New York State Teachers Retirement System Has $69.37 Million Holdings in Trane Technologies plc $TT

Key Points

• New York State Teachers Retirement System trimmed its Trane Technologies stake by 2.6% in the first quarter, but still held 166,467 shares valued at about $69.37 million.
• Trane Technologies reported better-than-expected Q1 earnings, with EPS of $2.63 versus the $2.53 estimate and revenue of $4.97 billion, up 6% year over year.
• The company also announced a quarterly dividend of $1.05 per share, while analysts maintain a generally positive view with an average “Moderate Buy” rating and a consensus price target of $509.12.

New York State Teachers Retirement System cut its position in Trane Technologies plc (NYSE:TT - Free Report) by 2.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 166,467 shares of the company's stock after selling 4,398 shares during the quarter. New York State Teachers Retirement System owned about 0.08% of Trane Technologies worth $69,373,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in TT. Private Advisor Group LLC raised its position in Trane Technologies by 1.4% during the first quarter. Private Advisor Group LLC now owns 15,238 shares of the company's stock worth $6,350,000 after acquiring an additional 210 shares in the last quarter. Optas LLC grew its position in shares of Trane Technologies by 5.8% in the 1st quarter. Optas LLC now owns 606 shares of the company's stock valued at $253,000 after acquiring an additional 33 shares during the period. Y Intercept Hong Kong Ltd increased its stake in shares of Trane Technologies by 53.5% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 17,357 shares of the company's stock worth $7,233,000 after purchasing an additional 6,051 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Trane Technologies by 54.4% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 99,153 shares of the company's stock worth $41,321,000 after purchasing an additional 34,930 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC raised its holdings in shares of Trane Technologies by 56.7% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 5,216 shares of the company's stock valued at $2,174,000 after purchasing an additional 1,887 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Trane Technologies Stock Performance

Shares of TT stock opened at $477.76 on Friday. Trane Technologies plc has a 52 week low of $348.06 and a 52 week high of $505.87. The company has a market capitalization of $105.61 billion, a price-to-earnings ratio of 36.95, a PEG ratio of 2.23 and a beta of 1.19. The company has a 50-day simple moving average of $470.69 and a 200 day simple moving average of $440.67. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.10.

Trane Technologies (NYSE:TT - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.97 billion during the quarter, compared to the consensus estimate of $4.81 billion. During the same period last year, the business posted $2.45 earnings per share. The business's revenue for the quarter was up 6.0% compared to the same quarter last year. On average, sell-side analysts predict that Trane Technologies plc will post 14.9 earnings per share for the current year.

Trane Technologies Announces Dividend

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

Insider Activity at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 8,619 shares of the business's stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total value of $3,878,550.00. Following the completion of the sale, the chief financial officer directly owned 60,576 shares in the company, valued at $27,259,200. The trade was a 12.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Donald E. Simmons sold 4,593 shares of the company's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total value of $2,296,500.00. Following the completion of the transaction, the insider directly owned 3,819 shares in the company, valued at approximately $1,909,500. This represents a 54.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.43% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Evercore assumed coverage on shares of Trane Technologies in a research note on Monday, April 13th. They issued an "outperform" rating and a $535.00 target price for the company. JPMorgan Chase & Co. upped their price objective on Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a research note on Thursday, May 14th. KeyCorp raised their price objective on Trane Technologies from $525.00 to $555.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Citigroup lifted their target price on Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Finally, Sanford C. Bernstein began coverage on Trane Technologies in a report on Tuesday, June 9th. They set an "outperform" rating and a $550.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $509.12.

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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