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

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TT. Barclays raised their price target on shares of Trane Technologies from $425.00 to $440.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Robert W. Baird dropped their target price on Trane Technologies from $408.00 to $404.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Morgan Stanley started coverage on Trane Technologies in a research note on Friday, September 6th. They set an “overweight” rating and a $425.00 price objective for the company. Hsbc Global Res lowered Trane Technologies from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group boosted their target price on shares of Trane Technologies from $364.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. One equities research 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. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $397.64.

Trane Technologies Price Performance

The company has a market capitalization of $94.31 billion, a P/E ratio of 38.88, a PEG ratio of 2.62 and a beta of 1.02. The company has a quick ratio of 0.92, a current ratio of 1.22 and a debt-to-equity ratio of 0.57. The business has a 50 day simple moving average of $395.80 and a 200-day simple moving average of $357.67.

Trane Technologies (NYSE:TT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.37 earnings per share for the quarter, beating the consensus estimate of $3.23 by $0.14. Trane Technologies had a net margin of 12.73% and a return on equity of 34.62%. The firm had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same period last year, the firm posted $2.79 EPS. Trane Technologies’s quarterly revenue was up 10.0% compared to the same quarter last year. Analysts predict that Trane Technologies plc will post 11.14 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 6th will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 0.80%. The ex-dividend date is Friday, December 6th. Trane Technologies’s dividend payout ratio is currently 31.17%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Peapack Gladstone Financial Corp increased its stake in Trane Technologies by 3.4% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 99,734 shares of the company’s stock valued at $38,770,000 after buying an additional 3,313 shares during the period. Synovus Financial Corp boosted its holdings in shares of Trane Technologies by 16.8% in the third quarter. Synovus Financial Corp now owns 8,828 shares of the company’s stock valued at $3,431,000 after acquiring an additional 1,271 shares in the last quarter. Tidal Investments LLC increased its stake in shares of Trane Technologies by 22.2% during the third quarter. Tidal Investments LLC now owns 15,827 shares of the company’s stock valued at $6,152,000 after acquiring an additional 2,874 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Trane Technologies during the third quarter worth approximately $3,916,000. Finally, Sfmg LLC lifted its position in Trane Technologies by 1.5% in the third quarter. Sfmg LLC now owns 2,441 shares of the company’s stock worth $949,000 after purchasing an additional 36 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

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.