Wells Fargo & Company Cuts Trane Technologies (NYSE:TT) Price Target to $380.00

Trane Technologies (NYSE:TT) had its price objective trimmed by Wells Fargo & Company from $390.00 to $380.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

Several other brokerages also recently issued reports on TT. UBS Group initiated coverage on shares of Trane Technologies in a research note on Wednesday, November 13th. They set a “buy” rating and a $500.00 price objective on the stock. Citigroup raised their price objective on Trane Technologies from $457.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, December 9th. HSBC lowered Trane Technologies from a “buy” rating to a “hold” rating and set a $405.00 target price for the company. in a research note on Thursday, October 31st. Royal Bank of Canada raised their price target on Trane Technologies from $390.00 to $395.00 and gave the stock a “sector perform” rating in a research note on Friday, January 3rd. Finally, Barclays upped their price objective on shares of Trane Technologies from $440.00 to $500.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Trane Technologies has an average rating of “Hold” and an average target price of $414.57.

Trane Technologies Trading Up 1.6 %

TT opened at $386.19 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 1.22 and a debt-to-equity ratio of 0.57. Trane Technologies has a 52 week low of $240.51 and a 52 week high of $422.00. The business’s 50 day moving average is $396.61 and its two-hundred day moving average is $370.99. The firm has a market cap of $86.90 billion, a price-to-earnings ratio of 35.82, a price-to-earnings-growth ratio of 2.38 and a beta of 1.06.

Trane Technologies (NYSE:TT) last announced its earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share 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 EPS. The company’s revenue was up 10.0% on a year-over-year basis. On average, research analysts predict that Trane Technologies will post 11.13 EPS for the current year.

Insider Transactions at Trane Technologies

In other news, SVP Mairead Magner sold 4,329 shares of the company’s stock in a transaction on 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 sale, the senior vice president now directly owns 12,893 shares of the company’s stock, valued at $5,363,488. This 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. Corporate insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Trane Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Asset Dedication LLC purchased a new position in Trane Technologies during the 2nd quarter valued at about $81,000. Caprock Group LLC grew its position in Trane Technologies by 93.3% during the second quarter. Caprock Group LLC now owns 3,863 shares of the company’s stock valued at $1,271,000 after purchasing an additional 1,865 shares in the last quarter. Ballentine Partners LLC increased its stake in Trane Technologies by 17.5% in the 2nd quarter. Ballentine Partners LLC now owns 2,346 shares of the company’s stock valued at $772,000 after buying an additional 349 shares during the period. Ashton Thomas Private Wealth LLC lifted its position in Trane Technologies by 48.5% in the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 2,547 shares of the company’s stock worth $838,000 after buying an additional 832 shares in the last quarter. Finally, Wedbush Securities Inc. boosted its stake in shares of Trane Technologies by 321.9% during the 2nd quarter. Wedbush Securities Inc. now owns 7,481 shares of the company’s stock valued at $2,461,000 after buying an additional 5,708 shares during the period. 82.97% of the stock is currently 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.