State Street Corp Has $3.80 Billion Stake in Trane Technologies plc (NYSE:TT)

State Street Corp increased its stake in shares of Trane Technologies plc (NYSE:TT) by 0.8% during the third quarter, HoldingsChannel.com reports. The fund owned 9,769,161 shares of the company’s stock after purchasing an additional 77,830 shares during the period. State Street Corp’s holdings in Trane Technologies were worth $3,797,565,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. MidAtlantic Capital Management Inc. acquired a new stake in Trane Technologies in the 3rd quarter valued at approximately $27,000. DT Investment Partners LLC acquired a new stake in Trane Technologies in the 3rd quarter valued at approximately $36,000. Pittenger & Anderson Inc. acquired a new stake in Trane Technologies in the 3rd quarter valued at approximately $39,000. Triad Wealth Partners LLC acquired a new stake in Trane Technologies in the 2nd quarter valued at approximately $39,000. Finally, Quarry LP acquired a new stake in Trane Technologies in the 2nd quarter valued at approximately $39,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Trane Technologies Trading Down 0.6 %

Shares of TT opened at $415.08 on Friday. The stock has a fifty day moving average price of $400.29 and a two-hundred day moving average price of $361.49. 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 $229.07 and a 52-week high of $422.00. The company has a market cap of $93.40 billion, a price-to-earnings ratio of 38.50, a PEG ratio of 2.50 and a beta of 1.03.

Trane Technologies (NYSE:TT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.37 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the previous year, the company posted $2.79 EPS. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. Analysts predict that Trane Technologies plc will post 11.14 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 6th will be paid a $0.84 dividend. The ex-dividend date is Friday, December 6th. This represents a $3.36 annualized dividend and a dividend yield of 0.81%. Trane Technologies’s dividend payout ratio (DPR) is currently 31.17%.

Insider Activity

In other news, SVP Mairead Magner sold 4,329 shares of Trane Technologies stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $416.00, for a total value of $1,800,864.00. Following the completion of the sale, the senior vice president now directly owns 12,893 shares of the company’s stock, valued at approximately $5,363,488. This trade represents a 25.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on TT shares. Wells Fargo & Company raised their target price on Trane Technologies from $320.00 to $360.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Mizuho raised their price objective on Trane Technologies from $325.00 to $400.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Barclays raised their price objective on Trane Technologies from $440.00 to $500.00 and gave the stock an “overweight” rating in a research report on Thursday. Hsbc Global Res downgraded Trane Technologies from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Finally, HSBC downgraded Trane Technologies from a “buy” rating to a “hold” rating and set a $405.00 price objective for the company. in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $401.93.

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.