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

Trane Technologies (NYSE:TT) had its price target raised by equities researchers at Royal Bank Of Canada from $463.00 to $467.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 6.38% from the company’s previous close.

Several other brokerages have also recently weighed in on TT. Wells Fargo & Company upped their target price on Trane Technologies from $370.00 to $410.00 and gave the stock an “underweight” rating in a report on Tuesday, July 1st. UBS Group lifted their price objective on Trane Technologies from $470.00 to $500.00 and gave the company a “buy” rating in a report on Thursday, May 22nd. Hsbc Global Res upgraded shares of Trane Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, April 25th. Barclays boosted their price target on shares of Trane Technologies from $476.00 to $480.00 and gave the company an “overweight” rating in a report on Wednesday, July 9th. Finally, The Goldman Sachs Group increased their price objective on shares of Trane Technologies from $416.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $455.67.

Trane Technologies Price Performance

Trane Technologies stock opened at $439.01 on Thursday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.10 and a quick ratio of 0.74. The stock has a market cap of $97.68 billion, a price-to-earnings ratio of 34.81, a price-to-earnings-growth ratio of 2.82 and a beta of 1.09. The firm has a 50-day moving average of $435.56 and a two-hundred day moving average of $388.61. Trane Technologies has a 1 year low of $298.15 and a 1 year high of $476.18.

Trane Technologies (NYSE:TT) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $3.88 earnings per share for the quarter, beating the consensus estimate of $3.79 by $0.09. Trane Technologies had a net margin of 13.76% and a return on equity of 36.61%. The firm had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the previous year, the firm posted $3.30 earnings per share. The company’s revenue was up 7.6% on a year-over-year basis. On average, research analysts forecast that Trane Technologies will post 12.83 earnings per share for the current year.

Institutional Investors Weigh In On Trane Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nuveen LLC purchased a new position in shares of Trane Technologies in the 1st quarter valued at approximately $877,468,000. GAMMA Investing LLC raised its holdings in shares of Trane Technologies by 35,458.2% in the first quarter. GAMMA Investing LLC now owns 2,015,792 shares of the company’s stock worth $679,161,000 after buying an additional 2,010,123 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Trane Technologies by 245.1% during the first quarter. Wellington Management Group LLP now owns 2,144,405 shares of the company’s stock worth $722,493,000 after buying an additional 1,522,933 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Trane Technologies by 9.8% during the first quarter. JPMorgan Chase & Co. now owns 15,722,530 shares of the company’s stock valued at $5,297,235,000 after buying an additional 1,408,421 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Trane Technologies by 89.1% in the 2nd quarter. Nordea Investment Management AB now owns 2,455,734 shares of the company’s stock valued at $1,066,845,000 after acquiring an additional 1,157,405 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

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.