Wellington Management Co. LLP 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 97.43% to 14.65 million shares with purchase of 7.23 million shares. This fresh investment now brings its stake to 6.13% valued currently at $1.3 billion. In addition, BlackRock Fund Advisors raised its holdings by 87841.0 to 11.9 million shares. And JPMorgan Investment Management, I. has lifted its position by 25.68% or 1.1 million shares – to 5.4 million shares.
With over 2.22 million Trane Technologies plc (TT) shares trading Wednesday and a closing price of $110.51 on the day, the dollar volume was approximately $244.81 million. The shares have shown a negative weekly performance of -1.65% and its price on 07/28/20 gained nearly 6.56%. Currently, there are 239.50M common shares owned by the public and among those 238.18M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 23 analysts who have offered their price forecasts for TT have a consensus price objective of $99.39. The analysts have set the share’s price value over the next 12 months at a high of $119.00 and a low of $81.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Trane Technologies plc stock is 2.60 for the next 12 months. The average price target is -8.28% below its last price level and a downside to the estimated low will see the stock lose -36.43% over that period. But an upside of 7.13% will see the stock hit the forecast high price target while mean target price for the stock is $99.50.
Insiders at the company have transacted a total of 84 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 28 of these insider trades were purchases, accounting for 696,441 shares. Insider sales of the common stock occurred on 56 occasions, with total insider shares sold totaling 841,193 shares.
The top 3 mutual fund holders in Trane Technologies plc are Vanguard Total Stock Market Index, Vanguard Wellington Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market Index owns 6.82 million shares of the company’s stock, all valued at over $606.59 million. The company sold 69777.0 shares recently to bring their total holdings to about 2.85% of the shares outstanding. Vanguard 500 Index Fund bought 72101.0 shares to bring its total holdings to over 4.96 million shares at a value of $441.75 million. Vanguard 500 Index Fund now owns shares totaling to 2.08% of the shares outstanding.
Shares of Trane Technologies plc (NYSE: TT) opened at $103.90, up $0.19 from a prior closing price of $103.71. However, the script later closed the day at $110.51, up 6.56%. The company’s stock has a 5-day price change of -1.65% and 18.34% over the past three months. TT shares are trading 0.58% year to date (YTD), with the 12-month market performance up to 9.38% higher. It has a 12-month low price of $70.00 and touched a high of $118.10 over the same period. Currently, 2.22 million shares have been traded, compared to an average intraday trading volume of 1.74 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 13.12%, 18.96%, and 15.02% respectively.
Institutional ownership of Trane Technologies plc (NYSE: TT) shares accounts for 84.50% of the company’s 239.50M shares outstanding. Mutual fund holders own 33.56%, while other institutional holders and individual stakeholders account for 50.28% and 0.23% respectively.
It has a market capitalization of $25.20B and a beta (3y monthly) value of 1.19. The stock’s trailing 12-month PE ratio is 20.79, while the earnings-per-share (ttm) stands at $4.99. The company has a PEG of 9.90 and a Quick Ratio of 1.20 with the debt-to-equity ratio at 0.97. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.94% over the week and 2.47% over the month.
Analysts forecast that Trane Technologies plc (TT) will achieve an EPS of $0.74 for the current quarter, $1.12 for the next quarter and $4.2 for 2021. The lowest estimate earnings-per-share for the quarter is $0.52 while analysts give the company a high EPS estimate of $1.05. Comparatively, EPS for the current quarter was $2.09 a year ago. Earnings per share for the fiscal year are expected to increase by 3.90%, and 35.06% over the next financial year. EPS should shrink at an annualized rate of 2.10% over the next five years, compared to 11.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 23 brokerage firm advisors rate Trane Technologies plc (TT) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 12 of the 23 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the TT, a number of firms have released research notes about the stock. UBS stated their Neutral rating for the stock in a research note on June 22, 2020, with the firm’s price target at $95. Argus coverage for the Trane Technologies plc (TT) stock in a research note released on May 27, 2020 offered a Hold rating with a price target of. BofA/Merrill was of a view on May 26, 2020 that the stock is Buy, while KeyBanc Capital Markets gave the stock Sector Weight rating on May 14, 2020, issuing a price target of. Cowen on their part issued Market Perform rating on May 14, 2020.