Trane Technologies (NYSE:TT) Hits New 12-Month High – What’s Next?

Trane Technologies plc (NYSE:TT) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $479.37 and last traded at $476.9350, with a volume of 119630 shares trading hands. The stock had previously closed at $472.54.

Analyst Ratings Changes

TT has been the subject of a number of recent research reports. Morgan Stanley reduced their price objective on shares of Trane Technologies from $550.00 to $535.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. JPMorgan Chase & Co. lifted their price target on Trane Technologies from $434.00 to $460.00 and gave the company a “neutral” rating in a research report on Friday, January 30th. Wells Fargo & Company increased their price objective on Trane Technologies from $375.00 to $400.00 and gave the stock an “underweight” rating in a report on Friday, January 30th. Melius Research upgraded Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 target price for the company in a research note on Wednesday, January 7th. Finally, Bank of America upgraded Trane Technologies from a “neutral” rating to a “buy” rating and upped their price target for the company from $490.00 to $550.00 in a research report on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Trane Technologies has a consensus rating of “Moderate Buy” and an average price target of $484.67.

Trane Technologies Trading Up 1.0%

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 stock has a market cap of $102.93 billion, a P/E ratio of 35.83, a P/E/G ratio of 2.42 and a beta of 1.21. The stock has a 50-day moving average price of $403.90 and a 200-day moving average price of $414.84.

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

Trane Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 6th will be issued a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. This is an increase from Trane Technologies’s previous quarterly dividend of $0.94. Trane Technologies’s payout ratio is presently 28.97%.

Insider Transactions at Trane Technologies

In other Trane Technologies news, CFO Christopher J. Kuehn sold 2,389 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $462.70, for a total transaction of $1,105,390.30. Following the sale, the chief financial officer owned 60,486 shares in the company, valued at $27,986,872.20. This trade represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David S. Regnery sold 5,588 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $462.60, for a total value of $2,585,008.80. Following the completion of the transaction, the chief executive officer owned 96,948 shares of the company’s stock, valued at $44,848,144.80. The trade was a 5.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 8,936 shares of company stock worth $4,133,991 in the last three months. Insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Trane Technologies

Institutional investors have recently bought and sold shares of the stock. Ethic Inc. raised its holdings in shares of Trane Technologies by 6.6% in the second quarter. Ethic Inc. now owns 26,836 shares of the company’s stock worth $11,601,000 after buying an additional 1,672 shares during the period. Nordea Investment Management AB boosted its holdings in Trane Technologies by 2.4% during the 3rd quarter. Nordea Investment Management AB now owns 2,513,508 shares of the company’s stock valued at $1,051,049,000 after acquiring an additional 57,774 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Trane Technologies in the 3rd quarter valued at $6,571,000. Boston Common Asset Management LLC purchased a new stake in Trane Technologies in the third quarter worth $9,546,000. Finally, Compass Wealth Management LLC lifted its position in shares of Trane Technologies by 3,785.4% during the third quarter. Compass Wealth Management LLC now owns 27,198 shares of the company’s stock worth $11,476,000 after purchasing an additional 26,498 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

About Trane Technologies

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.