Trane Technologies (NYSE:TT) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen cut shares of Trane Technologies (NYSE:TT) from a buy rating to a hold rating in a report released on Sunday,Wall Street Zen reports.

A number of other equities analysts also recently issued reports on TT. Deutsche Bank Aktiengesellschaft lowered their price objective on Trane Technologies from $515.00 to $499.00 and set a “hold” rating for the company in a research report on Wednesday, September 30th. JPMorgan Chase & Co. initiated coverage on Trane Technologies in a report on Friday, October 9th. They issued an “overweight” rating and a $550.00 target price on the stock. Argus set a $500.00 target price on shares of Trane Technologies in a research report on Friday, October 30th. Mizuho raised their price target on shares of Trane Technologies from $475.00 to $485.00 and gave the stock a “neutral” rating in a report on Thursday, October 15th. Finally, Royal Bank Of Canada dropped their price target on shares of Trane Technologies from $502.00 to $486.00 and set a “sector perform” rating on the stock in a research report on Friday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $535.89.

Trane Technologies Stock Up 0.1%

Shares of NYSE:TT opened at $401.98 on Friday. The firm has a market cap of $87.99 billion, a P/E ratio of 28.39, a P/E/G ratio of 1.89 and a beta of 1.19. Trane Technologies has a 12-month low of $348.06 and a 12-month high of $505.87. The business has a fifty day simple moving average of $445.69 and a 200 day simple moving average of $454.46. The company has a quick ratio of 0.79, a current ratio of 1.12 and a debt-to-equity ratio of 0.43.

Trane Technologies (NYSE:TT) last released its quarterly earnings results on Thursday, October 29th. The company reported $4.86 EPS for the quarter, beating analysts’ consensus estimates of $4.74 by $0.12. Trane Technologies had a return on equity of 37.26% and a net margin of 13.56%. The firm had revenue of $6.76 billion for the quarter, compared to analyst estimates of $6.50 billion. During the same quarter in the previous year, the company posted $3.88 EPS. The business’s revenue was up 17.7% on a year-over-year basis. Analysts predict that Trane Technologies will post 15.29 earnings per share for the current year.

Trane Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Friday, December 4th will be issued a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, December 4th. Trane Technologies’s dividend payout ratio (DPR) is currently 29.66%.

Insider Buying and Selling

In other Trane Technologies news, CEO David Regnery sold 48,091 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $480.00, for a total transaction of $23,083,680.00. Following the completion of the sale, the chief executive officer directly owned 96,951 shares of the company’s stock, valued at approximately $46,536,480. The trade was a 33.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.43% of the company’s stock.

Institutional Trading of Trane Technologies

Several institutional investors have recently made changes to their positions in the company. Cornerstone Advisory LLC lifted its stake in Trane Technologies by 3.0% in the third quarter. Cornerstone Advisory LLC now owns 1,761 shares of the company’s stock worth $796,000 after purchasing an additional 51 shares during the last quarter. Condor Capital Management grew its stake in shares of Trane Technologies by 0.6% during the third quarter. Condor Capital Management now owns 15,231 shares of the company’s stock valued at $6,885,000 after buying an additional 94 shares during the last quarter. Diversified Trust Co grew its stake in shares of Trane Technologies by 0.6% during the third quarter. Diversified Trust Co now owns 6,679 shares of the company’s stock valued at $3,018,000 after buying an additional 38 shares during the last quarter. Cornerstone Advisors LLC bought a new position in shares of Trane Technologies during the third quarter valued at about $5,697,000. Finally, Allworth Financial LP increased its holdings in shares of Trane Technologies by 227.4% in the third quarter. Allworth Financial LP now owns 20,654 shares of the company’s stock worth $10,145,000 after buying an additional 14,345 shares during the period. Institutional investors own 82.97% of the company’s stock.

Trane Technologies Company Profile

Trane Technologies plc is a global climate innovator that designs, manufactures, and services heating, ventilation, air conditioning, and refrigeration systems. Its products and services support commercial buildings, homes, and transportation applications, including temperature-controlled shipping.

The company’s portfolio includes the Trane brand of HVAC systems and building services, as well as Thermo King equipment for transport refrigeration and climate control. It also offers building controls, energy-efficiency solutions, system maintenance, and related services.

Trane Technologies was formed in 2020 when Ingersoll Rand completed the spin-off of its industrial businesses and adopted the Trane Technologies name.