State of New Jersey Common Pension Fund D Decreases Stake in Trane Technologies plc (NYSE:TT)

State of New Jersey Common Pension Fund D trimmed its position in Trane Technologies plc (NYSE:TT) by 33.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 83,935 shares of the company’s stock after selling 42,857 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Trane Technologies were worth $27,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its holdings in shares of Trane Technologies by 138.0% during the first quarter. Empowered Funds LLC now owns 6,667 shares of the company’s stock worth $2,001,000 after purchasing an additional 3,866 shares during the period. Nordea Investment Management AB lifted its stake in Trane Technologies by 3.0% during the 1st quarter. Nordea Investment Management AB now owns 453,212 shares of the company’s stock valued at $135,796,000 after acquiring an additional 13,078 shares during the period. Sei Investments Co. boosted its holdings in shares of Trane Technologies by 379.2% in the 1st quarter. Sei Investments Co. now owns 306,165 shares of the company’s stock valued at $91,909,000 after acquiring an additional 242,271 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Trane Technologies in the fourth quarter worth $3,086,000. Finally, Capital World Investors increased its stake in shares of Trane Technologies by 0.6% in the fourth quarter. Capital World Investors now owns 2,176,595 shares of the company’s stock worth $530,870,000 after acquiring an additional 11,930 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Activity

In other news, CEO David S. Regnery sold 29,450 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $321.25, for a total transaction of $9,460,812.50. Following the completion of the sale, the chief executive officer now owns 132,946 shares in the company, valued at approximately $42,708,902.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO David S. Regnery sold 29,450 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $321.25, for a total transaction of $9,460,812.50. Following the completion of the sale, the chief executive officer now directly owns 132,946 shares of the company’s stock, valued at approximately $42,708,902.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Raymond D. Pittard sold 1,805 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $328.65, for a total transaction of $593,213.25. Following the completion of the transaction, the executive vice president now directly owns 83,517 shares in the company, valued at approximately $27,447,862.05. The disclosure for this sale can be found here. Company insiders own 0.38% of the company’s stock.

Trane Technologies Trading Up 1.5 %

Shares of Trane Technologies stock opened at $359.67 on Friday. The company has a current ratio of 1.17, a quick ratio of 0.84 and a debt-to-equity ratio of 0.62. Trane Technologies plc has a twelve month low of $184.02 and a twelve month high of $363.15. The firm has a market capitalization of $81.17 billion, a PE ratio of 38.43, a P/E/G ratio of 2.38 and a beta of 1.01. The firm’s 50-day moving average price is $340.41 and its 200 day moving average price is $321.72.

Trane Technologies (NYSE:TT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $3.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.08 by $0.22. Trane Technologies had a return on equity of 33.97% and a net margin of 12.33%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.13 billion. During the same period in the previous year, the company posted $2.68 earnings per share. The business’s revenue was up 12.8% on a year-over-year basis. On average, sell-side analysts predict that Trane Technologies plc will post 10.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on TT. Royal Bank of Canada upped their price target on shares of Trane Technologies from $334.00 to $350.00 and gave the company a “sector perform” rating in a report on Thursday, August 1st. Stephens restated an “equal weight” rating and issued a $350.00 target price on shares of Trane Technologies in a research note on Monday, August 5th. Robert W. Baird raised their target price on Trane Technologies from $360.00 to $365.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Morgan Stanley assumed coverage on Trane Technologies in a research report on Friday, September 6th. They issued an “overweight” rating and a $425.00 price objective on the stock. Finally, Wells Fargo & Company raised their price objective on shares of Trane Technologies from $315.00 to $320.00 and gave the stock an “underweight” rating in a research note on Friday, September 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $337.29.

About Trane Technologies

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.