JPMorgan Chase & Co. Issues Pessimistic Forecast for Trane Technologies (NYSE:TT) Stock Price

Trane Technologies (NYSE:TT) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $550.00 to $480.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 12.09% from the stock’s current price.

Several other equities analysts have also weighed in on the stock. Argus set a $500.00 price objective on shares of Trane Technologies in a research report on Friday, October 30th. Weiss Ratings raised shares of Trane Technologies from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 10th. BNP Paribas Exane upped their price target on shares of Trane Technologies from $560.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Trane Technologies from $515.00 to $499.00 and set a “hold” rating on the stock in a report on Wednesday, September 30th. Finally, Royal Bank Of Canada cut their price objective on shares of Trane Technologies from $502.00 to $486.00 and set a “sector perform” rating for the company in a research report on Friday, October 30th. Two equities 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $532.21.

Trane Technologies Stock Performance

TT traded up $7.39 during trading hours on Wednesday, reaching $428.21. The company’s stock had a trading volume of 370,638 shares, compared to its average volume of 1,396,883. Trane Technologies has a 52 week low of $348.06 and a 52 week high of $505.87. The company’s 50-day moving average is $444.65 and its 200-day moving average is $454.74. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.12. The firm has a market cap of $93.74 billion, a PE ratio of 30.22, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19.

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

Insider Buying and Selling

In related news, CEO David Regnery sold 48,091 shares of the firm’s stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $480.00, for a total transaction of $23,083,680.00. Following the transaction, the chief executive officer directly owned 96,951 shares of the company’s stock, valued at approximately $46,536,480. This trade represents a 33.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.43% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Amundi grew its position 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 buying an additional 703,018 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Trane Technologies by 536.6% during the 1st quarter. First Trust Advisors LP now owns 532,138 shares of the company’s stock valued at $221,763,000 after acquiring an additional 448,547 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Trane Technologies by 215.9% during 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 in the last quarter. Sei Investments Co. grew its holdings in shares of Trane Technologies by 261.5% during 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 in the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Trane Technologies by 51.9% in the first 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 and hedge funds 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.