Trane Technologies plc $TT Position Trimmed by AustralianSuper Pty Ltd

AustralianSuper Pty Ltd reduced its holdings in Trane Technologies plc (NYSE:TT) by 8.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 231,651 shares of the company’s stock after selling 21,299 shares during the period. AustralianSuper Pty Ltd’s holdings in Trane Technologies were worth $97,747,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Trane Technologies by 1.7% in the second quarter. Vanguard Group Inc. now owns 19,792,410 shares of the company’s stock valued at $8,657,398,000 after acquiring an additional 335,634 shares during the period. State Street Corp lifted its holdings in shares of Trane Technologies by 0.3% in the 2nd quarter. State Street Corp now owns 10,077,267 shares of the company’s stock worth $4,407,904,000 after purchasing an additional 31,826 shares during the last quarter. Geode Capital Management LLC boosted its position in Trane Technologies by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 4,973,217 shares of the company’s stock valued at $2,164,764,000 after purchasing an additional 56,293 shares during the period. Norges Bank acquired a new position in Trane Technologies during the 2nd quarter valued at approximately $1,356,065,000. Finally, Nordea Investment Management AB grew its stake in Trane Technologies by 2.4% during the 3rd quarter. Nordea Investment Management AB now owns 2,513,508 shares of the company’s stock worth $1,051,049,000 after buying an additional 57,774 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Trane Technologies Stock Performance

TT opened at $394.37 on Thursday. The business has a 50 day moving average price of $395.52 and a two-hundred day moving average price of $415.00. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.20 and a quick ratio of 0.84. The company has a market capitalization of $87.45 billion, a price-to-earnings ratio of 30.34, a price-to-earnings-growth ratio of 1.96 and a beta of 1.21. Trane Technologies plc has a 1-year low of $298.15 and a 1-year high of $476.18.

Trane Technologies (NYSE:TT) last issued its quarterly earnings results on Thursday, October 30th. The company reported $3.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.08. The company had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.80 billion. Trane Technologies had a return on equity of 37.04% and a net margin of 13.93%.The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the firm earned $3.37 EPS. Research analysts predict that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

TT has been the topic of a number of recent research reports. KeyCorp upgraded Trane Technologies from a “sector weight” rating to an “overweight” rating and set a $500.00 target price on the stock in a research note on Monday, December 15th. Barclays reduced their target price on shares of Trane Technologies from $506.00 to $505.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Citigroup raised their price target on shares of Trane Technologies from $494.00 to $513.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Bank of America raised Trane Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $490.00 to $550.00 in a report on Thursday, November 13th. Finally, UBS Group decreased their price objective on Trane Technologies from $544.00 to $520.00 and set a “buy” rating for the company in a report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $479.73.

About Trane Technologies

Trane Technologies (NYSE: TT) is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.