Trane Technologies (NYSE:TT) Sets New 12-Month High - Should You Buy?

Key Points

• Trane Technologies hit a new 52-week high, trading as high as $505.64, reflecting strong recent momentum in the stock.
• Analyst sentiment is broadly positive, with the shares carrying a Moderate Buy consensus and an average price target of $509.12, while several firms recently raised targets into the $535 to $570 range.
• The company reported solid quarterly results, beating earnings and revenue expectations, and it also announced a $1.05 quarterly dividend to be paid Sept. 30, implying a 0.8% annual yield.

Trane Technologies plc (NYSE:TT - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $505.64 and last traded at $503.7810, with a volume of 283679 shares trading hands. The stock had previously closed at $483.15.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on TT shares. KeyCorp upped their price target on Trane Technologies from $525.00 to $555.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Royal Bank Of Canada boosted their price objective on Trane Technologies from $440.00 to $501.00 and gave the stock a "sector perform" rating in a research report on Friday, May 1st. Sanford C. Bernstein initiated coverage on shares of Trane Technologies in a research note on Tuesday, June 9th. They set an "outperform" rating and a $550.00 target price on the stock. Citigroup raised their target price on shares of Trane Technologies from $525.00 to $570.00 and gave the company a "buy" rating in a report on Friday, May 1st. Finally, Evercore initiated coverage on shares of Trane Technologies in a report on Monday, April 13th. They set an "outperform" rating and a $535.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $509.12.

Trane Technologies Stock Performance

The company has a market cap of $111.30 billion, a PE ratio of 38.94, a price-to-earnings-growth ratio of 2.19 and a beta of 1.20. The firm has a fifty day simple moving average of $468.90 and a 200-day simple moving average of $436.97. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46.

Trane Technologies (NYSE:TT - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, beating analysts' consensus estimates of $2.53 by $0.10. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The company had revenue of $4.97 billion during the quarter, compared to analysts' expectations of $4.81 billion. During the same quarter in the previous year, the business earned $2.45 earnings per share. The firm's revenue for the quarter was up 6.0% on a year-over-year basis. On average, research analysts forecast that Trane Technologies plc will post 14.88 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be given a $1.05 dividend. The ex-dividend date is Friday, September 4th. This represents a $4.20 dividend on an annualized basis and a yield of 0.8%. Trane Technologies's dividend payout ratio (DPR) is presently 32.48%.

Insider Activity at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total value of $3,878,550.00. Following the sale, the chief financial officer directly owned 60,576 shares in the company, valued at $27,259,200. The trade was a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Donald E. Simmons sold 4,593 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total value of $2,296,500.00. Following the completion of the transaction, the insider owned 3,819 shares of the company's stock, valued at $1,909,500. The trade was a 54.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by company insiders.

Institutional Trading of Trane Technologies

Institutional investors have recently added to or reduced their stakes in the stock. Tucker Asset Management LLC acquired a new stake in shares of Trane Technologies during the 4th quarter valued at approximately $25,000. Wilkerson Advisory Group LLC grew its holdings in shares of Trane Technologies by 136.0% in the 1st quarter. Wilkerson Advisory Group LLC now owns 59 shares of the company's stock worth $25,000 after acquiring an additional 34 shares during the period. Hilton Head Capital Partners LLC purchased a new position in Trane Technologies in the 4th quarter valued at approximately $32,000. JPL Wealth Management LLC acquired a new position in Trane Technologies during the third quarter worth $32,000. Finally, Physician Wealth Advisors Inc. boosted its position in Trane Technologies by 192.6% during the first quarter. Physician Wealth Advisors Inc. now owns 79 shares of the company's stock worth $33,000 after purchasing an additional 52 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

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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