OMERS ADMINISTRATION Corp Acquires 5,119 Shares of Trane Technologies plc $TT

Key Points

• OMERS Administration increased its Trane Technologies stake by 53.9% in the first quarter, adding 5,119 shares to hold 14,621 shares valued at approximately $6.1 million. Institutional investors collectively own 82.97% of the company.
• Analysts remain broadly positive on Trane Technologies, with a consensus rating of “Moderate Buy” and an average price target of $516.67, above the reported opening price of $481.09.
• The company exceeded quarterly expectations, reporting $2.63 in earnings per share and $4.97 billion in revenue, while revenue grew 6% year over year. Trane also declared a quarterly dividend of $1.05 per share, equivalent to a 0.9% annual yield.

OMERS ADMINISTRATION Corp raised its holdings in Trane Technologies plc (NYSE:TT - Free Report) by 53.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,621 shares of the company's stock after buying an additional 5,119 shares during the period. OMERS ADMINISTRATION Corp's holdings in Trane Technologies were worth $6,093,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in Trane Technologies in the 4th quarter valued at $1,163,124,000. Capital International Investors bought a new position in Trane Technologies during the fourth quarter worth $324,639,000. First Trust Advisors LP increased its holdings in shares of Trane Technologies by 536.6% in the first quarter. First Trust Advisors LP now owns 532,138 shares of the company's stock valued at $221,763,000 after purchasing an additional 448,547 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Trane Technologies by 215.9% in the first quarter. Hsbc Holdings PLC now owns 653,423 shares of the company's stock valued at $271,950,000 after purchasing an additional 446,598 shares during the period. Finally, Corient Private Wealth LLC lifted its stake in shares of Trane Technologies by 135.4% during the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company's stock worth $321,757,000 after buying an additional 423,090 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on TT shares. Sanford C. Bernstein set a $555.00 price target on shares of Trane Technologies in a research note on Thursday, July 9th. BNP Paribas Exane started coverage on Trane Technologies in a report on Tuesday, April 14th. They set an "outperform" rating and a $550.00 price objective for the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Trane Technologies in a research report on Friday, July 17th. KeyCorp increased 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. Finally, Barclays boosted their price target on Trane Technologies from $507.00 to $585.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $516.67.

Trane Technologies Stock Performance

TT opened at $481.09 on Monday. 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 52-week low of $348.06 and a 52-week high of $505.87. The firm has a market cap of $106.34 billion, a P/E ratio of 37.21, a price-to-earnings-growth ratio of 2.21 and a beta of 1.19. The business's fifty day moving average is $470.13 and its 200-day moving average is $450.29.

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 for the quarter, topping 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 business had revenue of $4.97 billion during the quarter, compared to analysts' expectations of $4.81 billion. During the same quarter in the prior year, the business posted $2.45 earnings per share. Trane Technologies's revenue was up 6.0% compared to the same quarter last year. Sell-side analysts expect that Trane Technologies plc will post 14.89 EPS for the current fiscal 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 is Friday, September 4th. Trane Technologies's payout ratio is currently 32.48%.

Insiders Place Their Bets

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of the firm'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 owned 3,819 shares of the company's stock, valued at approximately $1,909,500. This trade represents a 54.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is 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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