Trane Technologies (NYSE:TT) Shares Gap Up After Better-Than-Expected Earnings

Shares of Trane Technologies plc (NYSE:TT - Get Free Report) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $353.44, but opened at $374.01. Trane Technologies shares last traded at $372.27, with a volume of 288,716 shares.

The company reported $2.45 EPS for the quarter, beating analysts' consensus estimates of $2.20 by $0.25. The business had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.46 billion. Trane Technologies had a return on equity of 35.37% and a net margin of 12.94%. Trane Technologies's quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.94 EPS.

Trane Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 6th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date is Friday, June 6th. Trane Technologies's payout ratio is 33.42%.

Wall Street Analyst Weigh In

Several research firms have commented on TT. JPMorgan Chase & Co. dropped their target price on shares of Trane Technologies from $396.00 to $323.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Melius cut Trane Technologies from a "buy" rating to a "hold" rating and set a $398.00 price objective on the stock. in a research report on Tuesday, January 28th. Barclays lowered their target price on Trane Technologies from $500.00 to $475.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. UBS Group reduced their price target on shares of Trane Technologies from $500.00 to $470.00 and set a "buy" rating for the company in a research report on Friday, January 31st. Finally, Royal Bank of Canada lifted their price objective on shares of Trane Technologies from $390.00 to $395.00 and gave the stock a "sector perform" rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $405.94.

Insider Buying and Selling at Trane Technologies

In other news, SVP Mairead Magner sold 198 shares of the company's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $357.61, for a total transaction of $70,806.78. Following the sale, the senior vice president now directly owns 13,401 shares in the company, valued at $4,792,331.61. This represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Christopher J. Kuehn sold 770 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $358.39, for a total transaction of $275,960.30. Following the completion of the transaction, the chief financial officer now owns 62,221 shares of the company's stock, valued at $22,299,384.19. This trade represents a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,234 shares of company stock valued at $2,588,102 in the last 90 days. 0.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Trane Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. World Investment Advisors LLC raised its position in Trane Technologies by 5,253.1% during the third quarter. World Investment Advisors LLC now owns 34,581 shares of the company's stock valued at $13,443,000 after purchasing an additional 33,935 shares in the last quarter. Sfmg LLC increased its stake in shares of Trane Technologies by 1.5% in the third quarter. Sfmg LLC now owns 2,441 shares of the company's stock worth $949,000 after buying an additional 36 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Trane Technologies during the 3rd quarter valued at $3,916,000. Tidal Investments LLC grew its holdings in Trane Technologies by 22.2% in the 3rd quarter. Tidal Investments LLC now owns 15,827 shares of the company's stock worth $6,152,000 after acquiring an additional 2,874 shares during the last quarter. Finally, Synovus Financial Corp increased its position in shares of Trane Technologies by 16.8% in the third quarter. Synovus Financial Corp now owns 8,828 shares of the company's stock valued at $3,431,000 after acquiring an additional 1,271 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Trane Technologies Trading Up 7.1 %

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.21 and a quick ratio of 0.88. The firm's 50 day moving average price is $341.74 and its 200 day moving average price is $372.20. The stock has a market capitalization of $84.88 billion, a P/E ratio of 33.62, a P/E/G ratio of 2.50 and a beta of 1.08.

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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