Wells Fargo & Company Issues Positive Forecast for Trane Technologies (NYSE:TT) Stock Price

Trane Technologies (NYSE:TT) had its price objective raised by research analysts at Wells Fargo & Company from $330.00 to $370.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential downside of 7.43% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Hsbc Global Res upgraded shares of Trane Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 25th. Stephens raised shares of Trane Technologies from an “equal weight” rating to an “overweight” rating and set a $475.00 target price for the company in a research report on Thursday. JPMorgan Chase & Co. dropped their price target on shares of Trane Technologies from $396.00 to $323.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Royal Bank of Canada boosted their price objective on Trane Technologies from $390.00 to $395.00 and gave the stock a “sector perform” rating in a report on Friday, January 3rd. Finally, Citigroup dropped their target price on Trane Technologies from $476.00 to $415.00 and set a “buy” rating on the stock in a report on Monday, April 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $421.07.

Trane Technologies Price Performance

TT stock opened at $399.68 on Thursday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.21 and a quick ratio of 0.88. The company’s 50-day moving average is $344.26 and its 200-day moving average is $372.20. The stock has a market capitalization of $89.64 billion, a PE ratio of 35.53, a price-to-earnings-growth ratio of 2.50 and a beta of 1.08. Trane Technologies has a 1 year low of $298.15 and a 1 year high of $422.00.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.25. The business had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.46 billion. Trane Technologies had a return on equity of 35.37% and a net margin of 12.94%. The company’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.94 earnings per share. Equities research analysts expect that Trane Technologies will post 12.83 EPS for the current fiscal year.

Insider Transactions at Trane Technologies

In related news, insider Donald E. Simmons sold 3,571 shares of Trane Technologies stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $380.00, for a total value of $1,356,980.00. Following the sale, the insider now owns 3,593 shares of the company’s stock, valued at approximately $1,365,340. The trade was a 49.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Evan M. Turtz sold 318 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $358.12, for a total value of $113,882.16. Following the transaction, the senior vice president now directly owns 20,513 shares of the company’s stock, valued at approximately $7,346,115.56. This trade represents a 1.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,805 shares of company stock worth $3,945,082 in the last ninety days. Company insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On Trane Technologies

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Trane Technologies by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 19,235,570 shares of the company’s stock valued at $7,104,658,000 after purchasing an additional 152,353 shares during the period. Geode Capital Management LLC raised its holdings in Trane Technologies by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 4,775,263 shares of the company’s stock valued at $1,760,549,000 after acquiring an additional 136,349 shares during the period. Ameriprise Financial Inc. lifted its position in shares of Trane Technologies by 4.1% during the fourth quarter. Ameriprise Financial Inc. now owns 3,343,390 shares of the company’s stock worth $1,234,908,000 after acquiring an additional 130,867 shares in the last quarter. Norges Bank bought a new position in shares of Trane Technologies in the fourth quarter worth $1,117,816,000. Finally, Northern Trust Corp grew its position in shares of Trane Technologies by 20.1% in the fourth quarter. Northern Trust Corp now owns 2,567,527 shares of the company’s stock valued at $948,316,000 after purchasing an additional 429,953 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Company Profile

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.