Trane Technologies plc (NYSE:TT) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Trane Technologies plc (NYSE:TT) has earned an average rating of “Moderate Buy” from the twenty brokerages that are currently covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $535.89.

Several analysts recently issued reports on the company. Sanford C. Bernstein raised their target price on Trane Technologies from $555.00 to $575.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Wall Street Zen lowered Trane Technologies from a “buy” rating to a “hold” rating in a research report on Sunday. Deutsche Bank Aktiengesellschaft dropped their price objective on Trane Technologies from $515.00 to $499.00 and set a “hold” rating for the company in a report on Wednesday, September 30th. Wells Fargo & Company began coverage on Trane Technologies in a research report on Friday, September 25th. They issued an “overweight” rating and a $536.00 price objective on the stock. Finally, JPMorgan Chase & Co. began coverage on Trane Technologies in a research note on Friday, October 9th. They set an “overweight” rating and a $550.00 target price on the stock.

Insider Transactions at Trane Technologies

In other Trane Technologies news, CEO David Regnery sold 48,091 shares of the company’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $480.00, for a total value of $23,083,680.00. Following the completion of the transaction, the chief executive officer directly owned 96,951 shares in the company, valued at approximately $46,536,480. This represents a 33.16% decrease in their position. The sale was disclosed in a document filed 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. Insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Trane Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bridges Investment Management Inc. boosted its position in Trane Technologies by 22.6% during the 3rd quarter. Bridges Investment Management Inc. now owns 78,182 shares of the company’s stock valued at $35,337,000 after acquiring an additional 14,408 shares in the last quarter. Edgestream Partners L.P. purchased a new position in shares of Trane Technologies during the 3rd quarter worth approximately $14,169,000. SBI Okasan Asset Management Co.Ltd. raised its position in shares of Trane Technologies by 22.2% in the 3rd quarter. SBI Okasan Asset Management Co.Ltd. now owns 1,100 shares of the company’s stock worth $501,000 after acquiring an additional 200 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Trane Technologies by 1.0% in the 3rd quarter. HighTower Advisors LLC now owns 134,805 shares of the company’s stock worth $60,929,000 after acquiring an additional 1,394 shares in the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc lifted its stake in shares of Trane Technologies by 3.1% in the 3rd quarter. Texas Capital Bank Wealth Management Services Inc now owns 19,769 shares of the company’s stock valued at $8,935,000 after purchasing an additional 589 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Trane Technologies Trading Up 4.8%

NYSE:TT opened at $421.14 on Tuesday. The firm has a market capitalization of $92.19 billion, a P/E ratio of 29.74, a P/E/G ratio of 1.93 and a beta of 1.19. The company has a quick ratio of 0.79, a current ratio of 1.12 and a debt-to-equity ratio of 0.43. The company has a fifty day moving average of $445.14 and a 200 day moving average of $454.59. Trane Technologies has a 52 week low of $348.06 and a 52 week high of $505.87.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Thursday, October 29th. The company reported $4.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.74 by $0.12. Trane Technologies had a net margin of 13.56% and a return on equity of 37.26%. The business had revenue of $6.76 billion for the quarter, compared to analyst estimates of $6.50 billion. During the same quarter last year, the firm earned $3.88 EPS. The company’s revenue was up 17.7% on a year-over-year basis. On average, research analysts predict that Trane Technologies will post 15.29 earnings per share for the current year.

Trane Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Friday, December 4th will be issued a $1.05 dividend. The ex-dividend date is Friday, December 4th. This represents a $4.20 annualized dividend and a yield of 1.0%. Trane Technologies’s payout ratio is 29.66%.

Trane Technologies Company Profile

Trane Technologies plc is a global climate innovator that designs, manufactures, and services heating, ventilation, air conditioning, and refrigeration systems. Its products and services support commercial buildings, homes, and transportation applications, including temperature-controlled shipping.

The company’s portfolio includes the Trane brand of HVAC systems and building services, as well as Thermo King equipment for transport refrigeration and climate control. It also offers building controls, energy-efficiency solutions, system maintenance, and related services.

Trane Technologies was formed in 2020 when Ingersoll Rand completed the spin-off of its industrial businesses and adopted the Trane Technologies name.