CIBC Asset Management Inc Acquires 2,452 Shares of Trane Technologies plc (NYSE:TT)

CIBC Asset Management Inc raised its holdings in shares of Trane Technologies plc (NYSE:TT) by 8.0% in the 3rd quarter, Holdings Channel reports. The firm owned 32,942 shares of the company’s stock after purchasing an additional 2,452 shares during the quarter. CIBC Asset Management Inc’s holdings in Trane Technologies were worth $12,806,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. DT Investment Partners LLC purchased a new position in shares of Trane Technologies during the third quarter valued at $36,000. Fortitude Family Office LLC increased its stake in shares of Trane Technologies by 63.2% during the second quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock valued at $37,000 after buying an additional 43 shares during the period. Triad Wealth Partners LLC purchased a new position in shares of Trane Technologies during the second quarter valued at $39,000. Quarry LP purchased a new position in shares of Trane Technologies during the second quarter valued at $39,000. Finally, Pittenger & Anderson Inc. purchased a new position in shares of Trane Technologies during the third quarter valued at $39,000. 82.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TT. Morgan Stanley began coverage on Trane Technologies in a research note on Friday, September 6th. They set an “overweight” rating and a $425.00 price target on the stock. Stephens reiterated an “equal weight” rating and issued a $350.00 target price on shares of Trane Technologies in a research note on Monday, August 5th. Hsbc Global Res lowered Trane Technologies from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Robert W. Baird cut their target price on Trane Technologies from $408.00 to $404.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group lifted their target price on Trane Technologies from $364.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Trane Technologies has an average rating of “Hold” and an average target price of $389.77.

Trane Technologies Price Performance

Shares of TT stock opened at $407.49 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.92 and a current ratio of 1.22. Trane Technologies plc has a fifty-two week low of $221.22 and a fifty-two week high of $421.78. The firm has a market capitalization of $91.69 billion, a price-to-earnings ratio of 37.80, a PEG ratio of 2.63 and a beta of 1.02. The stock’s 50-day simple moving average is $388.09 and its 200-day simple moving average is $353.05.

Trane Technologies (NYSE:TT) last released its earnings results on Wednesday, October 30th. The company reported $3.37 EPS for the quarter, topping analysts’ consensus estimates of $3.23 by $0.14. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The firm had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the previous year, the company posted $2.79 earnings per share. The company’s revenue was up 10.0% compared to the same quarter last year. As a group, equities analysts forecast that Trane Technologies plc will post 11.13 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 6th will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date of this dividend is Friday, December 6th. Trane Technologies’s payout ratio is presently 31.17%.

About Trane Technologies

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.