Trane Technologies (NYSE:TT) Lowered to Hold Rating by HSBC

HSBC cut shares of Trane Technologies (NYSE:TT) from a buy rating to a hold rating in a research report released on Thursday, Marketbeat.com reports. The brokerage currently has $405.00 price objective on the stock.

Several other research firms have also recently commented on TT. Mizuho boosted their target price on Trane Technologies from $325.00 to $400.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Wells Fargo & Company boosted their price objective on Trane Technologies from $320.00 to $360.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Barclays raised their target price on shares of Trane Technologies from $394.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Robert W. Baird lifted their target price on shares of Trane Technologies from $360.00 to $365.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada increased their price target on shares of Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a report on Thursday, August 1st. One 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 company’s stock. According to data from MarketBeat.com, Trane Technologies currently has a consensus rating of “Hold” and an average price target of $380.15.

Trane Technologies Trading Down 1.4 %

Shares of TT opened at $370.35 on Thursday. The business’s 50-day moving average price is $377.36 and its 200-day moving average price is $344.79. The company has a quick ratio of 0.84, a current ratio of 1.22 and a debt-to-equity ratio of 0.57. Trane Technologies has a twelve month low of $186.24 and a twelve month high of $406.96. The stock has a market cap of $83.58 billion, a PE ratio of 34.36, a P/E/G ratio of 2.59 and a beta of 1.01.

Trane Technologies (NYSE:TT) last posted its 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. The business had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Trane Technologies had a net margin of 12.73% and a return on equity of 34.62%. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.79 EPS. On average, equities analysts forecast that Trane Technologies will post 10.89 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 6th will be paid a dividend of $0.84 per share. The ex-dividend date is Friday, December 6th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.91%. Trane Technologies’s dividend payout ratio (DPR) is currently 31.17%.

Insider Activity

In related news, EVP Raymond D. Pittard sold 1,805 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $328.65, for a total transaction of $593,213.25. Following the transaction, the executive vice president now directly owns 83,517 shares in the company, valued at $27,447,862.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO David S. Regnery sold 29,450 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $321.25, for a total transaction of $9,460,812.50. Following the completion of the transaction, the chief executive officer now directly owns 132,946 shares of the company’s stock, valued at approximately $42,708,902.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Raymond D. Pittard sold 1,805 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $328.65, for a total transaction of $593,213.25. Following the sale, the executive vice president now owns 83,517 shares of the company’s stock, valued at approximately $27,447,862.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Empowered Funds LLC raised its holdings in shares of Trane Technologies by 138.0% during the first quarter. Empowered Funds LLC now owns 6,667 shares of the company’s stock valued at $2,001,000 after acquiring an additional 3,866 shares in the last quarter. Nordea Investment Management AB raised its holdings in Trane Technologies by 3.0% in the 1st quarter. Nordea Investment Management AB now owns 453,212 shares of the company’s stock worth $135,796,000 after purchasing an additional 13,078 shares in the last quarter. Sei Investments Co. lifted its position in shares of Trane Technologies by 379.2% in the 1st quarter. Sei Investments Co. now owns 306,165 shares of the company’s stock worth $91,909,000 after purchasing an additional 242,271 shares during the period. Albar Capital Ltd bought a new stake in shares of Trane Technologies during the 2nd quarter valued at about $14,556,000. Finally, M&G Plc purchased a new position in shares of Trane Technologies during the first quarter valued at about $8,939,000. Institutional investors own 82.97% of the company’s stock.

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.