Cidel Asset Management Inc. Purchases New Holdings in Trane Technologies plc $TT

Cidel Asset Management Inc. acquired a new position in shares of Trane Technologies plc (NYSE:TT) during the 1st quarter, Holdings Channel.com reports. The fund acquired 10,717 shares of the company’s stock, valued at approximately $4,466,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of TT. Norges Bank bought a new stake in shares of Trane Technologies in the 4th quarter worth approximately $1,163,124,000. Capital International Investors purchased a new stake in shares of Trane Technologies in the 4th quarter worth approximately $324,639,000. Corient Private Wealth LLC increased its position in Trane Technologies by 135.4% during the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock valued at $321,757,000 after buying an additional 423,090 shares in the last quarter. SG Americas Securities LLC increased its position in Trane Technologies by 13,460.8% during the 4th quarter. SG Americas Securities LLC now owns 423,504 shares of the company’s stock valued at $164,828,000 after buying an additional 420,381 shares in the last quarter. Finally, Capital Research Global Investors purchased a new position in Trane Technologies during the fourth quarter valued at $132,124,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Activity

In related news, insider Donald E. Simmons sold 4,593 shares of Trane Technologies stock in a transaction dated 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 completion of the sale, the insider directly owned 3,819 shares in the company, valued at approximately $1,909,500. This trade represents a 54.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 business’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total value of $3,878,550.00. Following the completion of the transaction, the chief financial officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by company insiders.

Trane Technologies Stock Performance

TT stock opened at $475.26 on Wednesday. The stock has a market capitalization of $105.06 billion, a PE ratio of 36.76, a price-to-earnings-growth ratio of 2.26 and a beta of 1.20. Trane Technologies plc has a 12-month low of $348.06 and a 12-month high of $503.47. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The stock’s 50 day simple moving average is $468.70 and its 200 day simple moving average is $436.43.

Trane Technologies (NYSE:TT) last issued its earnings results on Friday, May 1st. The company reported $2.63 EPS for the quarter, beating the consensus estimate of $2.53 by $0.10. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The business had revenue of $4.97 billion for the quarter, compared to the consensus estimate of $4.81 billion. During the same period last year, the business posted $2.45 EPS. The company’s revenue was up 6.0% compared to the same quarter last year. As a group, research analysts forecast that Trane Technologies plc will post 14.88 earnings per share 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. Investors of record on Friday, September 4th will be given a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. Trane Technologies’s dividend payout ratio (DPR) is 32.48%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. BNP Paribas Exane began coverage on Trane Technologies in a report on Tuesday, April 14th. They issued an “outperform” rating and a $550.00 target price on the stock. KeyCorp raised their price target on Trane Technologies from $525.00 to $555.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Evercore began coverage on Trane Technologies in a research report on Monday, April 13th. They issued an “outperform” rating and a $535.00 price target for the company. Citigroup upped their price target on shares of Trane Technologies from $525.00 to $570.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Finally, Barclays increased their price objective 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. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $509.12.

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.