Trane Technologies plc (NYSE:TT) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Wall Street sentiment is positive on Trane Technologies, with 19 analysts giving it an average rating of “Moderate Buy” and an average 12-month target price of about $509.12.
• The company recently reported better-than-expected quarterly results, posting EPS of $2.63 versus estimates of $2.53 and revenue of $4.97 billion versus $4.81 billion expected.
• Trane Technologies also announced a quarterly dividend of $1.05 per share, payable Sept. 30, while institutional investors continue to hold a large majority of the stock at 82.97%.

Shares of Trane Technologies plc (NYSE:TT - Get Free Report) have earned an average recommendation of "Moderate Buy" from the nineteen brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have given a hold recommendation, ten have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $509.1176.

Several equities research analysts recently weighed in on TT shares. KeyCorp lifted their price target on Trane Technologies from $525.00 to $555.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. JPMorgan Chase & Co. raised their price objective on Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. BNP Paribas Exane initiated coverage on shares of Trane Technologies in a report on Tuesday, April 14th. They set an "outperform" rating and a $550.00 target price on the stock. Citigroup upped their target price on shares of Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Finally, Evercore began coverage on shares of Trane Technologies in a report on Monday, April 13th. They set an "outperform" rating and a $535.00 target price for the company.

Insider Buying and Selling at Trane Technologies

In other news, insider Donald E. Simmons sold 4,593 shares of Trane Technologies stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total value of $2,296,500.00. Following the completion of the sale, the insider directly owned 3,819 shares in the company, valued at $1,909,500. The trade was a 54.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $3,878,550.00. Following the completion of the sale, the chief financial officer directly owned 60,576 shares of the company's stock, valued at approximately $27,259,200. This trade represents a 12.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.43% of the company's stock.

Hedge Funds Weigh In On Trane Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in TT. Aptus Capital Advisors LLC grew its position in Trane Technologies by 169.8% in the third quarter. Aptus Capital Advisors LLC now owns 14,738 shares of the company's stock worth $6,219,000 after acquiring an additional 9,276 shares during the period. Nordea Investment Management AB raised its stake in shares of Trane Technologies by 2.9% in the 4th quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company's stock valued at $1,010,419,000 after acquiring an additional 72,998 shares during the period. Farther Finance Advisors LLC raised its position in Trane Technologies by 64.0% in the fourth quarter. Farther Finance Advisors LLC now owns 7,478 shares of the company's stock valued at $2,911,000 after purchasing an additional 2,917 shares during the period. Dara Capital US Inc. purchased a new position in shares of Trane Technologies during the fourth quarter worth $966,000. Finally, Korea Investment CORP lifted its stake in Trane Technologies by 17.5% during the 3rd quarter. Korea Investment CORP now owns 204,695 shares of the company's stock worth $86,373,000 after acquiring an additional 30,558 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Trane Technologies Price Performance

TT opened at $490.94 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.10. The stock's 50 day moving average price is $470.56 and its 200-day moving average price is $439.48. The stock has a market capitalization of $108.52 billion, a PE ratio of 37.97, a price-to-earnings-growth ratio of 2.21 and a beta of 1.20. Trane Technologies has a 52-week low of $348.06 and a 52-week high of $505.87.

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

Trane Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 4th will be issued a dividend of $1.05 per share. The ex-dividend date is Friday, September 4th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. Trane Technologies's dividend payout ratio is presently 32.48%.

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.

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