New York State Common Retirement Fund Has $159.85 Million Position in Trane Technologies plc $TT

by · The Markets Daily

New York State Common Retirement Fund reduced its stake in shares of Trane Technologies plc (NYSE:TT – Free Report) by 2.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 365,440 shares of the company’s stock after selling 8,405 shares during the period. New York State Common Retirement Fund owned 0.16% of Trane Technologies worth $159,847,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of TT. West Family Investments Inc. acquired a new position in Trane Technologies in the 2nd quarter worth about $458,000. Schroder Investment Management Group grew its stake in shares of Trane Technologies by 39.2% in the 2nd quarter. Schroder Investment Management Group now owns 905,540 shares of the company’s stock valued at $396,092,000 after buying an additional 254,899 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in Trane Technologies by 0.8% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 253,829 shares of the company’s stock worth $111,027,000 after buying an additional 2,015 shares during the last quarter. Virtus Investment Advisers LLC raised its position in Trane Technologies by 2.6% during the second quarter. Virtus Investment Advisers LLC now owns 3,983 shares of the company’s stock valued at $1,742,000 after acquiring an additional 102 shares in the last quarter. Finally, Norges Bank acquired a new stake in Trane Technologies in the second quarter valued at approximately $1,356,065,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Barclays upped their price objective on shares of Trane Technologies from $485.00 to $495.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Royal Bank Of Canada upped their target price on shares of Trane Technologies from $467.00 to $469.00 and gave the company a “sector perform” rating in a research note on Friday, October 31st. Bank of America upgraded Trane Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $490.00 to $550.00 in a research report on Thursday, November 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Trane Technologies in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upped their price target on Trane Technologies from $407.00 to $434.00 and gave the company a “neutral” rating in a research report on Wednesday, October 15th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Trane Technologies currently has an average rating of “Hold” and an average price target of $470.07.

Read Our Latest Research Report on TT

Insider Activity at Trane Technologies

In other news, CEO David S. Regnery sold 22,497 shares of Trane Technologies stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $410.00, for a total value of $9,223,770.00. Following the completion of the sale, the chief executive officer directly owned 123,713 shares of the company’s stock, valued at approximately $50,722,330. This trade represents a 15.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Elizabeth A. Elwell sold 600 shares of the business’s stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $440.00, for a total value of $264,000.00. Following the sale, the chief accounting officer owned 7,148 shares of the company’s stock, valued at approximately $3,145,120. The trade was a 7.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.14% of the company’s stock.

Trane Technologies Stock Performance

Shares of NYSE:TT opened at $421.75 on Friday. The business has a fifty day moving average of $421.00 and a 200-day moving average of $425.89. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.76 and a current ratio of 1.10. Trane Technologies plc has a twelve month low of $298.15 and a twelve month high of $476.18. The firm has a market cap of $93.52 billion, a PE ratio of 33.45, a price-to-earnings-growth ratio of 2.66 and a beta of 1.16.

Trane Technologies (NYSE:TT – Get Free Report) last issued its quarterly earnings results on Thursday, October 30th. The company reported $3.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.08. The business had revenue of $5.74 billion for the quarter, compared to the consensus estimate of $5.80 billion. Trane Technologies had a net margin of 13.76% and a return on equity of 36.61%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.37 EPS. Trane Technologies has set its FY 2025 guidance at 12.950-13.050 EPS. On average, equities research analysts predict that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Friday, December 5th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.9%. Trane Technologies’s dividend payout ratio (DPR) is currently 28.92%.

About Trane Technologies

(Free Report)

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.

Further Reading