Trane Technologies (NYSE:TT) Shares Gap Up After Better-Than-Expected Earnings

Trane Technologies plc (NYSE:TT)’s stock price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $300.86, but opened at $314.98. Trane Technologies shares last traded at $323.76, with a volume of 552,064 shares.

The company reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.30. The company had revenue of $4.22 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Trane Technologies had a return on equity of 32.78% and a net margin of 11.81%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.41 earnings per share.

Trane Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 1.07%. The ex-dividend date is Thursday, June 6th. Trane Technologies’s payout ratio is currently 35.90%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TT. Royal Bank of Canada increased their target price on shares of Trane Technologies from $231.00 to $246.00 and gave the stock a “sector perform” rating in a research note on Friday, February 2nd. Stephens lifted their target price on Trane Technologies from $310.00 to $320.00 and gave the company an “equal weight” rating in a research note on Wednesday. Barclays upped their price target on Trane Technologies from $286.00 to $325.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. TD Cowen lifted their price objective on shares of Trane Technologies from $325.00 to $360.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, The Goldman Sachs Group upped their price objective on shares of Trane Technologies from $287.00 to $326.00 and gave the stock a “neutral” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $288.38.

Insider Activity at Trane Technologies

In other Trane Technologies news, EVP Paul A. Camuti sold 508 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $273.34, for a total transaction of $138,856.72. Following the transaction, the executive vice president now directly owns 89,447 shares in the company, valued at $24,449,442.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Paul A. Camuti sold 508 shares of Trane Technologies stock in a transaction on Friday, February 9th. The stock was sold at an average price of $273.34, for a total transaction of $138,856.72. Following the completion of the transaction, the executive vice president now directly owns 89,447 shares of the company’s stock, valued at $24,449,442.98. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Keith A. Sultana sold 1,983 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $272.26, for a total value of $539,891.58. Following the completion of the sale, the senior vice president now directly owns 42,575 shares in the company, valued at approximately $11,591,469.50. The disclosure for this sale can be found here. Insiders sold 28,237 shares of company stock worth $8,024,534 over the last 90 days. Company insiders own 0.39% of the company’s stock.

Hedge Funds Weigh In On Trane Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BKM Wealth Management LLC purchased a new stake in shares of Trane Technologies in the fourth quarter valued at $25,000. Motco acquired a new position in Trane Technologies in the 4th quarter valued at about $27,000. Sachetta LLC purchased a new position in Trane Technologies in the 4th quarter valued at about $27,000. GoalVest Advisory LLC boosted its stake in shares of Trane Technologies by 157.1% during the 1st quarter. GoalVest Advisory LLC now owns 90 shares of the company’s stock worth $27,000 after purchasing an additional 55 shares during the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. purchased a new stake in shares of Trane Technologies during the first quarter worth about $27,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Trane Technologies Trading Down 0.7 %

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.13 and a quick ratio of 0.78. The firm has a market cap of $71.39 billion, a price-to-earnings ratio of 33.66, a price-to-earnings-growth ratio of 2.61 and a beta of 1.01. The business’s 50-day moving average price is $294.39 and its two-hundred day moving average price is $256.74.

Trane Technologies Company Profile

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.