State of New Jersey Common Pension Fund D Cuts Position in Trane Technologies plc $TT

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Trane Technologies plc by 9.7%, selling 8,056 shares during the first quarter.
• Analysts have raised their price targets for Trane Technologies, with UBS Group increasing the target from $500.00 to $544.00, reflecting a generally optimistic outlook for the stock.
• Trane Technologies announced a quarterly dividend of $0.94 per share, representing an annualized yield of 0.9% and a payout ratio of 29.82%.

State of New Jersey Common Pension Fund D lessened its stake in Trane Technologies plc (NYSE:TT - Free Report) by 9.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 75,035 shares of the company's stock after selling 8,056 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Trane Technologies were worth $25,281,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. American Century Companies Inc. raised its holdings in shares of Trane Technologies by 44.5% in the 1st quarter. American Century Companies Inc. now owns 130,116 shares of the company's stock worth $43,839,000 after purchasing an additional 40,063 shares during the period. Ethic Inc. raised its holdings in shares of Trane Technologies by 1.1% in the 1st quarter. Ethic Inc. now owns 25,164 shares of the company's stock worth $8,597,000 after purchasing an additional 281 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Trane Technologies by 35.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,195 shares of the company's stock worth $740,000 after purchasing an additional 576 shares during the period. Dimensional Fund Advisors LP raised its holdings in Trane Technologies by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 797,692 shares of the company's stock valued at $268,699,000 after acquiring an additional 4,085 shares during the period. Finally, Trivium Point Advisory LLC raised its holdings in Trane Technologies by 2.5% during the 1st quarter. Trivium Point Advisory LLC now owns 14,017 shares of the company's stock valued at $4,723,000 after acquiring an additional 338 shares during the period. Institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

TT has been the topic of a number of analyst reports. Royal Bank Of Canada boosted their target price on shares of Trane Technologies from $463.00 to $467.00 and gave the company a "sector perform" rating in a report on Thursday, July 31st. UBS Group boosted their target price on shares of Trane Technologies from $500.00 to $544.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Northcoast Research cut shares of Trane Technologies from a "buy" rating to a "neutral" rating in a report on Friday, August 1st. HSBC cut shares of Trane Technologies from a "buy" rating to a "hold" rating and boosted their target price for the company from $415.00 to $460.00 in a report on Thursday, July 31st. Finally, Wells Fargo & Company boosted their target price on shares of Trane Technologies from $370.00 to $410.00 and gave the company an "underweight" rating in a report on Tuesday, July 1st. Five investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $458.60.

Trane Technologies Price Performance

Shares of Trane Technologies stock traded down $3.6150 during trading on Thursday, hitting $422.6850. The stock had a trading volume of 334,436 shares, compared to its average volume of 1,452,301. The firm has a market cap of $94.05 billion, a price-to-earnings ratio of 33.48, a P/E/G ratio of 2.67 and a beta of 1.09. Trane Technologies plc has a 12 month low of $298.15 and a 12 month high of $476.18. The business's 50-day moving average is $435.60 and its 200 day moving average is $392.81. The company has a current ratio of 1.10, a quick ratio of 0.76 and a debt-to-equity ratio of 0.50.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $3.88 earnings per share for the quarter, topping the consensus estimate of $3.79 by $0.09. The firm had revenue of $5.75 billion for the quarter, compared to analysts' expectations of $5.77 billion. Trane Technologies had a net margin of 13.76% and a return on equity of 36.61%. The business's quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.30 earnings per share. Trane Technologies has set its FY 2025 guidance at 13.050-13.050 EPS. As a group, sell-side analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 5th will be given a $0.94 dividend. The ex-dividend date is Friday, September 5th. This represents a $3.76 annualized dividend and a yield of 0.9%. Trane Technologies's payout ratio is 29.82%.

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.