Trane Technologies plc (NYSE:TT) Short Interest Update

Trane Technologies plc (NYSE:TTGet Rating) was the recipient of a significant decline in short interest in the month of April. As of April 30th, there was short interest totalling 1,640,000 shares, a decline of 29.9% from the April 15th total of 2,340,000 shares. Currently, 0.7% of the company’s stock are short sold. Based on an average daily trading volume, of 1,570,000 shares, the short-interest ratio is currently 1.0 days.

Shares of TT traded up $3.55 during trading hours on Friday, hitting $137.98. 1,355,392 shares of the company were exchanged, compared to its average volume of 1,435,749. The company has a market cap of $32.27 billion, a PE ratio of 22.96, a PEG ratio of 1.43 and a beta of 1.03. The firm’s 50 day moving average is $148.54 and its 200-day moving average is $169.41. Trane Technologies has a 52 week low of $130.01 and a 52 week high of $207.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.91 and a current ratio of 1.31.

Trane Technologies (NYSE:TTGet Rating) last released its quarterly earnings results on Wednesday, May 4th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.12. The company had revenue of $3.36 billion during the quarter, compared to the consensus estimate of $3.15 billion. Trane Technologies had a return on equity of 23.67% and a net margin of 10.01%. The firm’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.01 EPS. As a group, equities analysts forecast that Trane Technologies will post 7.07 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Friday, June 3rd will be paid a dividend of $0.67 per share. The ex-dividend date is Thursday, June 2nd. This represents a $2.68 annualized dividend and a yield of 1.94%. Trane Technologies’s payout ratio is 44.59%.

A number of large investors have recently made changes to their positions in TT. Norges Bank bought a new stake in Trane Technologies during the 4th quarter valued at approximately $578,209,000. JPMorgan Chase & Co. raised its holdings in Trane Technologies by 12.3% in the 1st quarter. JPMorgan Chase & Co. now owns 19,753,665 shares of the company’s stock valued at $3,016,386,000 after acquiring an additional 2,159,166 shares in the last quarter. Capital World Investors acquired a new position in Trane Technologies in the 4th quarter valued at approximately $340,147,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Trane Technologies in the 1st quarter valued at approximately $210,269,000. Finally, UBS Asset Management Americas Inc. raised its holdings in Trane Technologies by 61.5% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 2,931,479 shares of the company’s stock valued at $506,120,000 after acquiring an additional 1,116,733 shares in the last quarter. Hedge funds and other institutional investors own 80.55% of the company’s stock.

Several research analysts recently weighed in on TT shares. Deutsche Bank Aktiengesellschaft dropped their price target on Trane Technologies from $171.00 to $162.00 in a research report on Thursday, May 5th. Wolfe Research dropped their price target on Trane Technologies from $210.00 to $202.00 and set a “peer perform” rating on the stock in a research report on Tuesday, February 1st. Citigroup dropped their price target on Trane Technologies from $205.00 to $190.00 in a research report on Thursday, May 5th. Credit Suisse Group dropped their price target on Trane Technologies from $194.00 to $178.00 in a research report on Thursday, May 5th. Finally, Mizuho dropped their price target on Trane Technologies from $205.00 to $180.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 1st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Trane Technologies currently has an average rating of “Hold” and an average price target of $185.07.

About Trane Technologies (Get Rating)

Trane Technologies plc, together with its subsidiaries, engages in the designing, manufacturing, selling, and servicing of solutions for heating, ventilation, air conditioning, and transport refrigeration. It offers air conditioners, exchangers, and handlers; airside and terminal devices; auxiliary power units; chillers; coils and condensers; gensets; furnaces; heat pumps; home automation products; humidifiers; hybrid and non-diesel transport refrigeration, and ice energy storage solutions; indoor air quality assessments and related products; large and light commercial unitary products; motor replacements; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.

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