Trane Technologies plc (NYSE:TT) Stock Has Average Target Price of $535.89 According to Analysts

Key Points

• Analysts remain broadly positive: Trane Technologies has a “Moderate Buy” consensus from 20 analysts, with an average 12-month price target of $535.89. Recent targets range from $486 to $575.
• Quarterly results exceeded expectations: The company reported $4.86 in earnings per share versus the $4.74 consensus estimate, while revenue reached $6.76 billion and grew 17.7% year over year.
• Insider selling contrasted with strong institutional ownership: CEO David Regnery sold 48,091 shares under a pre-arranged trading plan, while institutional investors own 82.97% of the company. Trane also declared a quarterly dividend of $1.05 per share, implying a 1.0% yield.

Shares of Trane Technologies plc (NYSE:TT - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the twenty research firms that are covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $535.89.

Several analysts recently commented on TT shares. Weiss Ratings upgraded shares of Trane Technologies from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 10th. Evercore upped their price objective on shares of Trane Technologies from $560.00 to $565.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Wells Fargo & Company initiated coverage on shares of Trane Technologies in a research report on Friday, September 25th. They issued an "overweight" rating and a $536.00 target price for the company. Royal Bank Of Canada cut their target price on shares of Trane Technologies from $502.00 to $486.00 and set a "sector perform" rating for the company in a research report on Friday. Finally, Sanford C. Bernstein lifted their target price on shares of Trane Technologies from $555.00 to $575.00 and gave the company an "outperform" rating in a research note on Friday, August 14th.

Insider Activity

In other news, CEO David Regnery sold 48,091 shares of the firm's stock in a transaction dated Tuesday, October 6th. The stock was 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 directly owned 96,951 shares of the company's stock, valued at $46,536,480. This trade represents a 33.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amundi boosted its position in shares of 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 purchasing an additional 703,018 shares in the last quarter. First Trust Advisors LP increased its position in shares of Trane Technologies by 536.6% in the 1st quarter. First Trust Advisors LP now owns 532,138 shares of the company's stock valued at $221,763,000 after buying an additional 448,547 shares in the last quarter. Hsbc Holdings PLC raised its stake in Trane Technologies by 215.9% during the 1st quarter. Hsbc Holdings PLC now owns 653,423 shares of the company's stock worth $271,950,000 after buying an additional 446,598 shares during the period. Sei Investments Co. lifted its holdings in Trane Technologies by 261.5% during the first quarter. Sei Investments Co. now owns 357,337 shares of the company's stock worth $148,915,000 after acquiring an additional 258,478 shares in the last quarter. Finally, California Public Employees Retirement System grew its stake in Trane Technologies by 51.9% in the first quarter. California Public Employees Retirement System now owns 686,691 shares of the company's stock valued at $286,172,000 after acquiring an additional 234,666 shares during the period. Institutional investors own 82.97% of the company's stock.

Trane Technologies Trading Up 0.7%

NYSE:TT opened at $412.70 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.07 and a quick ratio of 0.76. Trane Technologies has a fifty-two week low of $348.06 and a fifty-two week high of $505.87. The stock's 50-day moving average is $449.76 and its two-hundred day moving average is $454.10. The stock has a market cap of $90.80 billion, a PE ratio of 29.15, a price-to-earnings-growth ratio of 2.09 and a beta of 1.15.

Trane Technologies (NYSE:TT - Get Free Report) last issued its earnings results on Thursday, October 29th. The company reported $4.86 earnings per share for the quarter, beating analysts' consensus estimates of $4.74 by $0.12. The company had revenue of $6.76 billion for the quarter, compared to the consensus estimate of $6.50 billion. Trane Technologies had a return on equity of 35.72% and a net margin of 13.28%. The firm's quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.88 EPS. As a group, equities research analysts forecast that Trane Technologies will post 15.28 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Friday, December 4th will be paid a $1.05 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.0%. Trane Technologies's dividend payout ratio is 29.66%.

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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