Varenne Capital Partners Buys New Position in Trane Technologies plc (NYSE:TT)

Key Points

• Varenne Capital Partners has acquired a new stake in Trane Technologies valued at approximately $9.95 million, making it the firm's 10th largest position.
• Trane Technologies recently reported earnings of $3.88 per share, exceeding analyst estimates, and announced a quarterly dividend of $0.94 per share.
• Wall Street analysts hold a mixed view on Trane Technologies, with price targets ranging from $400 to $520 and a consensus rating of "Hold."

Varenne Capital Partners bought a new stake in shares of Trane Technologies plc (NYSE:TT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 29,526 shares of the company's stock, valued at approximately $9,948,000. Trane Technologies accounts for 3.6% of Varenne Capital Partners' holdings, making the stock its 10th biggest position.

Several other hedge funds have also modified their holdings of the stock. Minot DeBlois Advisors LLC purchased a new stake in Trane Technologies during the 4th quarter worth approximately $26,000. WFA Asset Management Corp boosted its position in Trane Technologies by 208.3% during the 1st quarter. WFA Asset Management Corp now owns 74 shares of the company's stock valued at $25,000 after purchasing an additional 50 shares during the period. Vermillion & White Wealth Management Group LLC acquired a new position in Trane Technologies during the 4th quarter valued at approximately $28,000. Opal Wealth Advisors LLC acquired a new position in Trane Technologies during the 1st quarter valued at approximately $31,000. Finally, Bogart Wealth LLC boosted its position in Trane Technologies by 97.9% during the 1st quarter. Bogart Wealth LLC now owns 93 shares of the company's stock valued at $31,000 after purchasing an additional 46 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Trane Technologies from $334.00 to $400.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Robert W. Baird boosted their price objective on Trane Technologies from $396.00 to $450.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Citigroup lifted their target price on Trane Technologies from $445.00 to $502.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Morgan Stanley lifted their target price on Trane Technologies from $445.00 to $520.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Finally, Hsbc Global Res downgraded Trane Technologies from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $458.60.

Trane Technologies Stock Down 0.8%

TT opened at $435.30 on Thursday. Trane Technologies plc has a one year low of $298.15 and a one year high of $476.18. 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's fifty day moving average is $435.54 and its 200-day moving average is $390.67. The company has a market capitalization of $96.86 billion, a PE ratio of 34.52, a P/E/G ratio of 2.73 and a beta of 1.09.

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, topping analysts' consensus estimates of $3.79 by $0.09. Trane Technologies had a return on equity of 36.61% and a net margin of 13.76%. The company had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the previous year, the business earned $3.30 EPS. The company's quarterly revenue was up 7.6% compared to the same quarter last year. On average, equities analysts predict that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, September 5th will be given a dividend of $0.94 per share. 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 payout ratio is 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.

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