Cidel Asset Management Inc. Invests $4.47 Million in Trane Technologies plc $TT

Key Points

• Cidel Asset Management initiated a new position in Trane Technologies, buying 10,717 shares worth about $4.47 million in the first quarter.
• Trane Technologies reported better-than-expected quarterly results, with EPS of $2.63 versus estimates of $2.53 and revenue of $4.97 billion, up 6% year over year.
• The company also announced a quarterly dividend of $1.05 per share, while analysts remain generally positive with an average “Moderate Buy” rating and a $509.12 price target.

Cidel Asset Management Inc. bought a new stake in Trane Technologies plc (NYSE:TT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 10,717 shares of the company's stock, valued at approximately $4,466,000.

Several other institutional investors also recently bought and sold shares of TT. Richards Merrill & Peterson Inc. increased its stake in Trane Technologies by 10.6% in the 1st quarter. Richards Merrill & Peterson Inc. now owns 2,151 shares of the company's stock worth $896,000 after purchasing an additional 206 shares during the period. Legacy Wealth Partners LLC purchased a new stake in shares of Trane Technologies during the first quarter valued at approximately $254,000. HHM Wealth Advisors LLC grew its holdings in shares of Trane Technologies by 25.6% in the first quarter. HHM Wealth Advisors LLC now owns 196 shares of the company's stock worth $82,000 after purchasing an additional 40 shares during the last quarter. Great Waters Wealth Management grew its holdings in shares of Trane Technologies by 221.0% in the first quarter. Great Waters Wealth Management now owns 1,849 shares of the company's stock worth $771,000 after purchasing an additional 1,273 shares during the last quarter. Finally, Andina Capital Management LLC purchased a new position in shares of Trane Technologies in the first quarter worth $399,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Trane Technologies Stock Down 3.3%

Shares of NYSE TT opened at $475.26 on Wednesday. The firm has a fifty day simple moving average of $468.70 and a two-hundred day simple moving average of $436.43. Trane Technologies plc has a 12 month low of $348.06 and a 12 month high of $503.47. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $105.06 billion, a PE ratio of 36.76, a price-to-earnings-growth ratio of 2.26 and a beta of 1.20.

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

Trane Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be given a dividend of $1.05 per share. 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 presently 32.48%.

Analysts Set New Price Targets

TT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target 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. Barclays raised their price target on shares of Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. BNP Paribas Exane started coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They set an "outperform" rating and a $550.00 price objective for the company. Evercore began coverage on shares of Trane Technologies in a report on Monday, April 13th. They set an "outperform" rating and a $535.00 target price for the company. Finally, KeyCorp raised their target price on Trane Technologies from $525.00 to $555.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $509.12.

Insider Activity at Trane Technologies

In other Trane Technologies news, CFO Christopher J. Kuehn sold 8,619 shares of the company's stock in a transaction that occurred 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 transaction, the chief financial officer owned 60,576 shares in the company, valued at approximately $27,259,200. This represents a 12.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Donald E. Simmons sold 4,593 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 3,819 shares of the company's stock, valued at $1,909,500. This represents a 54.60% 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. Insiders own 0.43% of the company's stock.

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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