Sumitomo Mitsui Trust Group Inc. Grows Holdings in Trane Technologies plc (NYSE:TT)

Sumitomo Mitsui Trust Group Inc. increased its stake in Trane Technologies plc (NYSE:TT) by 0.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 567,079 shares of the company’s stock after buying an additional 4,178 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.25% of Trane Technologies worth $220,441,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TT. Trust Point Inc. raised its stake in shares of Trane Technologies by 3.1% in the 3rd quarter. Trust Point Inc. now owns 897 shares of the company’s stock valued at $349,000 after purchasing an additional 27 shares in the last quarter. First Pacific Financial lifted its holdings in Trane Technologies by 1.1% during the 3rd quarter. First Pacific Financial now owns 2,674 shares of the company’s stock worth $1,039,000 after buying an additional 28 shares during the last quarter. Greenleaf Trust grew its position in shares of Trane Technologies by 0.5% in the 3rd quarter. Greenleaf Trust now owns 5,852 shares of the company’s stock worth $2,275,000 after acquiring an additional 29 shares in the last quarter. Lake Street Advisors Group LLC increased its holdings in shares of Trane Technologies by 1.6% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,896 shares of the company’s stock valued at $737,000 after acquiring an additional 30 shares during the last quarter. Finally, PFG Private Wealth Management LLC raised its position in shares of Trane Technologies by 4.7% during the 2nd quarter. PFG Private Wealth Management LLC now owns 706 shares of the company’s stock valued at $232,000 after acquiring an additional 32 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Trane Technologies Stock Down 0.9 %

Trane Technologies stock opened at $411.22 on Wednesday. The company’s 50-day moving average price is $382.76 and its two-hundred day moving average price is $350.45. The stock has a market cap of $92.53 billion, a price-to-earnings ratio of 38.15, a PEG ratio of 2.63 and a beta of 1.02. Trane Technologies plc has a 52 week low of $221.22 and a 52 week high of $416.86. The company has a current ratio of 1.22, a quick ratio of 0.92 and a debt-to-equity ratio of 0.57.

Trane Technologies (NYSE:TT) last announced 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. The firm had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.79 earnings per share. On average, analysts expect that Trane Technologies plc will post 11.13 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 6th will be issued a dividend of $0.84 per share. 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 payout ratio is currently 31.17%.

Analyst Ratings Changes

TT has been the subject of several recent research reports. Barclays boosted their target price on shares of Trane Technologies from $425.00 to $440.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Royal Bank of Canada increased their price objective on shares of Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 1st. The Goldman Sachs Group lifted their target price on Trane Technologies from $364.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. Stephens reiterated an “equal weight” rating and set a $350.00 price target on shares of Trane Technologies in a research report on Monday, August 5th. Finally, Hsbc Global Res lowered Trane Technologies from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $380.15.

About Trane Technologies

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.