Westpac Banking Corp Increases Position in Trane Technologies plc (NYSE:TT)

Westpac Banking Corp lifted its stake in shares of Trane Technologies plc (NYSE:TT) by 8.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,626 shares of the company’s stock after purchasing an additional 2,347 shares during the period. Westpac Banking Corp’s holdings in Trane Technologies were worth $7,714,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. JPMorgan Chase & Co. boosted its holdings in Trane Technologies by 5.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 17,085,662 shares of the company’s stock valued at $3,466,852,000 after purchasing an additional 880,583 shares during the last quarter. FMR LLC grew its position in Trane Technologies by 12.4% in the third quarter. FMR LLC now owns 5,743,154 shares of the company’s stock worth $1,165,343,000 after acquiring an additional 632,598 shares during the period. Ameriprise Financial Inc. increased its stake in Trane Technologies by 2.6% during the third quarter. Ameriprise Financial Inc. now owns 4,050,779 shares of the company’s stock worth $821,952,000 after acquiring an additional 103,823 shares during the last quarter. Morgan Stanley raised its position in Trane Technologies by 0.6% in the third quarter. Morgan Stanley now owns 2,797,382 shares of the company’s stock valued at $567,617,000 after purchasing an additional 17,758 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Trane Technologies by 4.3% in the 3rd quarter. Northern Trust Corp now owns 2,522,449 shares of the company’s stock valued at $511,830,000 after purchasing an additional 104,653 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Citigroup raised their price objective on Trane Technologies from $355.00 to $366.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. boosted their target price on Trane Technologies from $247.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. TD Cowen increased their target price on Trane Technologies from $325.00 to $360.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Wells Fargo & Company boosted their price target on shares of Trane Technologies from $281.00 to $295.00 and gave the stock an “underweight” rating in a research note on Thursday, May 2nd. Finally, Barclays lifted their price objective on shares of Trane Technologies from $286.00 to $325.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $300.54.

Insider Activity

In related news, EVP Paul A. Camuti sold 5,643 shares of Trane Technologies stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $288.30, for a total value of $1,626,876.90. Following the sale, the executive vice president now directly owns 88,770 shares in the company, valued at $25,592,391. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Trane Technologies news, EVP Paul A. Camuti sold 5,643 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $288.30, for a total value of $1,626,876.90. Following the completion of the transaction, the executive vice president now directly owns 88,770 shares of the company’s stock, valued at $25,592,391. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Evan M. Turtz sold 2,821 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $288.33, for a total value of $813,378.93. Following the sale, the senior vice president now directly owns 20,729 shares in the company, valued at approximately $5,976,792.57. The disclosure for this sale can be found here. Insiders have sold a total of 22,979 shares of company stock valued at $6,603,372 over the last quarter. Corporate insiders own 0.39% of the company’s stock.

Trane Technologies Stock Up 0.8 %

Shares of NYSE TT traded up $2.73 during midday trading on Wednesday, hitting $332.79. 350,528 shares of the company’s stock were exchanged, compared to its average volume of 1,005,712. Trane Technologies plc has a twelve month low of $162.04 and a twelve month high of $335.28. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.13 and a quick ratio of 0.74. The company has a market cap of $75.33 billion, a PE ratio of 35.38, a P/E/G ratio of 2.60 and a beta of 1.01. The firm’s fifty day simple moving average is $302.01 and its 200-day simple moving average is $265.69.

Trane Technologies (NYSE:TT) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.30. The company had revenue of $4.22 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Trane Technologies had a return on equity of 32.78% and a net margin of 11.81%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.41 earnings per share. Research analysts predict that Trane Technologies plc will post 10.48 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.84 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $3.36 dividend on an annualized basis and a yield of 1.01%. Trane Technologies’s dividend payout ratio (DPR) is 35.90%.

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.