CIBC Asset Management Inc Purchases 21,366 Shares of Trane Technologies plc $TT

Key Points

• CIBC Asset Management increased its Trane Technologies stake by 64.7% in the fourth quarter, buying 21,366 additional shares and bringing its holdings to 54,376 shares worth about $21.2 million.
• Trane Technologies reported better-than-expected quarterly results, with EPS of $2.63 versus estimates of $2.53 and revenue of $4.97 billion versus $4.81 billion expected, while revenue rose 6% year over year.
• The company also announced a quarterly dividend of $1.05 per share, payable June 30, giving an annualized dividend of $4.20 and a yield of about 0.9%.

CIBC Asset Management Inc boosted its holdings in Trane Technologies plc (NYSE:TT - Free Report) by 64.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 54,376 shares of the company's stock after purchasing an additional 21,366 shares during the quarter. CIBC Asset Management Inc's holdings in Trane Technologies were worth $21,163,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of TT. Tucker Asset Management LLC purchased a new stake in shares of Trane Technologies in the fourth quarter worth approximately $25,000. JPL Wealth Management LLC bought a new stake in Trane Technologies during the third quarter worth $32,000. Creative Financial Designs Inc. ADV raised its position in Trane Technologies by 119.5% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 90 shares of the company's stock valued at $35,000 after buying an additional 49 shares during the last quarter. KERR FINANCIAL PLANNING Corp bought a new position in Trane Technologies during the 3rd quarter valued at $42,000. Finally, Hantz Financial Services Inc. lifted its stake in Trane Technologies by 58.2% during the 3rd quarter. Hantz Financial Services Inc. now owns 106 shares of the company's stock valued at $45,000 after acquiring an additional 39 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Activity at Trane Technologies

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of the business's stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total value of $2,296,500.00. Following the sale, the insider directly owned 3,819 shares in the company, valued at $1,909,500. The trade was a 54.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of the company's stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total value of $3,878,550.00. Following the transaction, the chief financial officer directly owned 60,576 shares in the company, valued at $27,259,200. This represents a 12.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on TT. Weiss Ratings reiterated a "buy (b)" rating on shares of Trane Technologies in a research note on Monday, April 20th. Evercore started coverage on shares of Trane Technologies in a report on Monday, April 13th. They set an "outperform" rating and a $535.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on shares of Trane Technologies from $460.00 to $476.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. BNP Paribas Exane started coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They issued an "outperform" rating and a $550.00 price objective for the company. Finally, Citigroup boosted their target price on Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $506.56.

Trane Technologies Price Performance

Shares of NYSE:TT opened at $464.23 on Friday. The company has a market capitalization of $102.62 billion, a P/E ratio of 35.90, a price-to-earnings-growth ratio of 2.15 and a beta of 1.20. The company's 50-day moving average is $458.41 and its 200 day moving average is $431.16. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.10. Trane Technologies plc has a fifty-two week low of $348.06 and a fifty-two week high of $503.47.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.53 by $0.10. The business had revenue of $4.97 billion during the quarter, compared to the consensus estimate of $4.81 billion. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The firm's quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.45 earnings per share. On average, equities research analysts forecast that Trane Technologies plc will post 14.88 earnings per share for the current year.

Trane Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be issued a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, June 5th. Trane Technologies's payout ratio is 32.48%.

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.

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