Royal Bank of Canada Forecasts Strong Price Appreciation for Trane Technologies (NYSE:TT) Stock

Trane Technologies (NYSE:TT) had its target price raised by Royal Bank of Canada from $390.00 to $395.00 in a report released on Friday,Benzinga reports. They currently have a sector perform rating on the stock.

TT has been the topic of several other reports. HSBC cut Trane Technologies from a “buy” rating to a “hold” rating and set a $405.00 target price on the stock. in a research report on Thursday, October 31st. Hsbc Global Res lowered Trane Technologies from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. Citigroup upped their price objective on shares of Trane Technologies from $457.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Mizuho raised their target price on shares of Trane Technologies from $325.00 to $400.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Northcoast Research initiated coverage on shares of Trane Technologies in a research note on Friday, November 22nd. They issued a “buy” rating and a $500.00 price target for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $413.14.

Trane Technologies Stock Performance

Trane Technologies stock opened at $381.11 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.22 and a quick ratio of 0.92. Trane Technologies has a 12 month low of $236.33 and a 12 month high of $422.00. The company has a fifty day moving average price of $396.48 and a two-hundred day moving average price of $370.12. The company has a market cap of $85.76 billion, a PE ratio of 35.35, a P/E/G ratio of 2.38 and a beta of 1.06.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share for the quarter, topping analysts’ consensus estimates of $3.23 by $0.14. The business had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The business’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.79 EPS. Research analysts expect that Trane Technologies will post 11.13 earnings per share for the current year.

Trane Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 6th were issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date was Friday, December 6th. Trane Technologies’s dividend payout ratio is currently 31.17%.

Insider Transactions at Trane Technologies

In related news, SVP Mairead Magner sold 4,329 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $416.00, for a total transaction of $1,800,864.00. Following the sale, the senior vice president now directly owns 12,893 shares in the company, valued at $5,363,488. This trade represents a 25.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.38% of the company’s stock.

Institutional Trading of Trane Technologies

A number of institutional investors have recently made changes to their positions in the business. Ritholtz Wealth Management raised its position in shares of Trane Technologies by 12.5% in the second quarter. Ritholtz Wealth Management now owns 1,090 shares of the company’s stock valued at $359,000 after purchasing an additional 121 shares during the period. Simon Quick Advisors LLC raised its holdings in Trane Technologies by 9.7% in the 2nd quarter. Simon Quick Advisors LLC now owns 800 shares of the company’s stock valued at $263,000 after acquiring an additional 71 shares during the period. Foundations Investment Advisors LLC lifted its position in Trane Technologies by 9.4% during the second quarter. Foundations Investment Advisors LLC now owns 755 shares of the company’s stock worth $248,000 after acquiring an additional 65 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of Trane Technologies by 2,003.8% during the second quarter. Larson Financial Group LLC now owns 1,115 shares of the company’s stock worth $367,000 after acquiring an additional 1,062 shares during the period. Finally, Kornitzer Capital Management Inc. KS grew its position in shares of Trane Technologies by 15.6% in the second quarter. Kornitzer Capital Management Inc. KS now owns 4,625 shares of the company’s stock valued at $1,521,000 after purchasing an additional 625 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

About Trane Technologies

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.