Trane Technologies (NYSE:TT) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Trane Technologies (NYSE:TT) from a buy rating to a hold rating in a report released on Sunday morning,Wall Street Zen reports.

Several other research analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Trane Technologies from $515.00 to $499.00 and set a “hold” rating for the company in a research note on Wednesday, September 30th. Mizuho upped their target price on shares of Trane Technologies from $475.00 to $485.00 and gave the stock a “neutral” rating in a research note on Thursday, October 15th. Sanford C. Bernstein increased their target price on shares of Trane Technologies from $555.00 to $575.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Oppenheimer reissued an “outperform” rating and issued a $500.00 price target on shares of Trane Technologies in a research report on Friday, October 30th. Finally, Evercore boosted their price target on shares of Trane Technologies from $560.00 to $565.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $535.89.

Trane Technologies Price Performance

TT opened at $420.62 on Friday. The stock’s 50-day moving average price is $444.65 and its 200 day moving average price is $454.74. Trane Technologies has a 12-month low of $348.06 and a 12-month high of $505.87. The company has a current ratio of 1.12, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm has a market cap of $92.07 billion, a price-to-earnings ratio of 28.69, a PEG ratio of 1.97 and a beta of 1.19.

Trane Technologies (NYSE:TT) last announced its earnings results on Thursday, October 29th. The company reported $4.86 EPS for the quarter, beating analysts’ consensus estimates of $4.74 by $0.12. The company had revenue of $6.76 billion during the quarter, compared to analysts’ expectations of $6.50 billion. Trane Technologies had a return on equity of 37.26% and a net margin of 13.56%. Trane Technologies’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period last year, the business posted $3.88 EPS. As a group, sell-side analysts expect that Trane Technologies will post 15.29 earnings per share for the current year.

Trane Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Friday, December 4th will be paid a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, December 4th. Trane Technologies’s dividend payout ratio (DPR) is presently 29.66%.

Insider Activity at Trane Technologies

In other news, CEO David Regnery sold 48,091 shares of the business’s stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $480.00, for a total transaction of $23,083,680.00. Following the completion of the transaction, the chief executive officer directly owned 96,951 shares of the company’s stock, valued at approximately $46,536,480. The trade was a 33.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.43% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TT. Private Advisor Group LLC grew its stake in shares of Trane Technologies by 82.2% during the third quarter. Private Advisor Group LLC now owns 16,014 shares of the company’s stock worth $7,238,000 after purchasing an additional 7,223 shares in the last quarter. Ieq Capital LLC raised its stake in Trane Technologies by 59.0% in the third quarter. Ieq Capital LLC now owns 56,500 shares of the company’s stock valued at $25,537,000 after buying an additional 20,963 shares in the last quarter. Focus Advisor Solutions LLC lifted its holdings in Trane Technologies by 149.8% during the 3rd quarter. Focus Advisor Solutions LLC now owns 9,698 shares of the company’s stock worth $4,384,000 after buying an additional 5,816 shares during the last quarter. Checchi Capital Advisers LLC lifted its holdings in Trane Technologies by 2.5% during the 3rd quarter. Checchi Capital Advisers LLC now owns 2,102 shares of the company’s stock worth $950,000 after buying an additional 52 shares during the last quarter. Finally, Bornite Capital Management LP purchased a new stake in Trane Technologies during the 3rd quarter worth about $27,508,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

About Trane Technologies

Trane Technologies plc is a global climate innovator that designs, manufactures, and services heating, ventilation, air conditioning, and refrigeration systems. Its products and services support commercial buildings, homes, and transportation applications, including temperature-controlled shipping. The company’s portfolio includes the Trane brand of HVAC systems and building services, as well as Thermo King equipment for transport refrigeration and climate control. It also offers building controls, energy-efficiency solutions, system maintenance, and related services.