Trane Technologies (NYSE:TT) Sets New 12-Month High – What’s Next?

Trane Technologies plc (NYSE:TT)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $434.12 and last traded at $434.12, with a volume of 480193 shares. The stock had previously closed at $423.29.

Wall Street Analyst Weigh In

TT has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Trane Technologies from $334.00 to $400.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Melius cut shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $398.00 target price for the company. in a research note on Tuesday, January 28th. Royal Bank of Canada boosted their price target on shares of Trane Technologies from $363.00 to $408.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 1st. Melius Research reissued a “hold” rating and set a $398.00 price target on shares of Trane Technologies in a report on Tuesday, January 28th. Finally, Hsbc Global Res raised Trane Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $427.47.

Trane Technologies Stock Up 2.8%

The firm has a 50 day moving average of $367.75 and a two-hundred day moving average of $374.96. The company has a current ratio of 1.21, a quick ratio of 0.88 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $97.08 billion, a PE ratio of 38.70, a P/E/G ratio of 2.50 and a beta of 1.14.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share 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 business had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.46 billion. During the same quarter last year, the business posted $1.94 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. Equities research analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 6th will be given a $0.94 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $3.76 annualized dividend and a dividend yield of 0.86%. Trane Technologies’s dividend payout ratio is presently 31.28%.

Insider Buying and Selling

In related news, insider Donald E. Simmons sold 3,571 shares of the business’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $380.00, for a total value of $1,356,980.00. Following the completion of the transaction, the insider now owns 3,593 shares of the company’s stock, valued at approximately $1,365,340. The trade was a 49.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Trane Technologies

A number of institutional investors have recently modified their holdings of TT. Stonegate Investment Group LLC raised its holdings in Trane Technologies by 11.9% in the 4th quarter. Stonegate Investment Group LLC now owns 15,378 shares of the company’s stock valued at $5,680,000 after acquiring an additional 1,633 shares during the last quarter. U.S. Capital Wealth Advisors LLC increased its stake in Trane Technologies by 1,490.3% in the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 19,417 shares of the company’s stock valued at $7,172,000 after purchasing an additional 18,196 shares during the last quarter. Longboard Asset Management LP purchased a new position in Trane Technologies during the fourth quarter worth about $257,000. Consolidated Planning Corp boosted its stake in Trane Technologies by 8.3% in the 4th quarter. Consolidated Planning Corp now owns 14,252 shares of the company’s stock worth $5,264,000 after buying an additional 1,091 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in Trane Technologies by 4.9% in the 4th quarter. Van ECK Associates Corp now owns 52,058 shares of the company’s stock valued at $19,228,000 after buying an additional 2,438 shares during the period. Institutional investors and hedge funds 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.