5 Stocks That Will Benefit from Record Breaking Temperatures

4. Trane Technologies plc (NYSE:TT)

Number of Hedge Fund Holders: 38

Trane Technologies plc (NYSE:TT) provides services and solutions for heating, ventilation, air conditioning, and transport refrigeration. The company offers air conditioners, exchangers, and handlers, coils & condensers, home automation products, humidifiers ice energy storage solutions among other products. On July 15, Jefferies analyst Stephen Volkmann lowered his price target on Trane Technologies plc (NYSE:TT) to $140 from $160 and reiterated a Hold rating on the shares.

On June 3, Trane Technologies plc (NYSE:TT) declared a quarterly cash dividend of $0.67 per share. The dividend is payable on September 30 to shareholders of record at the close of business on September 2. As of July 27, Trane Technologies plc (NYSE:TT) has a forward dividend yield of 1.93% and trailing twelve-month free cash flows of $886.10 million.

At the end of Q1 2022, 38 hedge funds were bullish on Trane Technologies plc (NYSE:TT). The total stakes of these hedge funds amounted to $1.79 billion. This is compared to 27 hedge funds in Q4 2021 with stakes worth $1.26 billion.

In the first quarter of 2022, Generation Investment Management raised its stakes in Trane Technologies plc (NYSE:TT) by 153%, bringing them to $566.48 million. As of March 31, Generation Investment Management owns over 3.7 million shares of Trane Technologies plc (NYSE:TT) and is the largest shareholder in the company.

ClearBridge Investments, an investment management firm, mentioned Trane Technologies plc (NYSE:TT) in its “Sustainability Leaders Strategy” first-quarter 2022 investor letter. Here is what the firm had to say:

“Trane Technologies (NYSE:TT), another energy efficiency play in the industrials sector that should benefit from trends highlighted in the REPowerEU energy security plan, was a top detractor for the quarter, mainly due to continued supply chain headwinds raising costs. We think there is a strong secular tailwind for the cost and emissions savings Trane provides: the company makes products that help reduce energy consumption and emissions for residential and commercial HVAC and transport refrigeration, the minimization of food waste and other perishable goods and the increased productivity for Trane’s customers. Trane estimates ~15%-25% of all greenhouse gas emissions in the world are emitted through HVAC systems and buildings.”