Trane Technologies (NYSE:TT) Cut to "Hold" at Hsbc Global Res

Key Points

• Trane Technologies has been downgraded by Hsbc Global Res from a "strong-buy" to a "hold" rating, with the price target adjusted from $415.00 to $460.00.
• Despite the downgrade, other analysts, such as Morgan Stanley and Barclays, have maintained an "overweight" rating with higher price targets ranging from $495.00 to $520.00.
• The company reported a 7.6% increase in quarterly revenue year-over-year, achieving an EPS of $3.88 which surpassed analyst estimates.

Trane Technologies (NYSE:TT - Get Free Report) was downgraded by equities research analysts at Hsbc Global Res from a "strong-buy" rating to a "hold" rating in a research note issued on Thursday,Zacks.com reports.

A number of other equities analysts also recently commented on TT. Morgan Stanley lifted their price objective on shares of Trane Technologies from $445.00 to $520.00 and gave the stock an "overweight" rating in a report on Thursday. Barclays boosted their price objective on shares of Trane Technologies from $480.00 to $495.00 and gave the company an "overweight" rating in a research report on Thursday. HSBC lowered shares of Trane Technologies from a "buy" rating to a "hold" rating and increased their price objective for the stock from $415.00 to $460.00 in a research note on Thursday. Stephens raised Trane Technologies from an "equal weight" rating to an "overweight" rating and set a $475.00 target price for the company in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. increased their price target on Trane Technologies from $334.00 to $400.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $455.67.

Trane Technologies Stock Performance

Shares of Trane Technologies stock opened at $438.28 on Thursday. The firm has a market cap of $97.74 billion, a PE ratio of 34.76, a price-to-earnings-growth ratio of 2.78 and a beta of 1.15. Trane Technologies has a 1 year low of $298.15 and a 1 year high of $476.18. The firm's 50-day simple moving average is $435.26 and its 200-day simple moving average is $388.22. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.74 and a current ratio of 1.10.

Trane Technologies (NYSE:TT - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $3.88 EPS for the quarter, topping analysts' consensus estimates of $3.79 by $0.09. The company had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.77 billion. Trane Technologies had a return on equity of 36.61% and a net margin of 13.76%. Trane Technologies's quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.30 EPS. Equities analysts forecast that Trane Technologies will post 12.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Trane Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its stake in Trane Technologies by 11.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 89,921 shares of the company's stock valued at $39,332,000 after buying an additional 9,440 shares during the period. Resonant Capital Advisors LLC acquired a new stake in shares of Trane Technologies in the 2nd quarter worth approximately $311,000. Wealthfront Advisers LLC boosted its holdings in shares of Trane Technologies by 0.8% in the second quarter. Wealthfront Advisers LLC now owns 27,946 shares of the company's stock valued at $12,224,000 after acquiring an additional 220 shares in the last quarter. Ingalls & Snyder LLC acquired a new position in shares of Trane Technologies during the second quarter valued at approximately $244,000. Finally, Brighton Jones LLC increased its stake in shares of Trane Technologies by 44.9% during the second quarter. Brighton Jones LLC now owns 8,909 shares of the company's stock valued at $3,897,000 after acquiring an additional 2,760 shares during the period. 82.97% of the stock is currently owned by institutional investors.

About Trane Technologies

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.

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