Kentucky Retirement Systems Decreases Stake in Trane Technologies plc (NYSE:TT)

Kentucky Retirement Systems lessened its position in shares of Trane Technologies plc (NYSE:TT) by 7.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,721 shares of the company’s stock after selling 1,336 shares during the quarter. Kentucky Retirement Systems’ holdings in Trane Technologies were worth $6,111,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of TT. DT Investment Partners LLC bought a new position in shares of Trane Technologies in the 3rd quarter valued at about $36,000. Fortitude Family Office LLC increased its position in shares of Trane Technologies by 63.2% during the 2nd quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock valued at $37,000 after purchasing an additional 43 shares during the last quarter. Triad Wealth Partners LLC purchased a new stake in Trane Technologies during the 2nd quarter valued at $39,000. Quarry LP purchased a new position in Trane Technologies during the second quarter worth $39,000. Finally, Pittenger & Anderson Inc. bought a new position in Trane Technologies during the third quarter valued at $39,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Trading Down 0.6 %

Shares of NYSE TT opened at $407.49 on Friday. Trane Technologies plc has a 1-year low of $221.22 and a 1-year high of $421.78. The business has a fifty day moving average price of $388.09 and a 200 day moving average price of $353.05. The stock has a market capitalization of $91.69 billion, a P/E ratio of 37.80, a price-to-earnings-growth ratio of 2.63 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.22 and a quick ratio of 0.92.

Trane Technologies (NYSE:TT) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.37 EPS for the quarter, beating the consensus estimate of $3.23 by $0.14. Trane Technologies had a net margin of 12.73% and a return on equity of 34.62%. The business had revenue of $5.44 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same period in the prior year, the firm posted $2.79 earnings per share. The company’s quarterly revenue was up 10.0% on a year-over-year basis. Equities research analysts expect that Trane Technologies plc will post 11.13 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 6th will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 0.82%. The ex-dividend date is Friday, December 6th. Trane Technologies’s dividend payout ratio is currently 31.17%.

Analyst Upgrades and Downgrades

TT has been the topic of a number of recent analyst reports. Royal Bank of Canada increased their price objective on shares of Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 1st. Stephens reissued an “equal weight” rating and set a $350.00 price target on shares of Trane Technologies in a research note on Monday, August 5th. Barclays boosted their price objective on Trane Technologies from $425.00 to $440.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. UBS Group began coverage on Trane Technologies in a research note on Wednesday. They issued a “buy” rating and a $500.00 target price on the stock. Finally, HSBC lowered shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $405.00 target price for the company. in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $389.77.

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.