State of Michigan Retirement System Trims Holdings in Trane Technologies plc (NYSE:TT)

State of Michigan Retirement System reduced its stake in Trane Technologies plc (NYSE:TT) by 0.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 62,013 shares of the company’s stock after selling 300 shares during the period. State of Michigan Retirement System’s holdings in Trane Technologies were worth $20,398,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Empowered Funds LLC grew its position in Trane Technologies by 138.0% in the first quarter. Empowered Funds LLC now owns 6,667 shares of the company’s stock worth $2,001,000 after acquiring an additional 3,866 shares during the period. Nordea Investment Management AB lifted its stake in shares of Trane Technologies by 3.0% in the 1st quarter. Nordea Investment Management AB now owns 453,212 shares of the company’s stock valued at $135,796,000 after purchasing an additional 13,078 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Trane Technologies by 379.2% during the 1st quarter. Sei Investments Co. now owns 306,165 shares of the company’s stock worth $91,909,000 after purchasing an additional 242,271 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of Trane Technologies during the 4th quarter worth about $3,086,000. Finally, Capital World Investors raised its holdings in Trane Technologies by 0.6% in the 4th quarter. Capital World Investors now owns 2,176,595 shares of the company’s stock valued at $530,870,000 after buying an additional 11,930 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Trane Technologies Trading Down 0.6 %

NYSE TT opened at $350.63 on Tuesday. The firm’s fifty day moving average is $335.78 and its two-hundred day moving average is $315.38. Trane Technologies plc has a one year low of $184.02 and a one year high of $355.02. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.74 and a current ratio of 1.17. The firm has a market cap of $79.37 billion, a PE ratio of 37.46, a P/E/G ratio of 2.50 and a beta of 1.01.

Trane Technologies (NYSE:TT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $3.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.08 by $0.22. Trane Technologies had a return on equity of 33.97% and a net margin of 12.33%. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter in the previous year, the firm posted $2.68 EPS. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. Analysts expect that Trane Technologies plc will post 10.83 earnings per share for the current year.

Trane Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Friday, September 6th. Trane Technologies’s dividend payout ratio is presently 35.90%.

Insider Activity at Trane Technologies

In other news, SVP Evan M. Turtz sold 8,988 shares of Trane Technologies stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $321.30, for a total value of $2,887,844.40. Following the sale, the senior vice president now owns 20,758 shares of the company’s stock, valued at $6,669,545.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Trane Technologies news, EVP Raymond D. Pittard sold 1,805 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $328.65, for a total value of $593,213.25. Following the completion of the transaction, the executive vice president now owns 83,517 shares in the company, valued at $27,447,862.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Evan M. Turtz sold 8,988 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $321.30, for a total transaction of $2,887,844.40. Following the sale, the senior vice president now owns 20,758 shares in the company, valued at $6,669,545.40. The disclosure for this sale can be found here. Insiders have sold a total of 44,243 shares of company stock worth $14,216,550 in the last three months. Insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TT shares. JPMorgan Chase & Co. lifted their price target on shares of Trane Technologies from $247.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Mizuho lifted their target price on shares of Trane Technologies from $280.00 to $325.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. UBS Group upped their price target on Trane Technologies from $330.00 to $375.00 and gave the stock a “buy” rating in a research note on Monday, June 3rd. Royal Bank of Canada lifted their price objective on Trane Technologies from $334.00 to $350.00 and gave the company a “sector perform” rating in a research note on Thursday, August 1st. Finally, Citigroup increased their target price on Trane Technologies from $355.00 to $366.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $323.29.

Trane Technologies Company Profile

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.