Trane Technologies (NYSE:TT) Cut to “Hold” at HSBC

HSBC lowered shares of Trane Technologies (NYSE:TT) from a buy rating to a hold rating in a report published on Thursday morning, MarketBeat.com reports. HSBC currently has $405.00 price target on the stock.

TT has been the topic of several other reports. The Goldman Sachs Group raised their price target on shares of Trane Technologies from $364.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Wells Fargo & Company lifted their target price on Trane Technologies from $320.00 to $360.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Robert W. Baird upped their price target on Trane Technologies from $360.00 to $365.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Royal Bank of Canada lifted their price objective on Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a report on Thursday, August 1st. Finally, Mizuho upped their target price on shares of Trane Technologies from $325.00 to $400.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned 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 Performance

NYSE:TT opened at $376.15 on Thursday. The firm has a market capitalization of $84.64 billion, a PE ratio of 34.89, a PEG ratio of 2.51 and a beta of 1.02. Trane Technologies has a 1 year low of $211.31 and a 1 year 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 firm’s fifty day simple moving average is $377.83 and its 200 day simple moving average is $345.71.

Trane Technologies (NYSE:TT) last issued its quarterly 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. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The company had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same period last year, the business posted $2.79 earnings per share. The firm’s revenue was up 10.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Trane Technologies will post 11.06 EPS for the current year.

Trane Technologies Dividend Announcement

The firm 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. This represents a $3.36 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Friday, December 6th. Trane Technologies’s dividend payout ratio (DPR) is presently 31.17%.

Insider Buying and Selling

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

Institutional Trading of Trane Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. BOK Financial Private Wealth Inc. acquired a new stake in Trane Technologies in the 1st quarter valued at approximately $30,000. DT Investment Partners LLC bought a new stake in shares of Trane Technologies in the third quarter worth $36,000. Fortitude Family Office LLC boosted 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 worth $37,000 after purchasing an additional 43 shares during the last quarter. Triad Wealth Partners LLC bought a new position in Trane Technologies in the second quarter valued at $39,000. Finally, Quarry LP acquired a new stake in Trane Technologies in the 2nd quarter valued at $39,000. Institutional investors and hedge funds 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.