Sanford C. Bernstein Upgrades Trane Technologies (NYSE:TT) to Strong-Buy

Trane Technologies (NYSE:TT) was upgraded by research analysts at Sanford C. Bernstein to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

A number of other analysts have also recently commented on TT. KeyCorp boosted their price target on Trane Technologies from $525.00 to $555.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Barclays boosted their price target on Trane Technologies from $507.00 to $585.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Royal Bank Of Canada boosted their price target on Trane Technologies from $440.00 to $501.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. Citigroup upped their price objective on Trane Technologies from $525.00 to $570.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. upped 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. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $509.12.

Trane Technologies Stock Down 4.4%

TT stock opened at $449.96 on Tuesday. 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 business’s 50 day moving average price is $462.00 and its two-hundred day moving average price is $432.62. Trane Technologies has a fifty-two week low of $348.06 and a fifty-two week high of $503.47. The company has a market capitalization of $99.47 billion, a price-to-earnings ratio of 34.80, a price-to-earnings-growth ratio of 2.17 and a beta of 1.20.

Trane Technologies (NYSE:TT) last issued its quarterly earnings results on Friday, May 1st. The company reported $2.63 EPS for the quarter, topping 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 in the previous year, the firm posted $2.45 EPS. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. As a group, analysts forecast that Trane Technologies will post 14.88 earnings per share for the current fiscal year.

Insider Activity at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 8,619 shares of the company’s stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total value of $3,878,550.00. Following the transaction, the chief financial officer directly owned 60,576 shares of the company’s stock, valued at approximately $27,259,200. This represents a 12.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Donald E. Simmons sold 4,593 shares of the stock in a transaction 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 transaction, 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Trane Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Rathbones Group PLC lifted its holdings in shares of Trane Technologies by 4.8% during the 1st quarter. Rathbones Group PLC now owns 71,833 shares of the company’s stock valued at $29,936,000 after buying an additional 3,263 shares during the period. DV Trading LLC lifted its holdings in shares of Trane Technologies by 174.9% during the 1st quarter. DV Trading LLC now owns 657 shares of the company’s stock valued at $274,000 after buying an additional 418 shares during the period. First Nebraska Trust Co bought a new position in shares of Trane Technologies during the 1st quarter valued at $22,332,000. Dala Group LLC bought a new position in shares of Trane Technologies during the 1st quarter valued at $1,044,000. Finally, Maripau Wealth Management LLC bought a new position in shares of Trane Technologies during the 1st quarter valued at $226,000. 82.97% of the stock is owned by institutional investors.

About Trane Technologies

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.