Wellington Management Group LLP Purchases 1,522,933 Shares of Trane Technologies plc $TT

Key Points

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Wellington Management Group LLP grew its position in shares of Trane Technologies plc (NYSE:TT - Free Report) by 245.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,144,405 shares of the company's stock after acquiring an additional 1,522,933 shares during the period. Wellington Management Group LLP owned about 0.96% of Trane Technologies worth $722,493,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of TT. Nuveen LLC bought a new position in shares of Trane Technologies during the first quarter valued at about $877,468,000. GAMMA Investing LLC raised its stake 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 valued at $679,161,000 after acquiring an additional 2,010,123 shares during the last quarter. JPMorgan Chase & Co. raised 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 acquiring an additional 1,408,421 shares during the last quarter. Northern Trust Corp raised its stake 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 valued at $948,316,000 after acquiring an additional 429,953 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its stake 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 valued at $645,343,000 after acquiring an additional 410,734 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Trane Technologies Price Performance

Shares of TT opened at $429.20 on Tuesday. The stock has a market cap of $95.50 billion, a PE ratio of 34.04, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.76 and a current ratio of 1.10. Trane Technologies plc has a fifty-two week low of $298.15 and a fifty-two week high of $476.18. The firm's 50-day simple moving average is $435.42 and its two-hundred day simple moving average is $392.33.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $3.88 EPS for the quarter, beating analysts' consensus estimates of $3.79 by $0.09. Trane Technologies had a net margin of 13.76% and a return on equity of 36.61%. The firm had revenue of $5.75 billion for the quarter, compared to analysts' expectations of $5.77 billion. During the same quarter in the prior year, the company posted $3.30 earnings per share. The business's revenue for the quarter was up 7.6% on a year-over-year basis. Analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.94 per share. The ex-dividend date 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 presently 29.82%.

Wall Street Analysts Forecast Growth

TT has been the topic of several research analyst reports. Morgan Stanley boosted their price target on shares of Trane Technologies from $445.00 to $520.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Northcoast Research cut shares of Trane Technologies from a "buy" rating to a "neutral" rating in a research report on Friday, August 1st. Stephens upgraded shares of Trane Technologies from an "equal weight" rating to an "overweight" rating and set a $475.00 price target on the stock in a research report on Thursday, May 1st. Barclays boosted their price target on shares of Trane Technologies from $480.00 to $495.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Finally, The Goldman Sachs Group boosted their price target on shares of Trane Technologies from $416.00 to $460.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $458.60.

Trane Technologies 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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