Trane Technologies plc $TT Shares Sold by CI Investments Inc.

Key Points

• CI Investments Inc. cut its Trane Technologies stake by 91.3% in the first quarter, selling 8,065 shares and leaving it with 771 shares worth about $321,000.
• Analysts remain constructive on TT, with a consensus rating of “Moderate Buy” and an average price target of $516.67 after several firms raised targets or reiterated bullish views.
• Trane posted solid quarterly results, beating earnings and revenue estimates with EPS of $2.63 on $4.97 billion in revenue, while also announcing a quarterly dividend of $1.05 per share.

CI Investments Inc. lowered its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 91.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 771 shares of the company's stock after selling 8,065 shares during the quarter. CI Investments Inc.'s holdings in Trane Technologies were worth $321,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in TT. Tucker Asset Management LLC acquired a new stake in Trane Technologies in the 4th quarter valued at $25,000. Wilkerson Advisory Group LLC increased its holdings in Trane Technologies by 136.0% in the 1st quarter. Wilkerson Advisory Group LLC now owns 59 shares of the company's stock worth $25,000 after acquiring an additional 34 shares in the last quarter. Hilton Head Capital Partners LLC acquired a new position in Trane Technologies during the fourth quarter worth $32,000. JPL Wealth Management LLC purchased a new position in Trane Technologies during the third quarter valued at $32,000. Finally, Physician Wealth Advisors Inc. lifted its holdings in Trane Technologies by 192.6% during the first quarter. Physician Wealth Advisors Inc. now owns 79 shares of the company's stock valued at $33,000 after purchasing an additional 52 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

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 that occurred 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 $1,909,500. This trade represents a 54.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on TT shares. Weiss Ratings reissued a "buy (b)" rating on shares of Trane Technologies in a research note on Friday, July 17th. Citigroup raised their price target on shares of Trane Technologies from $525.00 to $570.00 and gave the company a "buy" rating in a research note on Friday, May 1st. Evercore assumed coverage on Trane Technologies in a report on Monday, April 13th. They issued an "outperform" rating and a $535.00 price objective on the stock. Barclays boosted their price objective on Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. increased their target price on Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a report on Thursday, May 14th. Two investment 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 issued a Sell rating to the stock. According to data from MarketBeat.com, Trane Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $516.67.

Trane Technologies Price Performance

Trane Technologies stock opened at $481.09 on Friday. Trane Technologies plc has a 52-week low of $348.06 and a 52-week high of $505.87. The firm has a market capitalization of $106.34 billion, a price-to-earnings ratio of 37.21, a PEG ratio of 2.21 and a beta of 1.19. The company has a fifty day simple moving average of $470.13 and a 200-day simple moving average of $449.87. 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 (NYSE:TT - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $4.97 billion for 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 company's revenue for the quarter was up 6.0% on a year-over-year basis. During the same period last year, the firm posted $2.45 earnings per share. On average, equities analysts anticipate that Trane Technologies plc will post 14.89 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, September 4th. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. Trane Technologies's dividend payout ratio is presently 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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