Trane Technologies (NYSE:TT) Hits New 52-Week High – Here’s Why

Trane Technologies plc (NYSE:TT)’s share price hit a new 52-week high on Monday . The company traded as high as $422.00 and last traded at $418.64, with a volume of 24978 shares traded. The stock had previously closed at $417.49.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Robert W. Baird dropped their price objective on Trane Technologies from $408.00 to $404.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Barclays increased their price target on Trane Technologies from $425.00 to $440.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Mizuho raised their price objective on shares of Trane Technologies from $325.00 to $400.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Hsbc Global Res downgraded shares of Trane Technologies from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Finally, Stephens restated an “equal weight” rating and issued a $350.00 price target on shares of Trane Technologies in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Trane Technologies has a consensus rating of “Hold” and an average price target of $397.64.

Trane Technologies Stock Performance

The company’s 50-day simple moving average is $394.03 and its 200 day simple moving average is $356.49. The stock has a market cap of $92.64 billion, a P/E ratio of 38.73, a PEG ratio of 2.64 and a beta of 1.02. The company has a current ratio of 1.22, a quick ratio of 0.92 and a debt-to-equity ratio of 0.57.

Trane Technologies (NYSE:TT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.37 earnings per share for the quarter, topping the consensus estimate 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 revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.79 earnings per share. As a group, sell-side analysts expect that Trane Technologies plc will post 11.14 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 6th will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend is Friday, December 6th. Trane Technologies’s dividend payout ratio is currently 31.17%.

Institutional Trading of Trane Technologies

Several hedge funds have recently made changes to their positions in the company. MidAtlantic Capital Management Inc. bought a new stake in Trane Technologies in the 3rd quarter valued at about $27,000. DT Investment Partners LLC purchased a new stake in shares of Trane Technologies during the third quarter worth $36,000. Fortitude Family Office LLC grew its position in shares of Trane Technologies by 63.2% in the second quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock valued at $37,000 after purchasing an additional 43 shares in the last quarter. Triad Wealth Partners LLC bought a new stake in shares of Trane Technologies during the 2nd quarter valued at $39,000. Finally, Quarry LP purchased a new stake in shares of Trane Technologies in the second quarter worth about $39,000. 82.97% of the stock is currently owned by institutional investors.

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.