Loomis Sayles & Co. L P Raises Its Stake in Trane Technologies plc (NYSE:TT)
Loomis Sayles & Co. L P has increased its ownership in shares of Trane Technologies plc (NYSE:TT) by 1.8% during the third quarter, as detailed in their most recent disclosure with the Securities & Exchange Commission. At the end of this quarter, the fund owned 364,780 shares of the company’s stock, marking an addition of 6,352 shares. This ownership accounted for approximately 0.16% of Trane Technologies, with a valuation of $141,801,000.
Several other institutional investors have been actively buying and selling shares of the company. Advisors Asset Management Inc. notably raised its stake in shares of Trane Technologies by 172.2% in the first quarter. Their holdings now total 1,791 shares of the company’s stock, valued at $538,000 after an addition of 1,133 shares in the latest quarter. Similarly, 1832 Asset Management L.P. increased its stake by 21.5% during the first quarter. They now own 5,665 shares worth $1,701,000, following a purchase of 1,004 additional shares. SVB Wealth LLC and Vancity Investment Management Ltd also showed significant interest, growing their stakes by 22.3% and 3.0%, respectively.
On Monday, shares of Trane Technologies opened at $417.49. The company’s recent performance can be tracked with a 50-day moving average price of $394.03 and a 200-day moving average price of $356.49. The company boasts a substantial market cap of $93.94 billion, reflecting its strong position in the market. The current price-to-earnings ratio stands at 38.73, with a PEG ratio of 2.64 and a beta of 1.02. Trane Technologies has experienced a 12-month low of $221.22 and has reached a 12-month high at $421.78.
Trane Technologies reported its quarterly earnings on October 30th, showcasing a positive performance. The company announced earnings per share (EPS) of $3.37 for the quarter, exceeding the consensus estimate of $3.23 by $0.14. The firm reported a net margin of 12.73% and a return on equity of 34.62%. Revenue during this period was $5.44 billion, surpassing the expected $5.32 billion and reflecting a year-over-year increase of 10.0%. Analysts anticipate that Trane Technologies will post an EPS of 11.14 for the current fiscal year.
In terms of dividends, the firm has declared a quarterly dividend of $0.84, which is scheduled for payment on December 31st. Shareholders recorded by December 6th will be beneficiaries of this dividend, which establishes a $3.36 annualized dividend and a yield of 0.80%. Trane Technologies’s payout ratio currently sits at 31.17%.
Various research firms have assessed Trane Technologies with mixed ratings. Recently, UBS Group began coverage with a “buy” rating, accompanied by a target price of $500.00 for the stock. On the other hand, Wells Fargo & Company raised their target price from $320.00 to $360.00 while maintaining an “underweight” rating. Hsbc Global Res downgraded their rating from “strong-buy” to “hold,” and HSBC followed suit, setting a target price of $405.00. The general consensus rating remains “Hold,” with a target price consensus of $397.64, based on data from multiple analysts.
Trane Technologies plc, along with its subsidiaries, is involved in the design, manufacture, sale, and service of solutions related to heating, ventilation, air conditioning, custom, and transport refrigeration. These services are offered both in Ireland and internationally. The company’s product portfolio includes a variety of air conditioners, exchangers, and handlers, airside and terminal devices, air-sourced heat pumps, chiller units, and more. Trane Technologies also provides specialized products like gensets, dehumidifiers, furnaces, home automation products, and solutions aimed at improving indoor air quality.
This development in Loomis Sayles & Co. L P’s position highlights the ongoing interest in Trane Technologies as a stable and promising investment option. The increased earnings and steady financials reinforce the confidence of existing institutional investors and analysts. As the company continues to innovate and expand its market reach, an eye on upcoming research notes and investor activity could provide further insights.
