Virtu Financial LLC Purchases 1,445 Shares of Trane Technologies plc (NYSE:TT)

Key Points

• Virtu Financial LLC has raised its stake in Trane Technologies plc by 29.5%, increasing its holdings to a total of 6,341 shares valued at approximately $2.14 million.
• Several hedge funds, including CWA Asset Management and Oppenheimer Asset Management, have significantly increased their positions in Trane Technologies, which is now 82.97% owned by institutional investors.
• Trane Technologies recently reported a 7.6% increase in revenue, with earnings per share of $3.88, exceeding analyst expectations and indicating strong financial performance.

Virtu Financial LLC raised its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 29.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,341 shares of the company's stock after buying an additional 1,445 shares during the period. Virtu Financial LLC's holdings in Trane Technologies were worth $2,136,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Fiduciary Family Office LLC bought a new position in Trane Technologies in the first quarter worth about $511,000. Benjamin Edwards Inc. increased its stake in shares of Trane Technologies by 2.6% during the first quarter. Benjamin Edwards Inc. now owns 10,720 shares of the company's stock valued at $3,612,000 after purchasing an additional 274 shares in the last quarter. Covestor Ltd increased its stake in shares of Trane Technologies by 28.9% during the first quarter. Covestor Ltd now owns 241 shares of the company's stock valued at $81,000 after purchasing an additional 54 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Trane Technologies by 9.8% during the first quarter. JPMorgan Chase & Co. now owns 15,722,530 shares of the company's stock valued at $5,297,235,000 after purchasing an additional 1,408,421 shares in the last quarter. Finally, Cynosure Group LLC increased its stake in shares of Trane Technologies by 24.0% during the first quarter. Cynosure Group LLC now owns 992 shares of the company's stock valued at $334,000 after purchasing an additional 192 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TT has been the subject of a number of analyst reports. Stephens raised shares of Trane Technologies from an "equal weight" rating to an "overweight" rating and set a $475.00 target price for the company in a research note on Thursday, May 1st. Northcoast Research downgraded shares of Trane Technologies from a "buy" rating to a "neutral" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. raised their target price on shares of Trane Technologies from $334.00 to $400.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Hsbc Global Res cut shares of Trane Technologies from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 31st. Finally, Citigroup increased their price target on shares of Trane Technologies from $445.00 to $502.00 and gave the company a "buy" rating in a report on Monday, July 14th. 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $458.60.

Trane Technologies Stock Performance

TT stock traded up $10.98 on Tuesday, hitting $439.05. The company had a trading volume of 1,225,620 shares, compared to its average volume of 1,332,460. Trane Technologies plc has a 12-month low of $298.15 and a 12-month high of $476.18. 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 stock's 50-day simple moving average is $435.49 and its 200 day simple moving average is $390.36. The stock has a market cap of $97.69 billion, a price-to-earnings ratio of 34.82, a P/E/G ratio of 2.67 and a beta of 1.09.

Trane Technologies (NYSE:TT - Get Free Report) last issued 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. The business 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 revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the company posted $3.30 EPS. As a group, equities research analysts expect that Trane Technologies plc will post 12.83 earnings per share 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 given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, September 5th. Trane Technologies's dividend payout ratio (DPR) 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.