Trane Technologies plc $TT Shares Sold by Arizona State Retirement System

Key Points

• Arizona State Retirement System trimmed its Trane Technologies stake by 4.1%, selling 2,685 shares to hold 62,465 shares worth about $24.31 million at the end of the quarter.
• Trane beat quarterly expectations with EPS of $2.86 versus $2.81 expected and revenue of $5.14 billion (up 5.6% year-over-year), and analysts forecast full-year EPS of about $14.76.
• There has been notable insider selling—CEO David Regnery sold 36,045 shares (a 27.1% reduction in his holding) and insiders sold ~57,997 shares (~$25.1M) in the past 90 days—yet analyst sentiment remains largely positive with an average rating of Moderate Buy and an average target price of $492.94 (Evercore initiated at "Outperform" with a $535 target).

Arizona State Retirement System decreased its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 4.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,465 shares of the company's stock after selling 2,685 shares during the quarter. Arizona State Retirement System's holdings in Trane Technologies were worth $24,311,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of TT. Aptus Capital Advisors LLC increased its holdings in Trane Technologies by 169.8% in the 3rd quarter. Aptus Capital Advisors LLC now owns 14,738 shares of the company's stock worth $6,219,000 after buying an additional 9,276 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in Trane Technologies in the 3rd quarter worth approximately $6,571,000. Nordea Investment Management AB increased its holdings in Trane Technologies by 2.4% in the 3rd quarter. Nordea Investment Management AB now owns 2,513,508 shares of the company's stock worth $1,051,049,000 after buying an additional 57,774 shares during the period. Boston Common Asset Management LLC purchased a new stake in shares of Trane Technologies in the third quarter worth about $9,546,000. Finally, Compass Wealth Management LLC boosted its stake in shares of Trane Technologies by 3,785.4% in the third quarter. Compass Wealth Management LLC now owns 27,198 shares of the company's stock worth $11,476,000 after buying an additional 26,498 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Analyst Upgrades and Downgrades

TT has been the topic of a number of recent research reports. Evercore initiated coverage on Trane Technologies in a research note on Monday, April 13th. They issued an "outperform" rating and a $535.00 target price on the stock. Melius Research upgraded Trane Technologies from a "hold" rating to a "buy" rating and set a $490.00 target price on the stock in a research note on Wednesday, January 7th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Trane Technologies in a report on Monday. KeyCorp raised their target price on Trane Technologies from $500.00 to $525.00 and gave the company an "overweight" rating in a research report on Tuesday. Finally, UBS Group dropped their target price on Trane Technologies from $544.00 to $520.00 and set a "buy" rating on the stock in a research report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $492.94.

Trane Technologies Trading Up 1.8%

Shares of TT stock opened at $486.01 on Friday. The stock's fifty day moving average is $445.28 and its two-hundred day moving average is $423.13. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25. The firm has a market capitalization of $107.57 billion, a P/E ratio of 37.44, a PEG ratio of 2.51 and a beta of 1.21. Trane Technologies plc has a fifty-two week low of $334.37 and a fifty-two week high of $490.15.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, beating analysts' consensus estimates of $2.81 by $0.05. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The company had revenue of $5.14 billion for the quarter, compared to analyst estimates of $5.09 billion. During the same quarter last year, the firm posted $2.61 EPS. The firm's revenue for the quarter was up 5.6% on a year-over-year basis. Research analysts expect that Trane Technologies plc will post 14.76 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be given a dividend of $1.05 per share. The ex-dividend date is Friday, June 5th. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. Trane Technologies's dividend payout ratio (DPR) is presently 32.36%.

Insider Buying and Selling

In related news, CEO David S. Regnery sold 36,045 shares of Trane Technologies stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $422.69, for a total transaction of $15,235,861.05. Following the transaction, the chief executive officer owned 96,948 shares in the company, valued at approximately $40,978,950.12. This trade represents a 27.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Elizabeth A. Elwell sold 635 shares of Trane Technologies stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $422.70, for a total value of $268,414.50. Following the transaction, the chief accounting officer owned 7,100 shares in the company, valued at approximately $3,001,170. The trade was a 8.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 57,997 shares of company stock worth $25,107,014. 0.14% of the stock is owned by corporate insiders.

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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