KeyCorp Forecasts Strong Price Appreciation for Trane Technologies (NYSE:TT) Stock

Key Points

• KeyCorp raised its price target on Trane Technologies to $525 (from $500) and kept an overweight rating, implying roughly an 8.73% upside from the current price.
• Trane slightly beat quarterly expectations—EPS $2.86 vs. $2.81 and revenue $5.14B vs. $5.09B—while reporting strong profitability (ROE 36.34%, net margin 13.69%) and a market cap near $107B.
• Insiders sold about 57,997 shares (~$25M) last quarter (the CEO cut his stake by 27%), yet institutions own ~83% of the stock and analysts' consensus is a Moderate Buy with an average target of $492.94.

Trane Technologies (NYSE:TT - Get Free Report) had its price target hoisted by KeyCorp from $500.00 to $525.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. KeyCorp's price objective would indicate a potential upside of 8.73% from the company's current price.

TT has been the topic of several other research reports. JPMorgan Chase & Co. upped their price target on Trane Technologies from $434.00 to $460.00 and gave the stock a "neutral" rating in a research note on Friday, January 30th. Evercore started coverage on Trane Technologies in a research note on Monday, April 13th. They issued an "outperform" rating and a $535.00 price target on the stock. UBS Group cut their price target on Trane Technologies from $544.00 to $520.00 and set a "buy" rating on the stock in a research note on Monday, January 5th. BNP Paribas Exane initiated coverage on Trane Technologies in a research note on Tuesday, April 14th. They set an "outperform" rating and a $550.00 target price on the stock. Finally, Royal Bank Of Canada increased their target price on Trane Technologies from $469.00 to $470.00 and gave the company a "sector perform" rating in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $492.94.

Trane Technologies Stock Up 1.2%

Shares of Trane Technologies stock traded up $5.62 during midday trading on Tuesday, hitting $482.86. The company had a trading volume of 134,381 shares, compared to its average volume of 1,540,891. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25. The stock has a market capitalization of $106.87 billion, a P/E ratio of 37.24, a P/E/G ratio of 2.51 and a beta of 1.21. The company has a 50 day moving average of $444.31 and a 200 day moving average of $421.92. Trane Technologies has a 52-week low of $324.78 and a 52-week high of $484.90.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.05. The company had revenue of $5.14 billion for the quarter, compared to the consensus estimate of $5.09 billion. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The firm's quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.61 EPS. On average, equities analysts predict that Trane Technologies will post 14.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Trane Technologies news, CEO David S. Regnery sold 36,045 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $422.69, for a total transaction of $15,235,861.05. Following the sale, the chief executive officer directly owned 96,948 shares in the company, valued at approximately $40,978,950.12. This trade represents a 27.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Donald E. Simmons sold 3,762 shares of the stock in a transaction on Friday, March 6th. The shares were sold at an average price of $422.70, for a total value of $1,590,197.40. Following the transaction, the insider directly owned 3,819 shares in the company, valued at $1,614,291.30. The trade was a 49.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 57,997 shares of company stock valued at $25,107,014. 0.14% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Trane Technologies

A number of large investors have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Trane Technologies during the 4th quarter valued at about $1,163,124,000. JPMorgan Chase & Co. grew its stake in shares of Trane Technologies by 10.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock valued at $6,550,975,000 after purchasing an additional 1,433,563 shares during the period. Capital International Investors bought a new stake in shares of Trane Technologies during the 4th quarter valued at about $324,639,000. Corient Private Wealth LLC grew its stake in shares of Trane Technologies by 135.4% during the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company's stock valued at $321,757,000 after purchasing an additional 423,090 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of Trane Technologies by 13,460.8% during the 4th quarter. SG Americas Securities LLC now owns 423,504 shares of the company's stock valued at $164,828,000 after purchasing an additional 420,381 shares during the period. 82.97% of the stock is currently owned by institutional investors.

About Trane Technologies

Trane Technologies NYSE: TT is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.

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