Trane Technologies (NYSE:TT) Price Target Raised to $407.00

Trane Technologies (NYSE:TT) had its target price increased by The Goldman Sachs Group from $364.00 to $407.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other analysts have also recently commented on the stock. Royal Bank of Canada increased their price target on shares of Trane Technologies from $334.00 to $350.00 and gave the company a sector perform rating in a research note on Thursday, August 1st. Morgan Stanley began coverage on shares of Trane Technologies in a report on Friday, September 6th. They issued an overweight rating and a $425.00 price objective on the stock. Robert W. Baird increased their price objective on shares of Trane Technologies from $360.00 to $365.00 and gave the company a neutral rating in a report on Thursday, August 1st. Stephens restated an equal weight rating and issued a $350.00 price objective on shares of Trane Technologies in a report on Monday, August 5th. Finally, Wells Fargo & Company increased their price objective on shares of Trane Technologies from $320.00 to $360.00 and gave the company an underweight rating in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $367.33.

Trane Technologies Price Performance

Shares of Trane Technologies stock opened at $399.86 on Wednesday. The company has a current ratio of 1.17, a quick ratio of 0.84 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $90.24 billion, a price-to-earnings ratio of 39.55, a P/E/G ratio of 2.75 and a beta of 1.01. Trane Technologies has a 1-year low of $184.02 and a 1-year high of $400.29. The firm’s 50-day moving average price is $361.78 and its two-hundred day moving average price is $335.70.

Trane Technologies (NYSE:TT) last released its quarterly earnings results on Wednesday, July 31st. The company reported $3.30 EPS for the quarter, beating the consensus estimate of $3.08 by $0.22. Trane Technologies had a net margin of 12.33% and a return on equity of 33.97%. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.13 billion. During the same period in the prior year, the firm earned $2.68 earnings per share. Trane Technologies’s revenue was up 12.8% compared to the same quarter last year. On average, equities analysts predict that Trane Technologies will post 10.88 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 6th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 0.84%. The ex-dividend date is Friday, December 6th. Trane Technologies’s dividend payout ratio is 33.23%.

Insider Transactions at Trane Technologies

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TT. Swedbank AB bought a new position in Trane Technologies in the first quarter valued at $206,211,000. Putnam Investments LLC grew its position in shares of Trane Technologies by 27,824.4% in the 4th quarter. Putnam Investments LLC now owns 572,730 shares of the company’s stock valued at $139,689,000 after acquiring an additional 570,679 shares during the period. 1832 Asset Management L.P. grew its position in shares of Trane Technologies by 7,363.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 422,785 shares of the company’s stock valued at $139,067,000 after acquiring an additional 417,120 shares during the period. TD Asset Management Inc grew its position in shares of Trane Technologies by 41.2% in the 1st quarter. TD Asset Management Inc now owns 1,060,632 shares of the company’s stock valued at $318,402,000 after acquiring an additional 309,738 shares during the period. Finally, Point72 Asset Management L.P. grew its position in shares of Trane Technologies by 162.7% in the 2nd quarter. Point72 Asset Management L.P. now owns 447,705 shares of the company’s stock valued at $147,263,000 after acquiring an additional 277,274 shares during the period. Institutional investors own 82.97% of the company’s stock.

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.