Cibc World Market Inc. Reduces Position in Trane Technologies plc $TT

Cibc World Market Inc. cut its stake in shares of Trane Technologies plc (NYSE:TT) by 57.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor 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 filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Lido Advisors LLC grew its holdings in shares of Trane Technologies by 55.3% during the fourth quarter. Lido Advisors LLC now owns 13,767 shares of the company’s stock valued at $5,627,000 after buying an additional 4,902 shares during the last quarter. Marietta Investment Partners LLC lifted its position in Trane Technologies by 1.7% during the fourth quarter. Marietta Investment Partners LLC now owns 19,777 shares of the company’s stock valued at $7,697,000 after purchasing an additional 340 shares during the period. Phillips Wealth Planners LLC lifted its position in Trane Technologies by 4.4% during the fourth quarter. Phillips Wealth Planners LLC now owns 2,081 shares of the company’s stock valued at $823,000 after purchasing an additional 88 shares during the period. CIBC Asset Management Inc lifted its position in Trane Technologies by 64.7% during the fourth quarter. CIBC Asset Management Inc now owns 54,376 shares of the company’s stock valued at $21,163,000 after purchasing an additional 21,366 shares during the period. Finally, Marble Wealth LLC acquired a new position in Trane Technologies during the fourth quarter valued at $228,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Donald E. Simmons sold 4,593 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the completion of the transaction, the insider 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 Securities & Exchange Commission, which is available at 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 the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $27,259,200. This trade represents a 12.46% 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. 0.43% of the stock is owned by corporate insiders.

Trane Technologies Trading Up 2.5%

Shares of Trane Technologies stock opened at $470.24 on Wednesday. The firm has a 50-day simple moving average of $461.08 and a two-hundred day simple moving average of $432.27. The company has a market cap of $103.95 billion, a P/E ratio of 36.37, a price-to-earnings-growth ratio of 2.11 and a beta of 1.20. Trane Technologies plc has a fifty-two week low of $348.06 and a fifty-two week high of $503.47. 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 (NYSE:TT) last issued its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.10. The business had revenue of $4.97 billion during 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 was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.45 earnings per share. As a group, equities analysts predict that Trane Technologies plc will post 14.88 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

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 $1.05 dividend. The ex-dividend date is Friday, September 4th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. Trane Technologies’s dividend payout ratio is 32.48%.

Wall Street Analysts Forecast Growth

TT has been the subject of a number of research reports. Barclays boosted their target price on shares of Trane Technologies from $507.00 to $585.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. BNP Paribas Exane initiated 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 for the company. Sanford C. Bernstein initiated coverage on shares of Trane Technologies in a research report on Tuesday. They set an “outperform” rating for the company. Evercore initiated coverage on shares of Trane Technologies in a research report on Monday, April 13th. They set an “outperform” rating and a $535.00 target price for the company. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Trane Technologies in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $506.56.

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.