Trane Technologies (NYSE:TT) Lowered to Hold Rating by HSBC

HSBC downgraded shares of Trane Technologies (NYSE:TT) from a buy rating to a hold rating in a report released on Thursday, Marketbeat.com reports. HSBC currently has $405.00 price objective on the stock.

TT has been the subject of a number of other research reports. The Goldman Sachs Group upped their target price on Trane Technologies from $364.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Morgan Stanley assumed coverage on shares of Trane Technologies in a research report on Friday, September 6th. They set an “overweight” rating and a $425.00 target price on the stock. Robert W. Baird upped their price target on shares of Trane Technologies from $360.00 to $365.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Wells Fargo & Company boosted their price objective on shares of Trane Technologies from $320.00 to $360.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Finally, Royal Bank of Canada raised their target price on Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $380.15.

Trane Technologies Stock Down 1.4 %

TT stock opened at $370.35 on Thursday. The firm has a 50-day moving average price of $377.36 and a 200-day moving average price of $344.79. Trane Technologies has a 12 month low of $186.24 and a 12 month high of $406.96. The company has a current ratio of 1.22, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $83.58 billion, a P/E ratio of 34.36, a price-to-earnings-growth ratio of 2.59 and a beta of 1.01.

Trane Technologies (NYSE:TT) last issued its earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share for the quarter, beating analysts’ consensus estimates of $3.23 by $0.14. The firm had revenue of $5.44 billion for the quarter, compared to analyst estimates of $5.32 billion. Trane Technologies had a net margin of 12.73% and a return on equity of 34.62%. The company’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the business posted $2.79 earnings per share. As a group, equities research analysts anticipate that Trane Technologies will post 10.89 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 6th will be paid a $0.84 dividend. The ex-dividend date is Friday, December 6th. This represents a $3.36 annualized dividend and a dividend yield of 0.91%. Trane Technologies’s dividend payout ratio is presently 31.17%.

Insider Activity at Trane Technologies

In related news, CEO David S. Regnery sold 29,450 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $321.25, for a total value of $9,460,812.50. Following the transaction, the chief executive officer now directly owns 132,946 shares in the company, valued at $42,708,902.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO David S. Regnery sold 29,450 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $321.25, for a total value of $9,460,812.50. Following the transaction, the chief executive officer now owns 132,946 shares of the company’s stock, valued at approximately $42,708,902.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Raymond D. Pittard sold 1,805 shares of Trane Technologies stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $328.65, for a total value of $593,213.25. Following the transaction, the executive vice president now owns 83,517 shares of the company’s stock, valued at $27,447,862.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TT. BOK Financial Private Wealth Inc. bought a new position in shares of Trane Technologies during the 1st quarter worth approximately $30,000. DT Investment Partners LLC purchased a new position in Trane Technologies in the third quarter worth $36,000. Fortitude Family Office LLC grew its stake in Trane Technologies by 63.2% in the 2nd quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock valued at $37,000 after purchasing an additional 43 shares during the period. Triad Wealth Partners LLC purchased a new stake in shares of Trane Technologies during the 2nd quarter valued at $39,000. Finally, Quarry LP bought a new stake in shares of Trane Technologies during the 2nd quarter worth $39,000. 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.