Trane Technologies (NYSE:TT) Coverage Initiated at UBS Group

UBS Group began coverage on shares of Trane Technologies (NYSE:TT) in a research report sent to investors on Wednesday, Marketbeat reports. The firm issued a buy rating and a $500.00 price target on the stock.

TT has been the topic of several other reports. Mizuho boosted their price objective on Trane Technologies from $325.00 to $400.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Royal Bank of Canada increased their price target on Trane Technologies from $334.00 to $350.00 and gave the company a “sector perform” rating in a report on Thursday, August 1st. The Goldman Sachs Group lifted their price objective on shares of Trane Technologies from $364.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Wells Fargo & Company increased their target price on shares of Trane Technologies from $320.00 to $360.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Finally, Barclays raised their target price on shares of Trane Technologies from $425.00 to $440.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Trane Technologies has an average rating of “Hold” and a consensus target price of $389.77.

Trane Technologies Stock Performance

NYSE:TT opened at $407.49 on Wednesday. The company has a market cap of $91.69 billion, a price-to-earnings ratio of 37.80, a PEG ratio of 2.63 and a beta of 1.02. Trane Technologies has a 1 year low of $221.22 and a 1 year high of $421.78. The stock’s 50 day simple moving average is $388.09 and its two-hundred day simple moving average is $353.05. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.22 and a quick ratio of 0.92.

Trane Technologies (NYSE:TT) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.23 by $0.14. Trane Technologies had a net margin of 12.73% and a return on equity of 34.62%. The company had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the prior year, the firm earned $2.79 earnings per share. Trane Technologies’s revenue was up 10.0% on a year-over-year basis. As a group, equities analysts anticipate that Trane Technologies will post 11.13 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

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

Hedge Funds Weigh In On Trane Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. MidAtlantic Capital Management Inc. bought a new stake in shares of Trane Technologies in the third quarter valued at about $27,000. DT Investment Partners LLC bought a new stake in shares of Trane Technologies in the 3rd quarter valued at about $36,000. Pittenger & Anderson Inc. purchased a new stake in shares of Trane Technologies in the 3rd quarter worth approximately $39,000. Legacy Investment Solutions LLC bought a new position in shares of Trane Technologies during the third quarter valued at approximately $44,000. Finally, Fortitude Family Office LLC increased its holdings in Trane Technologies by 63.2% during the second quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock valued at $37,000 after buying an additional 43 shares during the period. 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.