Trane Technologies (NYSE:TT) Stock Gets Price Target Reduction from Citigroup

Trane Technologies (NYSE:TT) had its price objective reduced by Citigroup from $566.00 to $549.00 in a research report report published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently commented on TT. JPMorgan Chase & Co. assumed coverage on shares of Trane Technologies in a report on Friday, October 9th. They issued an “overweight” rating and a $550.00 price target for the company. Argus set a $500.00 price target on shares of Trane Technologies in a report on Friday, October 30th. Sanford C. Bernstein increased their price objective on Trane Technologies from $555.00 to $575.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Wall Street Zen raised Trane Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. Finally, Mizuho lifted their price objective on Trane Technologies from $475.00 to $485.00 and gave the company a “neutral” rating in a research note on Thursday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $535.89.

Trane Technologies Trading Down 1.7%

Shares of TT opened at $410.31 on Monday. Trane Technologies has a twelve month low of $348.06 and a twelve month high of $505.87. The stock has a market cap of $89.82 billion, a PE ratio of 28.48, a P/E/G ratio of 1.96 and a beta of 1.19. The company has a quick ratio of 0.79, a current ratio of 1.12 and a debt-to-equity ratio of 0.43. The business’s 50-day moving average price is $448.16 and its 200-day moving average price is $454.37.

Trane Technologies (NYSE:TT) last released its quarterly earnings data on Thursday, October 29th. The company reported $4.86 EPS for the quarter, beating analysts’ consensus estimates of $4.74 by $0.12. The company had revenue of $6.76 billion during the quarter, compared to analyst estimates of $6.50 billion. Trane Technologies had a net margin of 13.56% and a return on equity of 37.26%. Trane Technologies’s revenue was up 17.7% compared to the same quarter last year. During the same period last year, the business earned $3.88 earnings per share. On average, equities analysts forecast that Trane Technologies will post 15.29 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Friday, December 4th will be paid a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $4.20 annualized dividend and a yield of 1.0%. Trane Technologies’s payout ratio is 29.66%.

Insider Activity

In other news, CEO David Regnery sold 48,091 shares of the company’s stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $480.00, for a total value of $23,083,680.00. Following the completion of the transaction, the chief executive officer directly owned 96,951 shares in the company, valued at approximately $46,536,480. This represents a 33.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Trane Technologies

A number of large investors have recently modified their holdings of the company. Lido Advisors LLC grew its holdings in shares of Trane Technologies by 16.0% in the third quarter. Lido Advisors LLC now owns 37,856 shares of the company’s stock valued at $17,110,000 after purchasing an additional 5,235 shares in the last quarter. Csenge Advisory Group raised its stake in Trane Technologies by 18.5% during the third quarter. Csenge Advisory Group now owns 2,154 shares of the company’s stock valued at $974,000 after purchasing an additional 336 shares in the last quarter. 71 West Capital Partners lifted its position in Trane Technologies by 2.6% during the third quarter. 71 West Capital Partners now owns 1,802 shares of the company’s stock valued at $814,000 after purchasing an additional 45 shares during the last quarter. Nemes Rush Group LLC lifted its position in Trane Technologies by 0.8% during the third quarter. Nemes Rush Group LLC now owns 26,631 shares of the company’s stock valued at $12,037,000 after purchasing an additional 207 shares during the last quarter. Finally, Gryphon Financial Partners LLC grew its stake in shares of Trane Technologies by 1.6% in the 3rd quarter. Gryphon Financial Partners LLC now owns 2,164 shares of the company’s stock worth $978,000 after buying an additional 35 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Company Profile

Trane Technologies plc is a global climate technology company that develops solutions for heating, ventilation, air conditioning, refrigeration and building management. Its products and services are designed to improve indoor comfort, energy efficiency and the sustainability of commercial, industrial, residential and institutional buildings.

The company operates through well-known brands including Trane, Thermo King and Frigoblock. Trane provides HVAC equipment, building controls, digital solutions, maintenance and energy services, while Thermo King and Frigoblock offer temperature-control systems for refrigerated transportation.