Trane Technologies (NYSE:TT) Stock Rating Lowered by Wall Street Zen

Trane Technologies (NYSE:TT) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Sunday, Wall Street Zen reports.

Other equities research analysts have also recently issued reports about the company. Robert W. Baird raised their price target on Trane Technologies from $515.00 to $532.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. 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 target price on the stock. Oppenheimer restated an “outperform” rating and set a $500.00 target price on shares of Trane Technologies in a research report on Friday, October 30th. Evercore upped their target price on shares of Trane Technologies from $560.00 to $565.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Trane Technologies from $515.00 to $499.00 and set a “hold” rating for the company in a research note on Wednesday, September 30th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $535.89.

Trane Technologies Price Performance

Shares of NYSE:TT opened at $421.14 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.12 and a quick ratio of 0.79. Trane Technologies has a 1-year low of $348.06 and a 1-year high of $505.87. The company has a market capitalization of $92.19 billion, a P/E ratio of 28.00, a P/E/G ratio of 1.93 and a beta of 1.19. The firm’s 50 day simple moving average is $445.14 and its two-hundred day simple moving average is $454.59.

Trane Technologies (NYSE:TT) last posted its quarterly earnings results on Thursday, October 29th. The company reported $4.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.74 by $0.12. The business 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%. The company’s revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the business posted $3.88 earnings per share. Research analysts expect that Trane Technologies will post 15.29 EPS for the current fiscal year.

Insider Activity at Trane Technologies

In other news, CEO David Regnery sold 48,091 shares of the business’s stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $480.00, for a total value of $23,083,680.00. Following the sale, the chief executive officer directly owned 96,951 shares in the company, valued at $46,536,480. The trade was a 33.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Amundi increased its stake in Trane Technologies by 47.8% during the first quarter. Amundi now owns 2,174,396 shares of the company’s stock worth $906,158,000 after acquiring an additional 703,018 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Trane Technologies by 536.6% in the 1st quarter. First Trust Advisors LP now owns 532,138 shares of the company’s stock valued at $221,763,000 after purchasing an additional 448,547 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Trane Technologies by 215.9% in the 1st quarter. Hsbc Holdings PLC now owns 653,423 shares of the company’s stock worth $271,950,000 after purchasing an additional 446,598 shares during the period. Sei Investments Co. boosted its holdings in shares of Trane Technologies by 261.5% in the 1st quarter. Sei Investments Co. now owns 357,337 shares of the company’s stock worth $148,915,000 after purchasing an additional 258,478 shares during the period. Finally, California Public Employees Retirement System boosted its holdings in shares of Trane Technologies by 51.9% in the 1st quarter. California Public Employees Retirement System now owns 686,691 shares of the company’s stock worth $286,172,000 after purchasing an additional 234,666 shares during the period. Institutional investors own 82.97% of the company’s stock.

About Trane Technologies

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.