Trane Technologies plc (NYSE:TT) Shares Sold by Maryland State Retirement & Pension System

Key Points

• Maryland State Retirement & Pension System reduced its holdings in Trane Technologies by 12.9% in the first quarter, ending with 10,586 shares valued at approximately $3.57 million.
• Various institutional investors have notably increased their stakes in Trane Technologies, including a 495.5% increase by Oppenheimer Asset Management during the same period.
• Trane Technologies has declared a quarterly dividend of $0.94 per share, payable on September 30th, with a current dividend yield of 0.9%.

Maryland State Retirement & Pension System decreased its position in Trane Technologies plc (NYSE:TT - Free Report) by 12.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,586 shares of the company's stock after selling 1,562 shares during the quarter. Maryland State Retirement & Pension System's holdings in Trane Technologies were worth $3,567,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in TT. CWA Asset Management Group LLC raised its holdings in Trane Technologies by 19.2% during the first quarter. CWA Asset Management Group LLC now owns 1,135 shares of the company's stock worth $382,000 after purchasing an additional 183 shares in the last quarter. Ethic Inc. raised its holdings in Trane Technologies by 150.1% during the fourth quarter. Ethic Inc. now owns 24,883 shares of the company's stock worth $9,190,000 after purchasing an additional 14,932 shares in the last quarter. Brighton Jones LLC raised its holdings in Trane Technologies by 60.0% during the fourth quarter. Brighton Jones LLC now owns 6,194 shares of the company's stock worth $2,288,000 after purchasing an additional 2,323 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in Trane Technologies by 495.5% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,252 shares of the company's stock worth $1,433,000 after purchasing an additional 3,538 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in Trane Technologies by 13.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,141 shares of the company's stock worth $3,417,000 after purchasing an additional 1,198 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Northcoast Research cut shares of Trane Technologies from a "buy" rating to a "neutral" rating in a report on Friday, August 1st. Morgan Stanley lifted their target price on shares of Trane Technologies from $445.00 to $520.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. The Goldman Sachs Group lifted their target price on shares of Trane Technologies from $416.00 to $460.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Wells Fargo & Company lifted 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. Finally, Hsbc Global Res cut shares of Trane Technologies from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $458.60.

Trane Technologies Price Performance

Shares of NYSE TT opened at $428.18 on Friday. The firm has a market capitalization of $95.28 billion, a P/E ratio of 33.96, a PEG ratio of 2.66 and a beta of 1.09. 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 one year low of $298.15 and a one year high of $476.18. The company's fifty day moving average is $435.42 and its two-hundred day moving average is $389.74.

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 (EPS) for the quarter, topping the consensus estimate of $3.79 by $0.09. The business had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.77 billion. Trane Technologies had a return on equity of 36.61% and a net margin of 13.76%. The business's revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.30 EPS. Analysts forecast that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

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

Trane Technologies 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.

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