California State Teachers Retirement System Decreases Holdings in Trane Technologies plc $TT

Key Points

• California State Teachers Retirement System cut its Trane Technologies stake by 3.2% in the first quarter, selling 11,324 shares and retaining 340,305 shares worth approximately $141.8 million. Institutional investors collectively own 82.97% of the company.
• Analysts remain broadly positive, with Trane Technologies receiving a consensus “Moderate Buy” rating and an average price target of $516.67; recent targets range from $535 to $585.
• Trane Technologies exceeded quarterly expectations, reporting $2.63 in EPS and $4.97 billion in revenue, up 6% year over year. The company also declared a quarterly dividend of $1.05 per share, equivalent to a 0.9% annual yield.

California State Teachers Retirement System reduced its stake in Trane Technologies plc (NYSE:TT - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 340,305 shares of the company's stock after selling 11,324 shares during the period. California State Teachers Retirement System owned approximately 0.15% of Trane Technologies worth $141,819,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Trane Technologies in the fourth quarter worth about $1,163,124,000. Capital International Investors purchased a new stake in shares of Trane Technologies during the 4th quarter valued at about $324,639,000. First Trust Advisors LP lifted its position in Trane Technologies by 536.6% during the 1st quarter. First Trust Advisors LP now owns 532,138 shares of the company's stock worth $221,763,000 after acquiring an additional 448,547 shares in the last quarter. Hsbc Holdings PLC lifted its position in Trane Technologies by 215.9% during the 1st quarter. Hsbc Holdings PLC now owns 653,423 shares of the company's stock worth $271,950,000 after acquiring an additional 446,598 shares in the last quarter. Finally, Corient Private Wealth LLC boosted its holdings in Trane Technologies by 135.4% in the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company's stock worth $321,757,000 after acquiring an additional 423,090 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TT. Evercore began coverage on shares of Trane Technologies in a research note on Monday, April 13th. They set an "outperform" rating and a $535.00 price objective on the stock. BNP Paribas Exane began coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They issued an "outperform" rating and a $550.00 target price for the company. Barclays raised their price target on shares of Trane Technologies from $507.00 to $585.00 and gave the company an "overweight" rating in a report on Friday, May 1st. Weiss Ratings reiterated a "buy (b)" rating on shares of Trane Technologies in a report on Friday, July 17th. Finally, Sanford C. Bernstein set a $555.00 price objective on shares of Trane Technologies in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $516.67.

Trane Technologies Price Performance

Shares of NYSE TT opened at $446.90 on Thursday. Trane Technologies plc has a 1-year low of $348.06 and a 1-year high of $505.87. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77. The business's fifty day moving average price is $470.96 and its two-hundred day moving average price is $452.15. The firm has a market capitalization of $98.79 billion, a PE ratio of 34.56, a P/E/G ratio of 2.16 and a beta of 1.19.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The company reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.10. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company had revenue of $4.97 billion during the quarter, compared to the consensus estimate of $4.81 billion. During the same quarter in the previous year, the company posted $2.45 earnings per share. The company's revenue for the quarter was up 6.0% compared to the same quarter last year. On average, research analysts expect that Trane Technologies plc will post 14.89 EPS for the current year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be paid a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Friday, September 4th. Trane Technologies's payout ratio is presently 32.48%.

Trane Technologies Profile

Trane Technologies NYSE: TT is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.

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