Short Interest in Trane Technologies plc (NYSE:TT) Expands By 1,763.7%

Key Points

• Short interest in Trane Technologies surged by 1,763.7% in July, reaching approximately 3.5 million shares, which is about 1.6% of the company's stock.
• Institutional investors own 82.97% of Trane Technologies’ stock, with notable changes in positions during the fourth quarter from firms like Brighton Jones LLC and Huntington National Bank.
• Trane Technologies recently declared a quarterly dividend of $0.94, with a dividend yield of 0.9%, scheduled for payment on September 30th.

Trane Technologies plc (NYSE:TT - Get Free Report) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 3,500,000 shares, anincreaseof1,763.7% from the June 30th total of 187,800 shares. Based on an average daily volume of 1,310,000 shares, the short-interest ratio is presently 2.7 days. Currently,1.6% of the shares of the company are sold short. Currently,1.6% of the shares of the company are sold short. Based on an average daily volume of 1,310,000 shares, the short-interest ratio is presently 2.7 days.

Trane Technologies Trading Down 0.8%

Shares of TT traded down $3.49 during mid-day trading on Wednesday, reaching $425.27. The stock had a trading volume of 447,820 shares, compared to its average volume of 1,489,544. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.10 and a quick ratio of 0.76. Trane Technologies has a 52-week low of $298.15 and a 52-week high of $476.18. The business's fifty day moving average is $435.62 and its 200 day moving average is $389.21. The firm has a market cap of $94.63 billion, a price-to-earnings ratio of 33.75, a P/E/G ratio of 2.77 and a beta of 1.09.

Trane Technologies (NYSE:TT - Get Free Report) last announced its 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 company had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.77 billion. Trane Technologies had a net margin of 13.76% and a return on equity of 36.61%. Trane Technologies's revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.30 earnings per share. On average, sell-side analysts predict that Trane Technologies will post 12.83 EPS 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. Investors of record on Friday, September 5th will be paid a $0.94 dividend. The ex-dividend date is Friday, September 5th. This represents a $3.76 dividend on an annualized basis and a yield of 0.9%. Trane Technologies's payout ratio is currently 29.82%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. NorthRock Partners LLC increased its stake in Trane Technologies by 1.2% in the second quarter. NorthRock Partners LLC now owns 2,052 shares of the company's stock valued at $898,000 after purchasing an additional 24 shares during the period. Csenge Advisory Group increased its stake in Trane Technologies by 0.6% in the 1st quarter. Csenge Advisory Group now owns 3,944 shares of the company's stock valued at $1,314,000 after buying an additional 25 shares during the period. Confluence Wealth Services Inc. increased its stake in Trane Technologies by 0.7% in the 2nd quarter. Confluence Wealth Services Inc. now owns 3,609 shares of the company's stock valued at $1,579,000 after buying an additional 25 shares during the period. CBIZ Investment Advisory Services LLC increased its stake in Trane Technologies by 23.4% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 137 shares of the company's stock valued at $46,000 after buying an additional 26 shares during the period. Finally, Fiera Capital Corp increased its stake in Trane Technologies by 1.4% in the 1st quarter. Fiera Capital Corp now owns 1,930 shares of the company's stock valued at $650,000 after buying an additional 27 shares during the period. Hedge funds and other institutional investors own 82.97% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on TT shares. Wells Fargo & Company boosted their target price on shares of Trane Technologies from $370.00 to $410.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. Royal Bank Of Canada upped their price objective on shares of Trane Technologies from $463.00 to $467.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 31st. Morgan Stanley upped their price objective on shares of Trane Technologies from $445.00 to $520.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. HSBC cut shares of Trane Technologies from a "buy" rating to a "hold" rating and upped their price objective for the stock from $415.00 to $460.00 in a research report on Thursday, July 31st. Finally, Northcoast Research cut shares of Trane Technologies from a "buy" rating to a "neutral" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $458.60.

About Trane Technologies

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.