Trane Technologies (NYSE:TT) Stock Price Target Lowered at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Trane Technologies’ price target from $550 to $480 but maintained its “overweight” rating; the new target implies about 12.1% upside from the current share price.
• Analyst sentiment remains positive overall: the stock has a “Moderate Buy” consensus rating and an average price target of $532.21.
• Trane Technologies beat quarterly expectations, reporting EPS of $4.86 versus $4.74 expected and revenue of $6.76 billion, up 17.7% year over year.

Trane Technologies (NYSE:TT - Get Free Report) had its price objective reduced by stock analysts at JPMorgan Chase & Co. from $550.00 to $480.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 12.09% from the stock's current price.

Several other equities analysts have also recently issued reports on the company. Mizuho lifted their price target on Trane Technologies from $475.00 to $485.00 and gave the company a "neutral" rating in a research report on Thursday, October 15th. Wells Fargo & Company started coverage on Trane Technologies in a research note on Friday, September 25th. They set an "overweight" rating and a $536.00 price target for the company. Oppenheimer restated an "outperform" rating and issued a $500.00 price objective on shares of Trane Technologies in a research note on Friday, October 30th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Trane Technologies from $515.00 to $499.00 and set a "hold" rating for the company in a research note on Wednesday, September 30th. Finally, BNP Paribas Exane increased their target price on Trane Technologies from $560.00 to $575.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $532.21.

Trane Technologies Trading Up 1.8%

Shares of TT traded up $7.39 during mid-day trading on Wednesday, hitting $428.21. The company had a trading volume of 370,638 shares, compared to its average volume of 1,396,883. Trane Technologies has a 1-year low of $348.06 and a 1-year high of $505.87. 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 stock has a market cap of $93.74 billion, a PE ratio of 30.22, a P/E/G ratio of 1.97 and a beta of 1.19. The business's 50-day simple moving average is $444.65 and its 200-day simple moving average is $454.74.

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 the consensus estimate of $4.74 by $0.12. Trane Technologies had a return on equity of 37.26% and a net margin of 13.56%. The firm had revenue of $6.76 billion for the quarter, compared to analysts' expectations of $6.50 billion. During the same period last year, the business posted $3.88 earnings per share. The firm's revenue for the quarter was up 17.7% on a year-over-year basis. Sell-side analysts forecast that Trane Technologies will post 15.29 earnings per share for the current year.

Insider Activity

In other Trane Technologies news, CEO David Regnery sold 48,091 shares of the firm's stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 96,951 shares in the company, valued at approximately $46,536,480. This trade represents a 33.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TT. Amundi raised its position in Trane Technologies by 47.8% during the first quarter. Amundi now owns 2,174,396 shares of the company's stock worth $906,158,000 after acquiring an additional 703,018 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Trane Technologies by 10.6% in the 1st quarter. Janus Henderson Group PLC now owns 1,878,018 shares of the company's stock valued at $782,707,000 after purchasing an additional 180,537 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Trane Technologies by 3.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,035,241 shares of the company's stock valued at $431,347,000 after purchasing an additional 32,286 shares during the last quarter. Ninety One UK Ltd lifted its stake in Trane Technologies by 0.4% in the 3rd quarter. Ninety One UK Ltd now owns 926,668 shares of the company's stock valued at $418,835,000 after purchasing an additional 3,624 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in Trane Technologies by 51.9% during the first quarter. California Public Employees Retirement System now owns 686,691 shares of the company's stock worth $286,172,000 after purchasing an additional 234,666 shares during the period. Institutional investors and hedge funds own 82.97% of the company's stock.

About Trane Technologies

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.

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