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

Wellington Management Group LLP boosted its stake in shares of Trane Technologies plc (NYSE:TT) by 245.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,144,405 shares of the company’s stock after purchasing an additional 1,522,933 shares during the period. Wellington Management Group LLP’s holdings in Trane Technologies were worth $722,493,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Korea Investment CORP lifted its position in Trane Technologies by 0.7% during the first quarter. Korea Investment CORP now owns 202,665 shares of the company’s stock valued at $68,282,000 after purchasing an additional 1,336 shares during the period. Aptus Capital Advisors LLC lifted its position in Trane Technologies by 27.0% during the first quarter. Aptus Capital Advisors LLC now owns 4,705 shares of the company’s stock valued at $1,585,000 after purchasing an additional 999 shares during the period. Northern Trust Corp lifted its position in Trane Technologies by 0.7% during the first quarter. Northern Trust Corp now owns 2,584,819 shares of the company’s stock valued at $870,877,000 after purchasing an additional 17,292 shares during the period. Brooklyn Investment Group raised its position in Trane Technologies by 37.8% in the first quarter. Brooklyn Investment Group now owns 1,994 shares of the company’s stock worth $671,000 after acquiring an additional 547 shares during the period. Finally, Corient IA LLC bought a new position in Trane Technologies in the first quarter worth approximately $1,208,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Northcoast Research downgraded shares of Trane Technologies from a “buy” rating to a “neutral” rating in a research report on Friday, August 1st. Citigroup increased their price target on shares of Trane Technologies from $445.00 to $502.00 and gave the stock a “buy” rating in a research report on Monday, July 14th. Wells Fargo & Company increased their price target on shares of Trane Technologies from $370.00 to $410.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 1st. Robert W. Baird increased their price target on shares of Trane Technologies from $396.00 to $450.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. Finally, 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. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $458.60.

Trane Technologies Stock Performance

Shares of NYSE 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 firm has a fifty day moving average price of $435.42 and a 200-day moving average price of $392.33. Trane Technologies plc has a 1 year low of $298.15 and a 1 year high of $476.18. 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 (NYSE:TT) last posted its earnings results on Wednesday, July 30th. The company reported $3.88 earnings per share for the quarter, beating the consensus estimate of $3.79 by $0.09. The company had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.77 billion. Trane Technologies had a net margin of 13.76% and a return on equity of 36.61%. Trane Technologies’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the company posted $3.30 earnings per share. Equities analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

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 dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, September 5th. Trane Technologies’s dividend payout ratio (DPR) is presently 29.82%.

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.