Trane Technologies (NYSE:TT) Lowered to Neutral Rating by Northcoast Research

Key Points

• Trane Technologies was downgraded from a "buy" to a "neutral" rating by Northcoast Research, reflecting concerns among analysts about the company's performance.
• Wells Fargo also adjusted their outlook, increasing the target price from $370 to $410 but rated the company as “underweight,” showing mixed sentiment among analysts.
• The stock currently has an average target price of $455.67 and a majority of analysts have rated it as a "hold," indicating cautious investment interest.

Trane Technologies (NYSE:TT - Get Free Report) was downgraded by equities research analysts at Northcoast Research from a "buy" rating to a "neutral" rating in a research note issued to investors on Friday, Marketbeat reports.

A number of other brokerages have also recently weighed in on TT. Wells Fargo & Company boosted their price objective on shares of Trane Technologies from $370.00 to $410.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. HSBC downgraded shares of Trane Technologies from a "buy" rating to a "hold" rating and lifted their target price for the stock from $415.00 to $460.00 in a report on Thursday. Hsbc Global Res cut shares of Trane Technologies from a "strong-buy" rating to a "hold" rating in a report on Thursday. Morgan Stanley raised their price target on Trane Technologies from $445.00 to $520.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Royal Bank Of Canada lifted their price objective on Trane Technologies from $463.00 to $467.00 and gave the stock a "sector perform" rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $455.67.

Trane Technologies Trading Up 0.2%

NYSE TT opened at $439.01 on Friday. The company has a current ratio of 1.10, a quick ratio of 0.74 and a debt-to-equity ratio of 0.50. Trane Technologies has a 1-year low of $298.15 and a 1-year high of $476.18. The firm's fifty day simple moving average is $435.56 and its 200-day simple moving average is $388.61. The company has a market capitalization of $97.68 billion, a PE ratio of 34.81, a price-to-earnings-growth ratio of 2.82 and a beta of 1.09.

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

Institutional Investors Weigh In On Trane Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Nuveen LLC acquired a new position in shares of Trane Technologies during the 1st quarter worth about $877,468,000. GAMMA Investing LLC grew its holdings in Trane Technologies by 35,458.2% during the first quarter. GAMMA Investing LLC now owns 2,015,792 shares of the company's stock valued at $679,161,000 after purchasing an additional 2,010,123 shares during the period. Wellington Management Group LLP increased its stake in Trane Technologies by 245.1% in the first quarter. Wellington Management Group LLP now owns 2,144,405 shares of the company's stock valued at $722,493,000 after purchasing an additional 1,522,933 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Trane Technologies by 9.8% in the first quarter. JPMorgan Chase & Co. now owns 15,722,530 shares of the company's stock worth $5,297,235,000 after purchasing an additional 1,408,421 shares during the period. Finally, Nordea Investment Management AB raised its holdings in Trane Technologies by 89.1% in the second quarter. Nordea Investment Management AB now owns 2,455,734 shares of the company's stock worth $1,066,845,000 after purchasing an additional 1,157,405 shares during the period. 82.97% of the stock is 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.