Guinness Asset Management LTD Invests $13.83 Million in Trane Technologies plc $TT

Guinness Asset Management LTD acquired a new stake in shares of Trane Technologies plc (NYSE:TT) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 33,372 shares of the company’s stock, valued at approximately $13,829,000.

A number of other large investors have also recently modified their holdings of TT. Norges Bank bought a new stake in Trane Technologies during the 2nd quarter valued at $1,356,065,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Trane Technologies by 229.3% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company’s stock valued at $766,583,000 after buying an additional 1,220,388 shares during the period. Nordea Investment Management AB raised its holdings in shares of Trane Technologies by 89.1% in the second quarter. Nordea Investment Management AB now owns 2,455,734 shares of the company’s stock valued at $1,066,845,000 after acquiring an additional 1,157,405 shares in the last quarter. ABN AMRO Bank N.V. purchased a new stake in Trane Technologies in the second quarter worth about $291,206,000. Finally, Corient Private Wealth LLC grew its holdings in Trane Technologies by 135.4% during the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock worth $321,757,000 after acquiring an additional 423,090 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TT shares. Morgan Stanley lowered their price target on shares of Trane Technologies from $550.00 to $535.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Melius Research upgraded Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 target price for the company in a report on Wednesday, January 7th. JPMorgan Chase & Co. lifted their price target on Trane Technologies from $434.00 to $460.00 and gave the company a “neutral” rating in a report on Friday, January 30th. 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 research note on Monday, January 5th. Finally, Wells Fargo & Company lifted their target price on Trane Technologies from $375.00 to $400.00 and gave the company an “underweight” rating in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $484.67.

Trane Technologies Stock Down 1.2%

Trane Technologies stock opened at $436.06 on Friday. Trane Technologies plc has a 1-year low of $298.15 and a 1-year high of $476.18. The business has a fifty day moving average price of $397.57 and a 200-day moving average price of $414.71. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.92. The stock has a market capitalization of $96.69 billion, a price-to-earnings ratio of 33.59, a PEG ratio of 2.32 and a beta of 1.21.

Trane Technologies (NYSE:TT) last announced its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.81 by $0.05. The company had revenue of $5.14 billion for the quarter, compared to analyst estimates of $5.09 billion. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.61 EPS. Equities research analysts forecast that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 6th will be given a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, March 6th. This is an increase from Trane Technologies’s previous quarterly dividend of $0.94. Trane Technologies’s payout ratio is 28.97%.

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.