Trane Technologies (NYSE:TT) Hits New 52-Week High on Analyst Upgrade

Trane Technologies plc (NYSE:TT - Get Free Report)'s share price hit a new 52-week high on Monday after Citigroup raised their price target on the stock from $445.00 to $502.00. Citigroup currently has a buy rating on the stock. Trane Technologies traded as high as $440.86 and last traded at $438.77, with a volume of 1151961 shares trading hands. The stock had previously closed at $437.50.

A number of other research firms also recently commented on TT. JPMorgan Chase & Co. increased their price target on Trane Technologies from $334.00 to $400.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Robert W. Baird lifted their target price on Trane Technologies from $360.00 to $396.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. The Goldman Sachs Group upped their price target on shares of Trane Technologies from $416.00 to $460.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Barclays lifted their price objective on shares of Trane Technologies from $476.00 to $480.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company increased their target price on shares of Trane Technologies from $370.00 to $410.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Trane Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $437.80.

Insider Buying and Selling at Trane Technologies

In other Trane Technologies news, insider Donald E. Simmons sold 3,571 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $380.00, for a total transaction of $1,356,980.00. Following the completion of the transaction, the insider directly owned 3,593 shares in the company, valued at $1,365,340. The trade was a 49.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.38% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Brighton Jones LLC lifted its position in Trane Technologies by 60.0% in the 4th quarter. Brighton Jones LLC now owns 6,194 shares of the company's stock valued at $2,288,000 after acquiring an additional 2,323 shares in the last quarter. Proficio Capital Partners LLC boosted its position in shares of Trane Technologies by 28.3% during the fourth quarter. Proficio Capital Partners LLC now owns 685 shares of the company's stock valued at $253,000 after buying an additional 151 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Trane Technologies by 4.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 71,622 shares of the company's stock worth $26,454,000 after buying an additional 3,332 shares in the last quarter. Natixis Advisors LLC raised its position in Trane Technologies by 23.5% in the 4th quarter. Natixis Advisors LLC now owns 167,348 shares of the company's stock valued at $61,810,000 after buying an additional 31,873 shares during the last quarter. Finally, Choate Investment Advisors lifted its stake in Trane Technologies by 8.7% during the 4th quarter. Choate Investment Advisors now owns 1,832 shares of the company's stock valued at $677,000 after acquiring an additional 147 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Trane Technologies Stock Up 0.3%

The stock's fifty day simple moving average is $425.99 and its 200-day simple moving average is $381.20. The stock has a market capitalization of $97.86 billion, a PE ratio of 36.50, a P/E/G ratio of 2.85 and a beta of 1.15. The company has a current ratio of 1.09, a quick ratio of 0.74 and a debt-to-equity ratio of 0.52.

Trane Technologies (NYSE:TT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.25. The company had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.46 billion. Trane Technologies had a net margin of 13.47% and a return on equity of 36.10%. Trane Technologies's quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.94 EPS. As a group, sell-side analysts forecast that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, September 5th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $3.76 annualized dividend and a dividend yield of 0.86%. Trane Technologies's payout ratio is currently 31.28%.

Trane Technologies Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.