Trane Technologies (NYSE:TT) Lowered to “Hold” Rating by Hsbc Global Res

Hsbc Global Res lowered shares of Trane Technologies (NYSE:TT) from a strong-buy rating to a hold rating in a research report released on Thursday, Zacks.com reports.

Several other brokerages also recently weighed in on TT. Stephens restated an “equal weight” rating and issued a $350.00 target price on shares of Trane Technologies in a research note on Monday, August 5th. Barclays boosted their target price on Trane Technologies from $425.00 to $440.00 and gave the stock an “overweight” rating in a research note on Thursday. Morgan Stanley initiated coverage on Trane Technologies in a report on Friday, September 6th. They issued an “overweight” rating and a $425.00 price target for the company. Wells Fargo & Company upped their price objective on shares of Trane Technologies from $320.00 to $360.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Finally, HSBC cut shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $405.00 target price for the company. in a research note on Thursday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $380.15.

Trane Technologies Stock Up 1.6 %

Shares of NYSE TT opened at $376.15 on Thursday. Trane Technologies has a 12-month low of $211.31 and a 12-month high of $406.96. The stock’s fifty day simple moving average is $377.83 and its two-hundred day simple moving average is $346.08. The stock has a market capitalization of $84.64 billion, a PE ratio of 34.89, a price-to-earnings-growth ratio of 2.51 and a beta of 1.02. The company has a current ratio of 1.22, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57.

Trane Technologies (NYSE:TT) last posted its earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.23 by $0.14. The company had revenue of $5.44 billion for the quarter, compared to analyst estimates of $5.32 billion. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.79 earnings per share. As a group, analysts expect that Trane Technologies will post 11.06 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 6th will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 0.89%. The ex-dividend date is Friday, December 6th. Trane Technologies’s payout ratio is 31.17%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Trane Technologies

A number of hedge funds have recently bought and sold shares of the business. DT Investment Partners LLC acquired a new stake in shares of Trane Technologies in the third quarter valued at about $36,000. Fortitude Family Office LLC boosted its holdings in Trane Technologies by 63.2% in the 2nd quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock worth $37,000 after buying an additional 43 shares during the last quarter. Triad Wealth Partners LLC acquired a new stake in Trane Technologies in the 2nd quarter worth about $39,000. Quarry LP acquired a new position in shares of Trane Technologies during the second quarter valued at approximately $39,000. Finally, Pittenger & Anderson Inc. purchased a new position in shares of Trane Technologies in the third quarter valued at approximately $39,000. Hedge funds and other institutional investors 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.