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

Trane Technologies plc (NYSE:TT) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $353.44, but opened at $374.01. Trane Technologies shares last traded at $372.27, with a volume of 288,716 shares.

The company reported $2.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.25. The firm had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Trane Technologies had a return on equity of 35.37% and a net margin of 12.94%. The company’s revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.94 earnings per share.

Trane Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 6th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Friday, June 6th. Trane Technologies’s payout ratio is 33.42%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Hsbc Global Res raised shares of Trane Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 25th. Barclays reduced their price objective on shares of Trane Technologies from $500.00 to $475.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. JPMorgan Chase & Co. lifted their price objective on shares of Trane Technologies from $323.00 to $334.00 and gave the stock a “neutral” rating in a research note on Thursday. Stephens raised shares of Trane Technologies from an “equal weight” rating to an “overweight” rating and set a $475.00 price objective on the stock in a research note on Thursday. Finally, Melius lowered shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $398.00 price objective on the stock. in a research note on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $421.07.

Insider Transactions at Trane Technologies

In other news, insider Donald E. Simmons sold 3,571 shares of the business’s stock in a transaction 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 $1,365,340. The trade was a 49.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Mairead Magner sold 198 shares of the business’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $357.61, for a total transaction of $70,806.78. Following the transaction, the senior vice president now owns 13,401 shares in the company, valued at approximately $4,792,331.61. The trade was a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,805 shares of company stock valued at $3,945,082 over the last 90 days. 0.38% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Trane Technologies

Institutional investors have recently added to or reduced their stakes in the company. WFA Asset Management Corp increased its holdings in Trane Technologies by 208.3% during the first quarter. WFA Asset Management Corp now owns 74 shares of the company’s stock worth $25,000 after buying an additional 50 shares during the last quarter. Global Wealth Strategies & Associates acquired a new position in Trane Technologies during the fourth quarter worth $26,000. Minot DeBlois Advisors LLC acquired a new position in Trane Technologies during the fourth quarter worth $26,000. Vermillion & White Wealth Management Group LLC acquired a new position in Trane Technologies during the fourth quarter worth $28,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Trane Technologies in the first quarter valued at $31,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Trane Technologies Stock Performance

The stock has a market capitalization of $88.15 billion, a price-to-earnings ratio of 34.94, a P/E/G ratio of 2.50 and a beta of 1.08. The company’s fifty day simple moving average is $343.25 and its 200 day simple moving average is $372.19. The company has a quick ratio of 0.88, a current ratio of 1.21 and a debt-to-equity ratio of 0.58.

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.