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

CIBC Asset Management Inc grew its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 8.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,942 shares of the company's stock after acquiring an additional 2,452 shares during the period. CIBC Asset Management Inc's holdings in Trane Technologies were worth $12,806,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. International Assets Investment Management LLC increased its holdings in Trane Technologies by 35,914.4% during the 3rd quarter. International Assets Investment Management LLC now owns 1,645,137 shares of the company's stock worth $639,514,000 after acquiring an additional 1,640,569 shares during the period. Robeco Institutional Asset Management B.V. increased its holdings in shares of Trane Technologies by 1.3% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,438,515 shares of the company's stock worth $559,194,000 after purchasing an additional 18,403 shares during the period. Mackenzie Financial Corp raised its position in shares of Trane Technologies by 0.3% in the second quarter. Mackenzie Financial Corp now owns 1,085,468 shares of the company's stock worth $357,043,000 after buying an additional 2,898 shares in the last quarter. Raymond James & Associates boosted its stake in Trane Technologies by 3.1% during the third quarter. Raymond James & Associates now owns 1,076,484 shares of the company's stock valued at $418,462,000 after buying an additional 32,079 shares during the period. Finally, Swedbank AB grew its position in Trane Technologies by 2.8% during the third quarter. Swedbank AB now owns 743,794 shares of the company's stock worth $289,135,000 after buying an additional 20,400 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on TT shares. Wells Fargo & Company raised their price target on Trane Technologies from $320.00 to $360.00 and gave the company an "underweight" rating in a report on Monday, October 7th. HSBC downgraded shares of Trane Technologies from a "buy" rating to a "hold" rating and set a $405.00 target price on the stock. in a research note on Thursday, October 31st. Mizuho boosted their price target on shares of Trane Technologies from $325.00 to $400.00 and gave the stock a "neutral" rating in a research note on Thursday, October 17th. Barclays raised their price objective on shares of Trane Technologies from $425.00 to $440.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Finally, Hsbc Global Res downgraded shares of Trane Technologies from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $389.77.

Trane Technologies Stock Down 0.6 %

Shares of NYSE:TT opened at $407.49 on Friday. Trane Technologies plc has a 12-month low of $221.22 and a 12-month high of $421.78. The company has a current ratio of 1.22, a quick ratio of 0.92 and a debt-to-equity ratio of 0.57. The stock's 50-day moving average price is $388.09 and its 200-day moving average price is $353.05. The stock has a market capitalization of $91.69 billion, a P/E ratio of 37.80, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.23 by $0.14. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The business had revenue of $5.44 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period last year, the company earned $2.79 EPS. Trane Technologies's revenue for the quarter was up 10.0% compared to the same quarter last year. On average, equities analysts anticipate that Trane Technologies plc will post 11.13 earnings per share for the current year.

Trane Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 6th will be given a dividend of $0.84 per share. The ex-dividend date is Friday, December 6th. This represents a $3.36 annualized dividend and a yield of 0.82%. Trane Technologies's payout ratio is currently 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.