Cibc World Market Inc. Trims Stake in Trane Technologies plc $TT

Key Points

• CIBC World Market Inc. cut its Trane Technologies stake by 57.6% in the fourth quarter, leaving it with 5,229 shares worth about $2.0 million.
• Trane Technologies reported strong quarterly results, posting EPS of $2.63 versus the $2.53 estimate and revenue of $4.97 billion, up 6% year over year.
• Analysts remain broadly positive, with a Moderate Buy consensus and an average target price of $506.56; the company also announced a quarterly dividend of $1.05 per share.

Cibc World Market Inc. reduced its position in Trane Technologies plc (NYSE:TT - Free Report) by 57.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,229 shares of the company's stock after selling 7,093 shares during the quarter. Cibc World Market Inc.'s holdings in Trane Technologies were worth $2,035,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Trane Technologies by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 20,020,321 shares of the company's stock worth $7,791,909,000 after acquiring an additional 192,270 shares during the period. JPMorgan Chase & Co. increased its position in shares of Trane Technologies by 10.2% during the third quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock worth $6,550,975,000 after acquiring an additional 1,433,563 shares during the period. Geode Capital Management LLC increased its position in shares of Trane Technologies by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 5,071,072 shares of the company's stock worth $1,964,896,000 after acquiring an additional 14,179 shares during the period. Norges Bank purchased a new position in shares of Trane Technologies during the fourth quarter worth approximately $1,163,124,000. Finally, Nordea Investment Management AB increased its position in shares of Trane Technologies by 2.9% during the fourth quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company's stock worth $1,010,419,000 after acquiring an additional 72,998 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on TT shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Trane Technologies in a research report on Monday, April 20th. KeyCorp raised their target price on shares of Trane Technologies from $525.00 to $555.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. BNP Paribas Exane started coverage on shares of Trane Technologies in a research report on Tuesday, April 14th. They set an "outperform" rating and a $550.00 target price on the stock. Citigroup raised their target price on shares of Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Trane Technologies has an average rating of "Moderate Buy" and a consensus target price of $506.56.

Trane Technologies Stock Performance

Shares of TT stock opened at $470.24 on Wednesday. The firm has a market cap of $103.95 billion, a price-to-earnings ratio of 36.37, a PEG ratio of 2.11 and a beta of 1.20. The company's 50 day moving average is $461.08 and its 200 day moving average is $432.27. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. Trane Technologies plc has a 52-week low of $348.06 and a 52-week high of $503.47.

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

Trane Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be issued a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, September 4th. Trane Technologies's payout ratio is currently 32.48%.

Insider Buying and Selling at Trane Technologies

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of Trane Technologies stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total value of $2,296,500.00. Following the transaction, the insider directly owned 3,819 shares of the company's stock, valued at approximately $1,909,500. The trade was a 54.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 Trane Technologies stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the completion of 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by insiders.

Trane Technologies Company Profile

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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