Trane Technologies (NYSE:TT) Hits New 12-Month High – Here’s What Happened

Trane Technologies plc (NYSE:TT)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $409.02 and last traded at $408.87, with a volume of 431908 shares traded. The stock had previously closed at $395.92.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TT. Robert W. Baird cut their price objective on shares of Trane Technologies from $408.00 to $404.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Mizuho lifted their price target on shares of Trane Technologies from $325.00 to $400.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Royal Bank of Canada upped their price objective on Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a report on Thursday, August 1st. Barclays lifted their target price on Trane Technologies from $425.00 to $440.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, Stephens restated an “equal weight” rating and set a $350.00 price target on shares of Trane Technologies in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Trane Technologies has a consensus rating of “Hold” and an average target price of $380.15.

Trane Technologies Stock Performance

The firm has a market capitalization of $92.39 billion, a price-to-earnings ratio of 38.04, a price-to-earnings-growth ratio of 2.39 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.92 and a current ratio of 1.22. The stock’s fifty day moving average is $380.72 and its two-hundred day moving average is $348.06.

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

Trane Technologies Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Advisory Alpha LLC bought a new stake in shares of Trane Technologies in the 1st quarter valued at approximately $201,000. Duality Advisers LP acquired a new stake in shares of Trane Technologies during the first quarter worth $331,000. Envestnet Portfolio Solutions Inc. lifted its position in shares of Trane Technologies by 9.9% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 9,920 shares of the company’s stock worth $2,978,000 after buying an additional 892 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Trane Technologies by 138.0% in the 1st quarter. Empowered Funds LLC now owns 6,667 shares of the company’s stock valued at $2,001,000 after buying an additional 3,866 shares during the period. Finally, Wealthspire Advisors LLC grew its position in shares of Trane Technologies by 4.7% during the 1st quarter. Wealthspire Advisors LLC now owns 2,963 shares of the company’s stock valued at $890,000 after buying an additional 134 shares during the last quarter. 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.