Trane Technologies (NYSE:TT) Shares Gap Up Following Strong Earnings

Trane Technologies plc (NYSE:TT)’s share price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $300.86, but opened at $314.98. Trane Technologies shares last traded at $323.76, with a volume of 552,064 shares.

The company reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.30. The firm had revenue of $4.22 billion for the quarter, compared to analyst estimates of $3.99 billion. Trane Technologies had a return on equity of 32.78% and a net margin of 11.81%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.41 earnings per share.

Trane Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend is Thursday, June 6th. Trane Technologies’s dividend payout ratio is currently 35.90%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Robert W. Baird lifted their price target on shares of Trane Technologies from $315.00 to $344.00 and gave the stock a “neutral” rating in a research report on Wednesday. Citigroup lifted their target price on Trane Technologies from $355.00 to $366.00 and gave the stock a “buy” rating in a report on Wednesday. TD Cowen boosted their target price on Trane Technologies from $325.00 to $360.00 and gave the company a “buy” rating in a research note on Wednesday. Mizuho raised their price target on Trane Technologies from $280.00 to $325.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, The Goldman Sachs Group lifted their price objective on Trane Technologies from $287.00 to $326.00 and gave the company a “neutral” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $288.38.

Insider Activity at Trane Technologies

In other news, SVP Keith A. Sultana sold 1,983 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $272.26, for a total value of $539,891.58. Following the completion of the transaction, the senior vice president now owns 42,575 shares in the company, valued at approximately $11,591,469.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Christopher J. Kuehn sold 3,762 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $286.48, for a total value of $1,077,737.76. Following the completion of the sale, the chief financial officer now directly owns 61,691 shares in the company, valued at approximately $17,673,237.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Keith A. Sultana sold 1,983 shares of Trane Technologies stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $272.26, for a total value of $539,891.58. Following the transaction, the senior vice president now owns 42,575 shares of the company’s stock, valued at approximately $11,591,469.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,237 shares of company stock valued at $8,024,534. 0.39% of the stock is owned by insiders.

Institutional Trading of Trane Technologies

Hedge funds have recently made changes to their positions in the business. Norges Bank bought a new position in Trane Technologies in the 4th quarter valued at about $655,804,000. International Assets Investment Management LLC lifted its position in shares of Trane Technologies by 24,670.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,034,423 shares of the company’s stock valued at $252,296,000 after acquiring an additional 1,030,247 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Trane Technologies by 5.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 17,085,662 shares of the company’s stock worth $3,466,852,000 after purchasing an additional 880,583 shares in the last quarter. TD Asset Management Inc increased its position in shares of Trane Technologies by 719.8% in the fourth quarter. TD Asset Management Inc now owns 750,894 shares of the company’s stock worth $183,143,000 after purchasing an additional 659,299 shares during the period. Finally, FMR LLC raised its stake in Trane Technologies by 12.4% in the third quarter. FMR LLC now owns 5,743,154 shares of the company’s stock valued at $1,165,343,000 after purchasing an additional 632,598 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Trane Technologies Price Performance

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.13 and a quick ratio of 0.78. The firm has a market cap of $71.39 billion, a P/E ratio of 33.66, a PEG ratio of 2.61 and a beta of 1.01. The company’s 50-day moving average is $294.39 and its two-hundred day moving average is $256.74.

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.