CIBC Bancorp USA Inc. Purchases Shares of 30,717 Trane Technologies plc $TT

CIBC Bancorp USA Inc. purchased a new position in shares of Trane Technologies plc (NYSE:TT) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 30,717 shares of the company’s stock, valued at approximately $12,961,000.

Several other large investors also recently modified their holdings of TT. Norges Bank bought a new position in Trane Technologies during the second quarter worth $1,356,065,000. JPMorgan Chase & Co. grew its position in Trane Technologies by 10.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock valued at $6,550,975,000 after purchasing an additional 1,433,563 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of Trane Technologies by 229.3% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company’s stock valued at $766,583,000 after buying an additional 1,220,388 shares during the last quarter. ABN AMRO Bank N.V. bought a new stake in Trane Technologies during the 2nd quarter worth approximately $291,206,000. Finally, Corient Private Wealth LLC grew its holdings in Trane Technologies by 135.4% during the second 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 in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Buying and Selling at Trane Technologies

In related news, CEO David S. Regnery sold 36,045 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $422.69, for a total transaction of $15,235,861.05. Following the sale, the chief executive officer directly owned 96,948 shares in the company, valued at approximately $40,978,950.12. This represents a 27.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Donald E. Simmons sold 3,762 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $422.70, for a total transaction of $1,590,197.40. Following the completion of the transaction, the insider directly owned 3,819 shares of the company’s stock, valued at approximately $1,614,291.30. This trade represents a 49.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 49,378 shares of company stock worth $21,228,464 over the last ninety days. Company insiders own 0.14% of the company’s stock.

Trane Technologies Price Performance

Shares of NYSE:TT opened at $422.99 on Friday. The company’s 50-day moving average is $429.67 and its 200 day moving average is $417.28. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25. The company has a market capitalization of $93.62 billion, a P/E ratio of 32.59, a price-to-earnings-growth ratio of 2.25 and a beta of 1.19. Trane Technologies plc has a fifty-two week low of $298.15 and a fifty-two week high of $479.37.

Trane Technologies (NYSE:TT) last posted its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.81 by $0.05. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The business had revenue of $5.14 billion during the quarter, compared to the consensus estimate of $5.09 billion. During the same quarter last year, the company posted $2.61 earnings per share. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, equities research analysts forecast that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 6th will be issued a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a yield of 1.0%. This is a boost from Trane Technologies’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Friday, March 6th. Trane Technologies’s payout ratio is currently 32.36%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on TT. Melius Research raised shares of Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 price objective on the stock in a report on Wednesday, January 7th. KeyCorp raised shares of Trane Technologies from a “sector weight” rating to an “overweight” rating and set a $500.00 price target on the stock in a research report on Monday, December 15th. Barclays boosted their price target on shares of Trane Technologies from $505.00 to $507.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. JPMorgan Chase & Co. increased their price objective on shares of Trane Technologies from $434.00 to $460.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Finally, Morgan Stanley dropped their target price on shares of Trane Technologies from $550.00 to $535.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Trane Technologies currently has an average rating of “Moderate Buy” and an average target price of $484.67.

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.