Royal Bank of Canada Forecasts Strong Price Appreciation for Trane Technologies (NYSE:TT) Stock

Trane Technologies (NYSE:TT - Get Free Report) had its price target raised by research analysts at Royal Bank of Canada from $390.00 to $395.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "sector perform" rating on the stock. Royal Bank of Canada's price target would suggest a potential upside of 3.64% from the stock's current price.

A number of other equities research analysts have also issued reports on TT. Robert W. Baird cut their price target on shares of Trane Technologies from $408.00 to $404.00 and set a "neutral" rating on the stock in a report on Thursday, October 31st. Morgan Stanley initiated coverage on Trane Technologies in a report on Friday, September 6th. They set an "overweight" rating and a $425.00 price target on the stock. HSBC cut Trane Technologies from a "buy" rating to a "hold" rating and set a $405.00 price objective for the company. in a report on Thursday, October 31st. Barclays boosted their target price on Trane Technologies from $440.00 to $500.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Finally, Hsbc Global Res cut shares of Trane Technologies from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $413.14.

Trane Technologies Price Performance

Shares of NYSE:TT traded up $7.27 on Friday, hitting $381.11. The company's stock had a trading volume of 1,083,609 shares, compared to its average volume of 1,464,054. The company has a market capitalization of $85.76 billion, a PE ratio of 35.35, a PEG ratio of 2.38 and a beta of 1.03. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.22 and a quick ratio of 0.92. The company has a 50-day simple moving average of $396.71 and a 200 day simple moving average of $369.46. Trane Technologies has a 1 year low of $236.33 and a 1 year high of $422.00.

Trane Technologies (NYSE:TT - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.37 EPS for the quarter, topping 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 firm had revenue of $5.44 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same quarter in the prior year, the firm earned $2.79 EPS. The business's revenue for the quarter was up 10.0% compared to the same quarter last year. Sell-side analysts forecast that Trane Technologies will post 11.13 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP Mairead Magner sold 4,329 shares of the firm's stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $416.00, for a total transaction of $1,800,864.00. Following the completion of the transaction, the senior vice president now owns 12,893 shares in the company, valued at $5,363,488. This trade represents a 25.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.38% of the stock is owned by insiders.

Hedge Funds Weigh In On Trane Technologies

Several institutional investors have recently bought and sold shares of TT. Tidal Investments LLC lifted its stake in shares of Trane Technologies by 22.2% in the 3rd quarter. Tidal Investments LLC now owns 15,827 shares of the company's stock valued at $6,152,000 after purchasing an additional 2,874 shares during the last quarter. Synovus Financial Corp increased its position in Trane Technologies by 16.8% during the third quarter. Synovus Financial Corp now owns 8,828 shares of the company's stock valued at $3,431,000 after acquiring an additional 1,271 shares during the last quarter. Albar Capital Ltd purchased a new stake in shares of Trane Technologies in the second quarter valued at $14,556,000. GDS Wealth Management lifted its holdings in shares of Trane Technologies by 4.3% in the 3rd quarter. GDS Wealth Management now owns 51,767 shares of the company's stock worth $20,123,000 after acquiring an additional 2,124 shares during the last quarter. Finally, King Wealth Management Group purchased a new position in shares of Trane Technologies during the 3rd quarter worth about $1,879,000. 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.