dividend to $1.05 per share (annualized $4.20, ~1.0% yield).

Eventide Asset Management LLC boosted its position in shares of Trane Technologies plc (NYSE:TT - Free Report) by 2.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 398,521 shares of the company's stock after purchasing an additional 10,046 shares during the quarter. Trane Technologies comprises about 2.8% of Eventide Asset Management LLC's portfolio, making the stock its 4th biggest position. Eventide Asset Management LLC owned 0.18% of Trane Technologies worth $167,996,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TT. Norges Bank purchased a new stake in Trane Technologies in the second quarter valued at about $1,356,065,000. JPMorgan Chase & Co. raised its position in shares of Trane Technologies by 10.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock valued at $6,550,975,000 after purchasing an additional 1,433,563 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Trane Technologies by 229.3% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company's stock worth $766,583,000 after purchasing an additional 1,220,388 shares in the last quarter. ABN AMRO Bank N.V. acquired a new position in Trane Technologies during the 2nd quarter valued at approximately $291,206,000. Finally, Corient Private Wealth LLC raised its holdings in shares of Trane Technologies by 135.4% in the second quarter. Corient Private Wealth LLC now owns 735,589 shares of the company's stock worth $321,757,000 after buying an additional 423,090 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TT has been the subject of a number of research analyst reports. KeyCorp upgraded Trane Technologies from a "sector weight" rating to an "overweight" rating and set a $500.00 target price for the company in a research note on Monday, December 15th. Oppenheimer increased their price objective on Trane Technologies from $460.00 to $468.00 and gave the company an "outperform" rating in a report on Friday, January 30th. JPMorgan Chase & Co. lifted their target price on Trane Technologies from $434.00 to $460.00 and gave the stock a "neutral" rating in a report on Friday, January 30th. Melius Research upgraded Trane Technologies from a "hold" rating to a "buy" rating and set a $490.00 target price on the stock in a research report on Wednesday, January 7th. Finally, Royal Bank Of Canada increased their price target on shares of Trane Technologies from $469.00 to $470.00 and gave the stock a "sector perform" rating in a report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $484.67.

Insider Activity at Trane Technologies

In related news, CAO Elizabeth A. Elwell sold 635 shares of Trane Technologies stock in a transaction on Friday, March 6th. The shares were sold at an average price of $422.70, for a total value of $268,414.50. Following the sale, the chief accounting officer owned 7,100 shares of the company's stock, valued at approximately $3,001,170. This trade represents a 8.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Christopher J. Kuehn sold 2,389 shares of the company's stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $462.70, for a total transaction of $1,105,390.30. Following the transaction, the chief financial officer owned 60,486 shares of the company's stock, valued at $27,986,872.20. This represents a 3.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 49,378 shares of company stock worth $21,228,464 over the last 90 days. 0.14% of the stock is owned by insiders.

Trane Technologies Price Performance

NYSE:TT opened at $422.66 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. Trane Technologies plc has a 52 week low of $298.15 and a 52 week high of $479.37. The stock's 50-day moving average price is $426.27 and its 200-day moving average price is $417.18. The stock has a market capitalization of $93.55 billion, a PE ratio of 32.56, a price-to-earnings-growth ratio of 2.22 and a beta of 1.19.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping analysts' consensus estimates of $2.81 by $0.05. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The company had revenue of $5.14 billion during the quarter, compared to analysts' expectations of $5.09 billion. During the same quarter in the prior year, the firm posted $2.61 EPS. Trane Technologies's quarterly revenue was up 5.6% compared to the same quarter last year. As a group, equities analysts expect that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 6th will be given a dividend of $1.05 per share. This is a positive change from Trane Technologies's previous quarterly dividend of $0.94. The ex-dividend date is Friday, March 6th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.0%. Trane Technologies's payout ratio is 32.36%.

Trane Technologies Profile

Trane Technologies NYSE: TT is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.

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