Trane Technologies (NYSE:TT) Sets New 1-Year High – Here’s Why

Trane Technologies plc (NYSE:TT)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $424.46 and last traded at $422.17, with a volume of 1348876 shares changing hands. The stock had previously closed at $416.15.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on Trane Technologies from $330.00 to $370.00 and gave the stock an “underweight” rating in a research note on Thursday, May 1st. Royal Bank of Canada raised their price objective on Trane Technologies from $363.00 to $408.00 and gave the company a “sector perform” rating in a report on Thursday, May 1st. UBS Group dropped their target price on shares of Trane Technologies from $500.00 to $470.00 and set a “buy” rating for the company in a report on Friday, January 31st. Stephens upgraded shares of Trane Technologies from an “equal weight” rating to an “overweight” rating and set a $475.00 target price for the company in a research report on Thursday, May 1st. Finally, Robert W. Baird boosted their price target on shares of Trane Technologies from $360.00 to $396.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Trane Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $421.07.

Trane Technologies Trading Up 1.4%

The business’s 50-day simple moving average is $353.01 and its two-hundred day simple moving average is $372.66. The company has a quick ratio of 0.88, a current ratio of 1.21 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $94.15 billion, a price-to-earnings ratio of 37.53, a PEG ratio of 2.50 and a beta of 1.14.

Trane Technologies (NYSE:TT) last announced its earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.25. Trane Technologies had a return on equity of 35.37% and a net margin of 12.94%. The company had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.46 billion. During the same quarter in the previous year, the company earned $1.94 earnings per share. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. Equities analysts forecast that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $3.76 dividend on an annualized basis and a yield of 0.89%. Trane Technologies’s dividend payout ratio (DPR) is presently 31.28%.

Insider Transactions at Trane Technologies

In other news, insider Donald E. Simmons sold 3,571 shares of the company’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $380.00, for a total transaction of $1,356,980.00. Following the sale, the insider now owns 3,593 shares of the company’s stock, valued at approximately $1,365,340. This represents a 49.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. WFA Asset Management Corp raised its holdings in shares of Trane Technologies by 208.3% in the 1st quarter. WFA Asset Management Corp now owns 74 shares of the company’s stock valued at $25,000 after purchasing an additional 50 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new position in Trane Technologies in the fourth quarter valued at $26,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Trane Technologies in the fourth quarter valued at $28,000. Opal Wealth Advisors LLC purchased a new stake in Trane Technologies during the 1st quarter worth about $31,000. Finally, Bogart Wealth LLC boosted its position in shares of Trane Technologies by 97.9% during the 1st quarter. Bogart Wealth LLC now owns 93 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

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.