Trane Technologies (NYSE:TT) Coverage Initiated at Evercore

Key Points

• Evercore initiated coverage on Trane Technologies with an "outperform" rating and a $535 price target, implying about a 14.78% upside from the current share price.
• Trane beat the quarter's estimates with $2.86 EPS versus $2.81 expected and $5.14B revenue versus $5.09B, alongside strong profitability (ROE 36.34%, net margin 13.69%).
• Insiders have been net sellers recently (notably the CAO and CFO), while the stock trades at a $103.2B market cap and a P/E of 35.97; consensus is a Moderate Buy with an average target of $487.81.

Equities researchers at Evercore assumed coverage on shares of Trane Technologies (NYSE:TT - Get Free Report) in a research report issued to clients and investors on Monday, Marketbeat.com reports. The firm set an "outperform" rating and a $535.00 price target on the stock. Evercore's price target suggests a potential upside of 14.78% from the stock's current price.

TT has been the subject of several other research reports. JPMorgan Chase & Co. raised their target price on Trane Technologies from $434.00 to $460.00 and gave the stock a "neutral" rating in a research note on Friday, January 30th. KeyCorp raised Trane Technologies from a "sector weight" rating to an "overweight" rating and set a $500.00 price target on the stock in a report on Monday, December 15th. UBS Group lowered their price target on Trane Technologies from $544.00 to $520.00 and set a "buy" rating on the stock in a report on Monday, January 5th. Citigroup raised their price target on Trane Technologies from $513.00 to $525.00 and gave the company a "buy" rating in a report on Friday, January 30th. Finally, Melius Research raised Trane Technologies from a "hold" rating to a "buy" rating and set a $490.00 price target on the stock in a report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $487.81.

Trane Technologies Price Performance

NYSE TT traded up $0.40 during trading hours on Monday, hitting $466.11. The company had a trading volume of 75,895 shares, compared to its average volume of 1,565,860. Trane Technologies has a 52 week low of $318.08 and a 52 week high of $479.37. The firm has a 50 day simple moving average of $440.95 and a 200 day simple moving average of $419.73. 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 firm has a market capitalization of $103.16 billion, a price-to-earnings ratio of 35.97, a PEG ratio of 2.45 and a beta of 1.21.

Trane Technologies (NYSE:TT - Get Free Report) last issued its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping the consensus estimate of $2.81 by $0.05. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The business had revenue of $5.14 billion during the quarter, compared to the consensus estimate of $5.09 billion. During the same quarter last year, the company earned $2.61 EPS. The firm's revenue was up 5.6% compared to the same quarter last year. Equities research analysts expect that Trane Technologies will post 12.83 earnings per share for the current year.

Insider Transactions at Trane Technologies

In related news, CAO Elizabeth A. Elwell sold 635 shares of the firm's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.70, for a total transaction of $268,414.50. Following the transaction, the chief accounting officer directly owned 7,100 shares of the company's stock, valued at approximately $3,001,170. This trade represents a 8.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Christopher J. Kuehn sold 8,619 shares of the firm's stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total value of $3,878,550.00. Following the transaction, the chief financial officer directly owned 60,576 shares in the company, valued at approximately $27,259,200. This represents a 12.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 57,997 shares of company stock valued at $25,107,014. 0.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Trane Technologies

Large investors have recently modified their holdings of the company. Financial Consulate Inc. purchased a new position in Trane Technologies in the 3rd quarter worth approximately $25,000. Tucker Asset Management LLC purchased a new position in Trane Technologies in the 4th quarter worth approximately $25,000. United Community Bank increased its stake in Trane Technologies by 134.4% in the 3rd quarter. United Community Bank now owns 75 shares of the company's stock worth $32,000 after purchasing an additional 43 shares during the period. Hilton Head Capital Partners LLC purchased a new position in Trane Technologies in the 4th quarter worth approximately $32,000. Finally, JPL Wealth Management LLC purchased a new position in Trane Technologies in the 3rd quarter worth approximately $32,000. 82.97% of the stock is owned by hedge funds and other 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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