The Manufacturers Life Insurance Company Has $189.54 Million Stake in Trane Technologies plc (NYSE:TT)

The Manufacturers Life Insurance Company grew its stake in shares of Trane Technologies plc (NYSE:TT) by 16.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 487,592 shares of the company’s stock after purchasing an additional 70,408 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Trane Technologies were worth $189,542,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Advisors Asset Management Inc. grew its position in shares of Trane Technologies by 172.2% in the 1st quarter. Advisors Asset Management Inc. now owns 1,791 shares of the company’s stock valued at $538,000 after acquiring an additional 1,133 shares during the period. B. Riley Wealth Advisors Inc. raised its stake in Trane Technologies by 10.6% in the first quarter. B. Riley Wealth Advisors Inc. now owns 3,501 shares of the company’s stock valued at $1,051,000 after buying an additional 335 shares during the period. Tidal Investments LLC lifted its position in shares of Trane Technologies by 43.2% in the first quarter. Tidal Investments LLC now owns 13,791 shares of the company’s stock valued at $4,140,000 after buying an additional 4,163 shares during the last quarter. Advisory Resource Group boosted its stake in shares of Trane Technologies by 6.0% during the 1st quarter. Advisory Resource Group now owns 3,089 shares of the company’s stock worth $927,000 after acquiring an additional 174 shares during the period. Finally, Virtu Financial LLC raised its stake in Trane Technologies by 27.0% in the 1st quarter. Virtu Financial LLC now owns 4,327 shares of the company’s stock valued at $1,299,000 after acquiring an additional 920 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on TT shares. UBS Group initiated coverage on shares of Trane Technologies in a research report on Wednesday, November 13th. They set a “buy” rating and a $500.00 price objective for the company. Wells Fargo & Company boosted their price target on Trane Technologies from $320.00 to $360.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Morgan Stanley assumed coverage on Trane Technologies in a research report on Friday, September 6th. They set an “overweight” rating and a $425.00 price objective on the stock. Royal Bank of Canada upped their price target on shares of Trane Technologies from $334.00 to $350.00 and gave the company a “sector perform” rating in a research note on Thursday, August 1st. Finally, Barclays lifted their price objective on shares of Trane Technologies from $425.00 to $440.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. One 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, the company presently has an average rating of “Hold” and an average price target of $397.64.

Trane Technologies Price Performance

Shares of NYSE:TT opened at $419.14 on Wednesday. The firm has a 50 day simple moving average of $395.80 and a 200 day simple moving average of $357.67. The company has a market cap of $94.31 billion, a price-to-earnings ratio of 38.88, a PEG ratio of 2.62 and a beta of 1.02. Trane Technologies plc has a one year low of $221.22 and a one year high of $422.00. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.22 and a quick ratio of 0.92.

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

Trane Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 6th will be issued a $0.84 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $3.36 dividend on an annualized basis and a yield of 0.80%. Trane Technologies’s dividend payout ratio (DPR) is presently 31.17%.

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.