Trane Technologies (NYSE:TT) Given New $549.00 Price Target at Citigroup

Key Points

• Citigroup lowered Trane Technologies’ price target from $566 to $549 while maintaining a “buy” rating, implying approximately 33% upside from the reported $411.71 share price.
• Analyst sentiment remains positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $535.89.
• Trane Technologies exceeded quarterly expectations, reporting $4.86 in adjusted EPS versus $4.74 expected and $6.76 billion in revenue versus $6.50 billion forecast; revenue increased 17.7% year over year.

Trane Technologies (NYSE:TT - Get Free Report) had its target price reduced by equities researchers at Citigroup from $566.00 to $549.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price objective suggests a potential upside of 33.35% from the company's current price.

A number of other equities analysts also recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Trane Technologies in a report on Friday, September 25th. They set an "overweight" rating and a $536.00 target price on the stock. Evercore lifted their price objective on shares of Trane Technologies from $560.00 to $565.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. Oppenheimer restated an "outperform" rating and set a $500.00 price objective on shares of Trane Technologies in a research note on Friday. Wall Street Zen upgraded shares of Trane Technologies from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Mizuho upped their target price on shares of Trane Technologies from $475.00 to $485.00 and gave the company a "neutral" rating in a report on Thursday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $535.89.

Trane Technologies Stock Up 0.4%

TT stock traded up $1.71 during mid-day trading on Monday, reaching $411.71. The company had a trading volume of 675,829 shares, compared to its average volume of 1,377,630. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.12 and a quick ratio of 0.79. The stock has a 50 day simple moving average of $450.58 and a two-hundred day simple moving average of $453.99. The company has a market capitalization of $90.12 billion, a price-to-earnings ratio of 29.12, a PEG ratio of 1.92 and a beta of 1.19. Trane Technologies has a 52 week low of $348.06 and a 52 week high of $505.87.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $6.76 billion for the quarter, compared to analysts' expectations of $6.50 billion. Trane Technologies had a return on equity of 37.26% and a net margin of 13.56%. The business's revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.88 EPS. As a group, equities analysts predict that Trane Technologies will post 15.28 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO David Regnery sold 48,091 shares of Trane Technologies stock in a transaction dated 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 completion of the sale, the chief executive officer owned 96,951 shares of the company's stock, valued at approximately $46,536,480. The trade was a 33.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.43% of the company's stock.

Hedge Funds Weigh In On Trane Technologies

A number of large investors have recently made changes to their positions in the company. Wilkerson Advisory Group LLC increased its position in Trane Technologies by 136.0% during the 1st 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 period. Elevation Wealth Partners LLC increased its position in shares of Trane Technologies by 153.8% in the second quarter. Elevation Wealth Partners LLC now owns 66 shares of the company's stock worth $32,000 after purchasing an additional 40 shares during the period. Frazier Financial Advisors LLC acquired a new position in Trane Technologies in the first quarter valued at about $33,000. James T. Borello RIA raised its stake in Trane Technologies by 41.7% in the third quarter. James T. Borello RIA now owns 102 shares of the company's stock valued at $46,000 after purchasing an additional 30 shares in the last quarter. Finally, MADDEN SECURITIES Corp bought a new stake in Trane Technologies during the third quarter worth about $46,000. Institutional investors 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.

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