HSBC Downgrades Trane Technologies (NYSE:TT) to Hold

Trane Technologies (NYSE:TT) was downgraded by investment analysts at HSBC from a “buy” rating to a “hold” rating in a research note issued on Thursday, Marketbeat.com reports. They presently have a $405.00 price target on the stock. HSBC’s price objective points to a potential upside of 7.67% from the stock’s current price.

Several other research analysts have also recently commented on the stock. Wells Fargo & Company increased their target price on shares of Trane Technologies from $320.00 to $360.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Morgan Stanley assumed coverage on shares of Trane Technologies in a research note on Friday, September 6th. They issued an “overweight” rating and a $425.00 target price for the company. The Goldman Sachs Group raised their price objective on Trane Technologies from $364.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Mizuho boosted their target price on Trane Technologies from $325.00 to $400.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, Stephens reaffirmed an “equal weight” rating and set a $350.00 price target on shares of Trane Technologies in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Trane Technologies presently has an average rating of “Hold” and an average price target of $380.15.

Trane Technologies Stock Up 1.6 %

Trane Technologies stock opened at $376.15 on Thursday. The firm has a market capitalization of $84.89 billion, a price-to-earnings ratio of 34.89, a PEG ratio of 2.59 and a beta of 1.01. The company’s 50 day simple moving average is $377.83 and its 200 day simple moving average is $345.36. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.22 and a quick ratio of 0.84. Trane Technologies has a fifty-two week low of $211.31 and a fifty-two week high of $406.96.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.23 by $0.14. Trane Technologies had a net margin of 12.73% and a return on equity of 34.62%. The company had revenue of $5.44 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same quarter in the previous year, the business earned $2.79 EPS. The firm’s revenue was up 10.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Trane Technologies will post 10.89 EPS for the current year.

Insider Buying and Selling

In related news, CEO David S. Regnery sold 29,450 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $321.25, for a total transaction of $9,460,812.50. Following the completion of the sale, the chief executive officer now owns 132,946 shares of the company’s stock, valued at $42,708,902.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Trane Technologies news, CEO David S. Regnery sold 29,450 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $321.25, for a total transaction of $9,460,812.50. Following the completion of the sale, the chief executive officer now directly owns 132,946 shares in the company, valued at $42,708,902.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Raymond D. Pittard sold 1,805 shares of Trane Technologies stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $328.65, for a total value of $593,213.25. Following the completion of the transaction, the executive vice president now owns 83,517 shares in the company, valued at approximately $27,447,862.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Empowered Funds LLC grew its stake in shares of Trane Technologies by 138.0% in the first quarter. Empowered Funds LLC now owns 6,667 shares of the company’s stock worth $2,001,000 after purchasing an additional 3,866 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Trane Technologies by 3.0% in the first quarter. Nordea Investment Management AB now owns 453,212 shares of the company’s stock valued at $135,796,000 after buying an additional 13,078 shares during the period. Sei Investments Co. raised its position in shares of Trane Technologies by 379.2% during the first quarter. Sei Investments Co. now owns 306,165 shares of the company’s stock worth $91,909,000 after acquiring an additional 242,271 shares during the last quarter. Albar Capital Ltd bought a new stake in Trane Technologies in the second quarter valued at $14,556,000. Finally, M&G Plc acquired a new position in shares of Trane Technologies during the first quarter valued at about $8,939,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

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.