Trane Technologies (NYSE:TT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan raised its price target on Trane Technologies from $460 to $476, while keeping a neutral rating. The new target still implies only a slight downside from the stock’s current price.
• Other analysts were generally more bullish, with firms like KeyCorp, Evercore, and Barclays lifting targets and assigning overweight/outperform ratings. Overall, the stock has a Moderate Buy consensus and an average price target of $506.56.
• Trane Technologies recently reported better-than-expected earnings, with EPS of $2.63 versus the $2.53 estimate and revenue of $4.97 billion topping forecasts. The company also saw insider selling, including a notable sale by CEO David S. Regnery.

Trane Technologies (NYSE:TT - Get Free Report) had its price objective upped by investment analysts at JPMorgan Chase & Co. from $460.00 to $476.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential downside of 0.58% from the stock's current price.

Several other research firms also recently weighed in on TT. KeyCorp upped their price target on shares of Trane Technologies from $525.00 to $555.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Evercore started coverage on shares of Trane Technologies in a research report on Monday, April 13th. They set an "outperform" rating and a $535.00 price target on the stock. Barclays lifted their price objective on Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Weiss Ratings reiterated a "buy (b)" rating on shares of Trane Technologies in a research report on Monday, April 20th. Finally, Royal Bank Of Canada boosted their target price on Trane Technologies from $440.00 to $501.00 and gave the company a "sector perform" rating in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Trane Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $506.56.

Trane Technologies Price Performance

Shares of NYSE:TT traded up $7.75 during trading on Thursday, reaching $478.77. 267,261 shares of the company's stock traded hands, compared to its average volume of 1,518,181. Trane Technologies has a fifty-two week low of $348.06 and a fifty-two week high of $503.47. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The firm has a market cap of $105.83 billion, a PE ratio of 37.05, a P/E/G ratio of 2.16 and a beta of 1.25. The company has a 50-day simple moving average of $449.02 and a 200-day simple moving average of $428.20.

Trane Technologies (NYSE:TT - Get Free Report) last posted its earnings results on Friday, May 1st. The company reported $2.63 EPS 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 firm had revenue of $4.97 billion for the quarter, compared to analysts' expectations of $4.81 billion. During the same period last year, the firm earned $2.45 EPS. The company's quarterly revenue was up 6.0% on a year-over-year basis. As a group, analysts predict that Trane Technologies will post 14.87 earnings per share for the current year.

Insider Activity at Trane Technologies

In other news, CEO David S. Regnery sold 36,045 shares of the company's stock in a transaction on Friday, March 6th. The shares were sold at an average price of $422.69, for a total value of $15,235,861.05. Following the completion of the transaction, the chief executive officer owned 96,948 shares in the company, valued at approximately $40,978,950.12. This represents a 27.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Donald E. Simmons sold 4,593 shares of the company's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the completion of the transaction, the insider owned 3,819 shares of the company's stock, valued at approximately $1,909,500. The trade was a 54.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 53,654 shares of company stock worth $23,269,523. Corporate insiders own 0.14% of the company's stock.

Institutional Trading of Trane Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Tucker Asset Management LLC acquired a new position in shares of Trane Technologies in the 4th quarter valued at $25,000. Wilkerson Advisory Group LLC boosted its stake in Trane Technologies by 136.0% during the 1st quarter. Wilkerson Advisory Group LLC now owns 59 shares of the company's stock worth $25,000 after purchasing an additional 34 shares during the period. United Community Bank increased its position in Trane Technologies by 134.4% in the 3rd quarter. United Community Bank now owns 75 shares of the company's stock valued at $32,000 after acquiring an additional 43 shares during the period. Hilton Head Capital Partners LLC acquired a new position in Trane Technologies in the 4th quarter valued at about $32,000. Finally, JPL Wealth Management LLC acquired a new position in Trane Technologies in the 3rd quarter valued at about $32,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.