Kentucky Retirement Systems Insurance Trust Fund Lowers Stake in Trane Technologies plc (NYSE:TT)

Kentucky Retirement Systems Insurance Trust Fund trimmed its position in Trane Technologies plc (NYSE:TT) by 8.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,682 shares of the company’s stock after selling 619 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Trane Technologies were worth $2,597,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

TT has been the subject of a number of analyst reports. UBS Group initiated coverage on Trane Technologies in a report on Wednesday. They issued a “buy” rating and a $500.00 price target for the company. Barclays boosted their target price on shares of Trane Technologies from $425.00 to $440.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Royal Bank of Canada lifted their price target on shares of Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 1st. Robert W. Baird decreased their price objective on shares of Trane Technologies from $408.00 to $404.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Finally, Hsbc Global Res downgraded Trane Technologies from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $389.77.

Trane Technologies Price Performance

Shares of TT opened at $407.49 on Friday. The company has a current ratio of 1.22, a quick ratio of 0.92 and a debt-to-equity ratio of 0.57. The firm has a market cap of $91.69 billion, a price-to-earnings ratio of 37.80, a PEG ratio of 2.63 and a beta of 1.02. Trane Technologies plc has a 52 week low of $221.22 and a 52 week high of $421.78. The stock has a 50 day moving average of $388.09 and a 200-day moving average of $353.05.

Trane Technologies (NYSE:TT) last released its earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share 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 firm had revenue of $5.44 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same quarter in the previous year, the firm earned $2.79 earnings per share. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, analysts forecast that Trane Technologies plc will post 11.13 EPS for the current year.

Trane Technologies Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, December 6th. This represents a $3.36 dividend on an annualized basis and a yield of 0.82%. Trane Technologies’s dividend payout ratio is currently 31.17%.

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.