Trane Technologies (NYSE:TT) Price Target Raised to $495.00

Key Points

• Barclays has raised its price target for Trane Technologies from $480.00 to $495.00, indicating a potential upside of 12.94% from the stock's previous close.
• Multiple analysts have issued reports with new price targets, including UBS Group's increase to $500.00 and Citigroup's raise to $502.00, reflecting a generally positive outlook on the stock.
• Trane Technologies reported an earnings per share (EPS) of $3.88 for its last quarter, surpassing analyst expectations and showing a year-over-year revenue growth of 7.6%.

Trane Technologies (NYSE:TT - Get Free Report) had its price objective raised by equities researchers at Barclays from $480.00 to $495.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Barclays's target price points to a potential upside of 12.94% from the company's previous close.

Other analysts also recently issued research reports about the company. Royal Bank Of Canada lifted their price target on Trane Technologies from $463.00 to $467.00 and gave the company a "sector perform" rating in a research note on Thursday. UBS Group lifted their price target on Trane Technologies from $470.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Stephens raised Trane Technologies from an "equal weight" rating to an "overweight" rating and set a $475.00 price target on the stock in a research note on Thursday, May 1st. Citigroup lifted their price target on Trane Technologies from $445.00 to $502.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Finally, Robert W. Baird lifted their target price on Trane Technologies from $396.00 to $450.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Trane Technologies currently has an average rating of "Hold" and an average target price of $455.67.

Trane Technologies Price Performance

TT stock traded up $6.84 during midday trading on Thursday, reaching $438.28. 2,244,831 shares of the company's stock traded hands, compared to its average volume of 1,500,742. The company has a 50-day simple moving average of $434.98 and a two-hundred day simple moving average of $387.79. Trane Technologies has a 1-year low of $298.15 and a 1-year high of $476.18. The company has a market cap of $97.75 billion, a price-to-earnings ratio of 36.46, a PEG ratio of 3.06 and a beta of 1.15. The company has a quick ratio of 0.74, a current ratio of 1.09 and a debt-to-equity ratio of 0.52.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $3.88 EPS for the quarter, beating analysts' consensus estimates of $3.79 by $0.09. The firm had revenue of $5.75 billion for the quarter, compared to analyst estimates of $5.77 billion. Trane Technologies had a return on equity of 36.10% and a net margin of 13.47%. The business's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the company earned $3.30 EPS. On average, analysts anticipate that Trane Technologies will post 12.83 earnings per share for the current year.

Institutional Investors Weigh In On Trane Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in TT. Nisa Investment Advisors LLC raised its position in Trane Technologies by 11.7% during the second quarter. Nisa Investment Advisors LLC now owns 89,921 shares of the company's stock valued at $39,332,000 after purchasing an additional 9,440 shares in the last quarter. Resonant Capital Advisors LLC purchased a new stake in Trane Technologies during the second quarter valued at about $311,000. Wealthfront Advisers LLC raised its position in Trane Technologies by 0.8% during the second quarter. Wealthfront Advisers LLC now owns 27,946 shares of the company's stock valued at $12,224,000 after purchasing an additional 220 shares in the last quarter. Ingalls & Snyder LLC purchased a new stake in Trane Technologies during the second quarter valued at about $244,000. Finally, Brighton Jones LLC grew 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 buying an additional 2,760 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

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.

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