The Vanguard Group, Inc. recently announced the acquisition of new stake in Trane Technologies plc (NYSE:TT). The institutional investor has increased its shareholding in the Industrials company by 0.55% to 17.64 million shares with purchase of 96739.0 shares. This fresh investment now brings its stake to 7.73% valued currently at $3.28 billion. In addition, JPMorgan Investment Management, I raised its holdings by 28436.0 to 14.78 million shares. And Fidelity Management & Research Co has lifted its position by 137.53% or 3.58 million shares – to 6.18 million shares.
With over 1.6 million Trane Technologies plc (TT) shares trading Friday and a closing price of $173.28 on the day, the dollar volume was approximately $276.87 million. The shares have shown a negative half year performance of -1.56% and its price on 05/19/23 lost nearly -1.08%. Currently, there are 229.30M common shares owned by the public and among those 227.99M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 24 analysts who have offered their price forecasts for TT have a consensus price objective of $193.61. The analysts have set the share’s price value over the next 12 months at a high of $245.00 and a low of $160.00. The average price target is 9.84% above its recent price level and a downside to the estimated low will see the stock lose -8.3% over that period. But an upside of 29.27% will see the stock hit the forecast high price target while median target price for the stock is $191.00.
Insiders at the company have transacted a total of 99 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 34 of these insider trades were purchases, accounting for 169,316 shares. Insider sales of the common stock occurred on 65 occasions, with total insider shares sold totaling 107,731 shares.
The top 3 mutual fund holders in Trane Technologies plc are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Government Pension Fund – Global. Vanguard Total Stock Market ETF owns 7.09 million shares of the company’s stock, all valued at over $1.32 billion. The company bought an additional 7059.0 shares recently to bring their total holdings to about 3.11% of the shares outstanding. Vanguard 500 Index Fund sold 3290.0 shares to see its total holdings shrink to 5.35 million shares valued at over $993.69 million and representing 2.35% of the shares outstanding. Government Pension Fund – Global bought 0.3 million shares to bring its total holdings to over 3.11 million shares at a value of $577.4 million. Government Pension Fund – Global now owns shares totaling to 1.36% of the shares outstanding.
Shares of Trane Technologies plc (NYSE: TT) opened at $176.66, up $1.49 from a prior closing price of $175.17. However, the script later moved the day high at 177.19, down -1.08%. The company’s stock has a 5-day price change of -2.50% and -5.92% over the past three months. TT shares are trading 3.09% year to date (YTD), with the 12-month market performance up to 33.18% higher. It has a 12-month low price of $120.64 and touched a high of $196.22 over the same period. TT has an average intraday trading volume of 1.68 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.15%, -3.34%, and 1.65% respectively.
Institutional ownership of Trane Technologies plc (NYSE: TT) shares accounts for 88.40% of the company’s 229.30M shares outstanding. Mutual fund holders own 36.36%, while other institutional holders and individual stakeholders account for 51.77% and 0.59% respectively.
It has a market capitalization of $39.95B and a beta (3y monthly) value of 1.04. The stock’s trailing 12-month PE ratio is 22.21, while the earnings-per-share (ttm) stands at $7.80. The company has a PEG of 2.03 and a Quick Ratio of 0.80 with the debt-to-equity ratio at 0.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.22% over the week and 2.33% over the month.
Analysts forecast that Trane Technologies plc (TT) will achieve an EPS of $2.55 for the current quarter, $2.57 for the next quarter and $9.24 for 2024. The lowest estimate earnings-per-share for the quarter is $2.52 while analysts give the company a high EPS estimate of $2.6. Comparatively, EPS for the current quarter was $2.16 a year ago. Earnings per share for the fiscal year are expected to increase by 27.00%, and 9.23% over the next financial year. EPS should grow at an annualized rate of 10.95% over the next five years, compared to 8.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 24 brokerage firm advisors rate Trane Technologies plc (TT) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 12 of the 24 advise that investors “hold,” and 2 rated it as a “Sell.”
