Summit Global Investments Buys Shares of 3,533 Trane Technologies plc (NYSE:TT)

Summit Global Investments purchased a new stake in Trane Technologies plc (NYSE:TT - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,533 shares of the company's stock, valued at approximately $1,373,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. International Assets Investment Management LLC raised its holdings in shares of Trane Technologies by 35,914.4% during the 3rd quarter. International Assets Investment Management LLC now owns 1,645,137 shares of the company's stock valued at $639,514,000 after buying an additional 1,640,569 shares in the last quarter. Swedbank AB purchased a new position in shares of Trane Technologies during the 1st quarter valued at about $206,211,000. 1832 Asset Management L.P. raised its holdings in shares of Trane Technologies by 7,363.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 422,785 shares of the company's stock valued at $139,067,000 after buying an additional 417,120 shares in the last quarter. TD Asset Management Inc raised its holdings in shares of Trane Technologies by 41.2% during the 1st quarter. TD Asset Management Inc now owns 1,060,632 shares of the company's stock valued at $318,402,000 after buying an additional 309,738 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of Trane Technologies by 162.7% during the 2nd quarter. Point72 Asset Management L.P. now owns 447,705 shares of the company's stock valued at $147,263,000 after buying an additional 277,274 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Trane Technologies Stock Up 3.7 %

Shares of NYSE TT traded up $14.66 during mid-day trading on Friday, hitting $410.58. 1,528,289 shares of the stock traded hands, compared to its average volume of 1,209,677. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.92 and a current ratio of 1.22. Trane Technologies plc has a 52 week low of $220.62 and a 52 week high of $413.74. The company has a market cap of $92.39 billion, a price-to-earnings ratio of 38.09, a PEG ratio of 2.48 and a beta of 1.02. The stock has a fifty day moving average price of $381.70 and a 200-day moving average price of $348.89.

Trane Technologies (NYSE:TT - Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $3.37 EPS for the quarter, topping the consensus estimate of $3.23 by $0.14. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The business had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same period in the previous year, the company posted $2.79 earnings per share. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. Research analysts anticipate that Trane Technologies plc will post 11.13 EPS for the current year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 6th will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date is Friday, December 6th. Trane Technologies's dividend payout ratio is 31.17%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on TT shares. Wells Fargo & Company raised their price objective on Trane Technologies from $320.00 to $360.00 and gave the company an "underweight" rating in a report on Monday, October 7th. Royal Bank of Canada lifted their price target on Trane Technologies from $334.00 to $350.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 1st. Mizuho lifted their price target on Trane Technologies from $325.00 to $400.00 and gave the stock a "neutral" rating in a research note on Thursday, October 17th. HSBC cut Trane Technologies from a "buy" rating to a "hold" rating and set a $405.00 price target on the stock. in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group lifted their price target on Trane Technologies from $364.00 to $407.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Trane Technologies has an average rating of "Hold" and an average target price of $380.15.

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.