Trane Technologies (NYSE:TT) Stock Price Down 7.4% – Here’s What Happened

Trane Technologies plc (NYSE:TT) fell 7.4% during trading on Thursday. The company traded as low as $410.05 and last traded at $415.4270. 345,579 shares were traded during trading, a decline of 75% from the average daily volume of 1,363,681 shares. The stock had previously closed at $448.47.

Analysts Set New Price Targets

Several equities analysts have weighed in on TT shares. Sanford C. Bernstein lifted their target price on Trane Technologies from $555.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. The Goldman Sachs Group upgraded shares of Trane Technologies from a “neutral” rating to a “buy” rating and raised their price target for the stock from $548.00 to $565.00 in a report on Wednesday, October 14th. Citigroup lowered their price objective on shares of Trane Technologies from $570.00 to $566.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Weiss Ratings upgraded shares of Trane Technologies from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 10th. Finally, Mizuho increased their target price on shares of Trane Technologies from $475.00 to $485.00 and gave the stock a “neutral” rating in a research report on Thursday, October 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Trane Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $539.42.

Trane Technologies Price Performance

The company has a market capitalization of $94.14 billion, a PE ratio of 32.41, a P/E/G ratio of 2.08 and a beta of 1.15. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.76 and a current ratio of 1.07. The stock has a 50 day moving average price of $451.88 and a two-hundred day moving average price of $453.61.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Thursday, October 29th. The company reported $4.86 EPS for the quarter, beating the consensus estimate of $4.74 by $0.12. Trane Technologies had a return on equity of 35.72% and a net margin of 13.28%. The business had revenue of $6.76 billion during the quarter, compared to analysts’ expectations of $6.50 billion. During the same quarter in the previous year, the business posted $3.88 EPS. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. Equities analysts forecast that Trane Technologies plc will post 15.32 earnings per share for the current year.

Trane Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Friday, December 4th will be given a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, December 4th. Trane Technologies’s payout ratio is currently 31.82%.

Insider Buying and Selling

In other news, CEO David Regnery sold 48,091 shares of the stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $480.00, for a total transaction of $23,083,680.00. Following the transaction, the chief executive officer owned 96,951 shares in the company, valued at $46,536,480. This represents a 33.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Trane Technologies

Several institutional investors and hedge funds have recently modified their holdings of TT. Wilkerson Advisory Group LLC lifted its position in shares of Trane Technologies by 136.0% in the first quarter. Wilkerson Advisory Group LLC now owns 59 shares of the company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. Elevation Wealth Partners LLC raised its stake in shares of Trane Technologies by 153.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 66 shares of the company’s stock valued at $32,000 after acquiring an additional 40 shares in the last quarter. Physician Wealth Advisors Inc. lifted its holdings in Trane Technologies by 192.6% in the 1st quarter. Physician Wealth Advisors Inc. now owns 79 shares of the company’s stock worth $33,000 after purchasing an additional 52 shares during the last quarter. Frazier Financial Advisors LLC acquired a new stake in Trane Technologies in the 1st quarter worth approximately $33,000. Finally, James T. Borello RIA boosted its position in Trane Technologies by 41.7% during the third quarter. James T. Borello RIA now owns 102 shares of the company’s stock worth $46,000 after purchasing an additional 30 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

About Trane Technologies

Trane Technologies plc is a global climate technology company that develops solutions for heating, ventilation, air conditioning, refrigeration and building management. Its products and services are designed to improve indoor comfort, energy efficiency and the sustainability of commercial, industrial, residential and institutional buildings.

The company operates through well-known brands including Trane, Thermo King and Frigoblock. Trane provides HVAC equipment, building controls, digital solutions, maintenance and energy services, while Thermo King and Frigoblock offer temperature-control systems for refrigerated transportation.