JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Trane Technologies (NYSE:TT) Stock

Trane Technologies (NYSE:TT) had its price target increased by JPMorgan Chase & Co. from $460.00 to $476.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 2.00% from the company’s current price.

A number of other analysts have also commented on the company. Royal Bank Of Canada lifted their target price on Trane Technologies from $440.00 to $501.00 and gave the stock a “sector perform” rating in a report on Friday, May 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Trane Technologies in a report on Monday, April 20th. Citigroup lifted their target price on Trane Technologies from $525.00 to $570.00 and gave the stock a “buy” rating in a report on Friday, May 1st. 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 for the company. Finally, Evercore started coverage on Trane Technologies in a report on Monday, April 13th. They issued an “outperform” rating and a $535.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $506.56.

Trane Technologies Stock Down 3.1%

Trane Technologies stock opened at $466.65 on Thursday. The firm has a market cap of $103.15 billion, a price-to-earnings ratio of 36.09, a PEG ratio of 2.22 and a beta of 1.25. The stock has a fifty day simple moving average of $450.17 and a two-hundred day simple moving average of $428.86. Trane Technologies 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.

Trane Technologies (NYSE:TT) last posted its earnings results on Friday, May 1st. The company reported $2.63 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.10. The business had revenue of $4.97 billion during the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.45 EPS. Equities analysts predict that Trane Technologies will post 14.87 EPS for the current fiscal year.

Insider Transactions at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies stock in a transaction on 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 sale, the chief financial officer owned 60,576 shares of the company’s stock, valued at $27,259,200. The trade was a 12.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Elizabeth A. Elwell sold 635 shares of Trane Technologies stock in a transaction on Friday, March 6th. The stock was sold at an average price of $422.70, for a total value of $268,414.50. Following the completion of the sale, the chief accounting officer directly owned 7,100 shares of the company’s stock, valued at $3,001,170. The trade was a 8.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 53,654 shares of company stock worth $23,269,523. 0.14% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Trane Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the stock. SummitTX Capital L.P. purchased a new position in Trane Technologies during the first quarter valued at $9,902,000. Lazard Asset Management LLC lifted its position in Trane Technologies by 11.9% during the first quarter. Lazard Asset Management LLC now owns 648,093 shares of the company’s stock valued at $270,086,000 after purchasing an additional 68,737 shares in the last quarter. Gateway Wealth Partners LLC purchased a new position in Trane Technologies during the first quarter valued at $231,000. OMERS ADMINISTRATION Corp lifted its position in Trane Technologies by 53.9% during the first quarter. OMERS ADMINISTRATION Corp now owns 14,621 shares of the company’s stock valued at $6,093,000 after purchasing an additional 5,119 shares in the last quarter. Finally, Lombard Odier Asset Management Switzerland SA purchased a new position in Trane Technologies during the first quarter valued at $3,894,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

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.