Y Intercept Hong Kong Ltd Invests $863,000 in Trane Technologies plc (NYSE:TT)

Key Points

• Y Intercept Hong Kong Ltd has invested approximately $863,000 in Trane Technologies plc, acquiring 2,562 shares in the first quarter of the fiscal year.
• Multiple institutional investors, including Brighton Jones LLC and American Century Companies Inc., have significantly increased their stakes in Trane Technologies in the fourth quarter.
• Wall Street analysts have raised their price targets for Trane Technologies, with Citigroup setting a new target of $502.00, indicating strong confidence in the company's growth potential.

Y Intercept Hong Kong Ltd bought a new position in Trane Technologies plc (NYSE:TT - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 2,562 shares of the company's stock, valued at approximately $863,000.

Several other institutional investors have also recently made changes to their positions in TT. Brighton Jones LLC grew its stake in shares of Trane Technologies by 60.0% in the 4th quarter. Brighton Jones LLC now owns 6,194 shares of the company's stock worth $2,288,000 after acquiring an additional 2,323 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Trane Technologies by 151.8% in the 4th quarter. American Century Companies Inc. now owns 90,053 shares of the company's stock worth $33,261,000 after acquiring an additional 54,295 shares in the last quarter. Congress Wealth Management LLC DE purchased a new position in shares of Trane Technologies in the 4th quarter worth about $736,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Trane Technologies by 7.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364,804 shares of the company's stock valued at $139,052,000 after buying an additional 24,896 shares during the period. Finally, Artisan Partners Limited Partnership purchased a new stake in Trane Technologies during the fourth quarter worth about $67,639,000. Institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TT. Citigroup boosted their target price on shares of Trane Technologies from $445.00 to $502.00 and gave the company a "buy" rating in a research note on Monday, July 14th. UBS Group boosted their target price on shares of Trane Technologies from $470.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Barclays boosted their target price on shares of Trane Technologies from $476.00 to $480.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. boosted 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. Finally, Hsbc Global Res upgraded shares of Trane Technologies from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Trane Technologies currently has an average rating of "Moderate Buy" and an average price target of $441.40.

Trane Technologies Trading Up 2.3%

Shares of Trane Technologies stock opened at $472.43 on Friday. Trane Technologies plc has a 12-month low of $298.15 and a 12-month high of $473.13. The company has a market cap of $105.36 billion, a price-to-earnings ratio of 39.30, a PEG ratio of 3.00 and a beta of 1.15. The company has a current ratio of 1.09, a quick ratio of 0.74 and a debt-to-equity ratio of 0.52. The company's 50-day moving average price is $433.17 and its 200-day moving average price is $386.23.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.20 by $0.25. Trane Technologies had a net margin of 13.47% and a return on equity of 36.10%. The firm had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same period in the prior year, the firm posted $1.94 earnings per share. The company's revenue for the quarter was up 11.2% on a year-over-year basis. On average, equities analysts expect that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 5th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date of this dividend is Friday, September 5th. Trane Technologies's dividend payout ratio is currently 31.28%.

Insiders Place Their Bets

In related news, insider Donald E. Simmons sold 3,571 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $380.00, for a total value of $1,356,980.00. Following the sale, the insider directly owned 3,593 shares of the company's stock, valued at $1,365,340. This trade represents a 49.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.38% of the stock is owned by corporate insiders.

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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