BNP Paribas Exane Initiates Coverage on Trane Technologies (NYSE:TT)

Research analysts at BNP Paribas Exane assumed coverage on shares of Trane Technologies (NYSE:TT) in a report released on Tuesday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $550.00 price target on the stock. BNP Paribas Exane’s price objective suggests a potential upside of 18.86% from the company’s current price.

Several other research analysts have also issued reports on TT. Evercore started coverage on Trane Technologies in a research report on Monday. They set an “outperform” rating and a $535.00 target price for the company. Oppenheimer increased their price target on Trane Technologies from $460.00 to $468.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. KeyCorp upgraded Trane Technologies from a “sector weight” rating to an “overweight” rating and set a $500.00 price objective for the company in a research report on Monday, December 15th. Royal Bank Of Canada lifted their price objective on Trane Technologies from $469.00 to $470.00 and gave the stock a “sector perform” rating in a research note on Friday, January 30th. Finally, Wells Fargo & Company upped their target price on Trane Technologies from $375.00 to $400.00 and gave the company an “underweight” rating in a report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Trane Technologies currently has an average rating of “Moderate Buy” and an average target price of $491.47.

Trane Technologies Trading Down 1.7%

TT opened at $462.72 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.92. Trane Technologies has a fifty-two week low of $318.08 and a fifty-two week high of $479.37. The company’s 50 day moving average price is $443.06 and its two-hundred day moving average price is $420.88. The firm has a market capitalization of $102.41 billion, a price-to-earnings ratio of 35.65, a PEG ratio of 2.48 and a beta of 1.21.

Trane Technologies (NYSE:TT) last released its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.81 by $0.05. The firm had revenue of $5.14 billion during 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%. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.61 earnings per share. As a group, research analysts predict that Trane Technologies will post 12.83 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Christopher J. Kuehn sold 8,619 shares of the company’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the sale, the chief financial officer owned 60,576 shares in the company, valued at $27,259,200. This represents a 12.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Donald E. Simmons sold 3,762 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $422.70, for a total value of $1,590,197.40. Following the sale, the insider directly owned 3,819 shares of the company’s stock, valued at $1,614,291.30. This represents a 49.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 57,997 shares of company stock valued at $25,107,014 over the last 90 days. 0.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Trane Technologies in the fourth quarter worth $1,163,124,000. JPMorgan Chase & Co. boosted its position in shares of Trane Technologies by 10.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock worth $6,550,975,000 after purchasing an additional 1,433,563 shares in the last quarter. Capital International Investors acquired a new stake in shares of Trane Technologies in the 4th quarter valued at about $324,639,000. Corient Private Wealth LLC grew its stake in shares of Trane Technologies by 135.4% in the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock valued at $321,757,000 after buying an additional 423,090 shares during the period. Finally, SG Americas Securities LLC increased its position in Trane Technologies by 13,460.8% in the 4th quarter. SG Americas Securities LLC now owns 423,504 shares of the company’s stock valued at $164,828,000 after buying an additional 420,381 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

About Trane Technologies

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.