Financiere des Professionnels Fonds d investissement inc. Purchases 9,869 Shares of Trane Technologies plc $TT

Key Points

• Financiere des Professionnels Fonds d’investissement inc. sharply increased its Trane Technologies stake by 295.2% in the first quarter, buying 9,869 more shares and bringing its total holdings to 13,212 shares worth about $5.5 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, while revenue rose 6% year over year.
• The company also announced a quarterly dividend of $1.05 per share, and analysts remain generally positive, with an average rating of “Moderate Buy” and an average price target of $516.67.

Financiere des Professionnels Fonds d investissement inc. increased its position in Trane Technologies plc (NYSE:TT - Free Report) by 295.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,212 shares of the company's stock after acquiring an additional 9,869 shares during the period. Financiere des Professionnels Fonds d investissement inc.'s holdings in Trane Technologies were worth $5,506,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bessemer Group Inc. boosted its stake in Trane Technologies by 3.3% during the 1st quarter. Bessemer Group Inc. now owns 8,271 shares of the company's stock valued at $3,448,000 after purchasing an additional 266 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Trane Technologies by 24.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 88,011 shares of the company's stock valued at $37,681,000 after purchasing an additional 17,185 shares in the last quarter. Independent Financial Group LLC purchased a new stake in shares of Trane Technologies during the first quarter valued at $345,000. Frazier Financial Advisors LLC purchased a new stake in shares of Trane Technologies during the first quarter valued at $33,000. Finally, Aware Super Pty Ltd as trustee of Aware Super bought a new stake in Trane Technologies in the 1st quarter worth about $42,777,000. 82.97% of the stock is owned by institutional investors.

Insider Activity at Trane Technologies

In other news, insider Donald E. Simmons sold 4,593 shares of the company'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 completion of the sale, the insider directly owned 3,819 shares in the company, valued at $1,909,500. This represents a 54.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by company insiders.

Trane Technologies Stock Performance

TT opened at $475.00 on Friday. The company's 50 day moving average is $469.82 and its 200 day moving average is $446.82. 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 company has a market cap of $105.00 billion, a price-to-earnings ratio of 36.74, a PEG ratio of 2.21 and a beta of 1.19. Trane Technologies plc has a 12-month low of $348.06 and a 12-month high of $505.87.

Trane Technologies (NYSE:TT - Get Free Report) last announced its earnings results on Friday, May 1st. The company reported $2.63 EPS 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 business had revenue of $4.97 billion during the quarter, compared to analysts' expectations of $4.81 billion. During the same period in the prior year, the company earned $2.45 earnings per share. The firm's revenue was up 6.0% on a year-over-year basis. On average, equities research analysts predict that Trane Technologies plc will post 14.89 EPS for the current year.

Trane Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 4th will be given a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. Trane Technologies's payout ratio is presently 32.48%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TT. Barclays upped their target price on shares of Trane Technologies from $507.00 to $585.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Sanford C. Bernstein set a $555.00 price objective on shares of Trane Technologies in a report on Thursday, July 9th. KeyCorp increased their price objective on shares of Trane Technologies from $525.00 to $555.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. JPMorgan Chase & Co. increased their price objective on shares of Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. Finally, Evercore started coverage on shares of Trane Technologies in a report on Monday, April 13th. They issued an "outperform" rating and a $535.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $516.67.

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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