Trane Technologies (NYSE:TT) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Trane Technologies from “buy” to “hold.” Despite the move, analysts overall maintain a “Moderate Buy” consensus rating with an average price target of $535.89.
• Recent analyst views were mixed: Citigroup and Deutsche Bank cut their price targets, while JPMorgan initiated coverage with an “overweight” rating and Oppenheimer reiterated “outperform.”
• Trane Technologies beat quarterly expectations, reporting earnings of $4.86 per share and revenue of $6.76 billion; revenue grew 17.7% year over year.

Trane Technologies (NYSE:TT - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Sunday, Wall Street Zen reports.

A number of other equities analysts also recently weighed in on TT. Citigroup cut their price target on shares of Trane Technologies from $566.00 to $549.00 and set a "buy" rating on the stock in a research note on Monday, November 2nd. Argus set a $500.00 price objective on Trane Technologies in a report on Friday, October 30th. JPMorgan Chase & Co. initiated coverage on shares of Trane Technologies in a research note on Friday, October 9th. They issued an "overweight" rating and a $550.00 target price on the stock. Oppenheimer reiterated an "outperform" rating and issued a $500.00 price target on shares of Trane Technologies in a research note on Friday, October 30th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Trane Technologies from $515.00 to $499.00 and set a "hold" rating for the company in a report on Wednesday, September 30th. 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. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $535.89.

Trane Technologies Stock Up 2.4%

Shares of NYSE TT opened at $401.98 on Friday. Trane Technologies has a 12-month low of $348.06 and a 12-month high of $505.87. The company has a market capitalization of $87.99 billion, a PE ratio of 28.39, a price-to-earnings-growth ratio of 1.89 and a beta of 1.19. 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 firm's 50-day moving average is $445.69 and its two-hundred day moving average is $454.46.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The company reported $4.86 earnings per share 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 company had revenue of $6.76 billion during the quarter, compared to the consensus estimate of $6.50 billion. During the same quarter last year, the business posted $3.88 earnings per share. Trane Technologies's revenue was up 17.7% compared to the same quarter last year. Equities analysts anticipate that Trane Technologies will post 15.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other Trane Technologies news, CEO David Regnery sold 48,091 shares of Trane Technologies stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $480.00, for a total value of $23,083,680.00. Following the completion of the transaction, the chief executive officer directly owned 96,951 shares in the company, valued at $46,536,480. The trade was a 33.16% 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. 0.43% of the stock is currently owned by company insiders.

Institutional Trading of Trane Technologies

Hedge funds have recently made changes to their positions in the stock. Cornerstone Advisory LLC boosted its holdings in Trane Technologies by 3.0% in the third quarter. Cornerstone Advisory LLC now owns 1,761 shares of the company's stock valued at $796,000 after acquiring an additional 51 shares during the last quarter. Condor Capital Management increased its position in Trane Technologies by 0.6% in the third quarter. Condor Capital Management now owns 15,231 shares of the company's stock worth $6,885,000 after purchasing an additional 94 shares during the period. Diversified Trust Co raised its holdings in Trane Technologies by 0.6% during the 3rd quarter. Diversified Trust Co now owns 6,679 shares of the company's stock worth $3,018,000 after purchasing an additional 38 shares during the last quarter. Cornerstone Advisors LLC bought a new stake in Trane Technologies during the 3rd quarter worth about $5,697,000. Finally, Allworth Financial LP raised its holdings in Trane Technologies by 227.4% during the 3rd quarter. Allworth Financial LP now owns 20,654 shares of the company's stock worth $10,145,000 after purchasing an additional 14,345 shares during the last quarter. Institutional investors 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.

Trane Technologies was formed in 2020 when Ingersoll Rand completed the spin-off of its industrial businesses and adopted the Trane Technologies name.

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