Trane Technologies (NYSE:TT) Hits New 52-Week High – Here’s What Happened

Trane Technologies plc (NYSE:TT) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $480.00 and last traded at $476.7140, with a volume of 359209 shares trading hands. The stock had previously closed at $460.27.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Citigroup raised their target price on shares of Trane Technologies from $513.00 to $525.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Trane Technologies in a research note on Wednesday, January 21st. Evercore assumed coverage on shares of Trane Technologies in a research note on Monday, April 13th. They issued an “outperform” rating and a $535.00 target price on the stock. Royal Bank Of Canada raised their target price on shares of Trane Technologies from $469.00 to $470.00 and gave the company a “sector perform” rating in a research note on Friday, January 30th. Finally, Melius Research raised shares of Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 target price on the stock in a research note on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Trane Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $491.47.

Trane Technologies Stock Up 3.4%

The firm has a market capitalization of $105.37 billion, a price-to-earnings ratio of 36.68, a P/E/G ratio of 2.43 and a beta of 1.21. The business’s 50-day moving average is $443.97 and its two-hundred day moving average is $421.57. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, beating analysts’ consensus estimates of $2.81 by $0.05. The business had revenue of $5.14 billion for the quarter, compared to the consensus estimate of $5.09 billion. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. Trane Technologies’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period last year, the company posted $2.61 EPS. On average, equities analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, June 5th will be issued a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, June 5th. Trane Technologies’s dividend payout ratio is 32.36%.

Insiders Place Their Bets

In other Trane Technologies news, CFO Christopher J. Kuehn sold 8,619 shares of the stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total value of $3,878,550.00. Following the completion of the sale, the chief financial officer directly owned 60,576 shares in the company, valued at $27,259,200. This represents a 12.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David S. Regnery sold 36,045 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $422.69, for a total value of $15,235,861.05. Following the completion of the transaction, the chief executive officer owned 96,948 shares of the company’s stock, valued at $40,978,950.12. This represents a 27.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 57,997 shares of company stock valued at $25,107,014 over the last ninety days. 0.14% of the stock is owned by insiders.

Institutional Trading of Trane Technologies

Several hedge funds have recently bought and sold shares of TT. Financial Consulate Inc. acquired a new position in Trane Technologies in the 3rd quarter worth $25,000. Tucker Asset Management LLC acquired a new position in Trane Technologies in the 4th quarter worth $25,000. United Community Bank boosted its stake in Trane Technologies by 134.4% in the 3rd quarter. United Community Bank now owns 75 shares of the company’s stock worth $32,000 after purchasing an additional 43 shares during the period. Hilton Head Capital Partners LLC acquired a new position in Trane Technologies in the 4th quarter worth $32,000. Finally, JPL Wealth Management LLC acquired a new position in Trane Technologies in the 3rd quarter worth $32,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Trane Technologies Company Profile

Trane Technologies (NYSE: TT) is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.