State of New Jersey Common Pension Fund D Has $32.72 Million Position in Trane Technologies plc $TT

State of New Jersey Common Pension Fund D increased its position in shares of Trane Technologies plc (NYSE:TT) by 3.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,545 shares of the company’s stock after buying an additional 2,510 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Trane Technologies were worth $32,721,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Ethic Inc. lifted its stake in shares of Trane Technologies by 6.6% during the second quarter. Ethic Inc. now owns 26,836 shares of the company’s stock valued at $11,601,000 after acquiring an additional 1,672 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Trane Technologies during the 3rd quarter worth about $6,571,000. Nordea Investment Management AB lifted its position in Trane Technologies by 2.4% during the 3rd quarter. Nordea Investment Management AB now owns 2,513,508 shares of the company’s stock valued at $1,051,049,000 after purchasing an additional 57,774 shares during the period. Boston Common Asset Management LLC bought a new position in shares of Trane Technologies in the 3rd quarter valued at about $9,546,000. Finally, Compass Wealth Management LLC grew its position in shares of Trane Technologies by 3,785.4% during the 3rd 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 period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Christopher J. Kuehn sold 2,389 shares of the firm’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $462.70, for a total transaction of $1,105,390.30. Following the sale, the chief financial officer owned 60,486 shares of the company’s stock, valued at $27,986,872.20. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Donald E. Simmons sold 822 shares of the business’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $462.57, for a total value of $380,232.54. Following the sale, the insider owned 3,819 shares in the company, valued at approximately $1,766,554.83. This trade represents a 17.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,936 shares of company stock valued at $4,133,991 in the last quarter. Corporate insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on TT shares. Barclays increased their price objective on shares of Trane Technologies from $505.00 to $507.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Morgan Stanley cut their price target on Trane Technologies from $550.00 to $535.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 13th. Bank of America raised Trane Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $490.00 to $550.00 in a research note on Thursday, November 13th. JPMorgan Chase & Co. increased their target price on Trane Technologies from $434.00 to $460.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Finally, Wells Fargo & Company boosted their target price on Trane Technologies from $375.00 to $400.00 and gave the stock an “underweight” rating in a research report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $484.67.

Trane Technologies Trading Up 1.0%

NYSE:TT opened at $465.04 on Monday. The company has a market cap of $102.93 billion, a P/E ratio of 35.83, a price-to-earnings-growth ratio of 2.45 and a beta of 1.21. The business has a 50 day moving average price of $403.90 and a two-hundred day moving average price of $414.32. The company has a quick ratio of 0.92, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. Trane Technologies plc has a twelve month low of $298.15 and a twelve month high of $479.37.

Trane Technologies (NYSE:TT) last issued its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping the consensus estimate of $2.81 by $0.05. The company had revenue of $5.14 billion during the quarter, compared to the consensus estimate of $5.09 billion. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.61 EPS. As a group, analysts expect that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 6th will be issued a dividend of $1.05 per share. This is an increase from Trane Technologies’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Friday, March 6th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. Trane Technologies’s payout ratio is presently 28.97%.

About Trane Technologies

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.