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Have you been paying attention to shares of Trane Technologies (TT)? Shares have been on the move with the stock up 6.3% over the past month. The stock hit a new 52-week high of $370.22 in the previous session. Trane Technologies has gained 51.3% since the start of the year compared to the 14.2% move for the Zacks Business Services sector and the 24.3% return for the Zacks Technology Services industry.
What's Driving the Outperformance?
The stock has an impressive record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on July 31, 2024, Trane Technologies reported EPS of $3.3 versus consensus estimate of $3.08.
For the current fiscal year, Trane Technologies is expected to post earnings of $10.87 per share on $19.54 billion in revenues. This represents a 20.24% change in EPS on a 10.55% change in revenues. For the next fiscal year, the company is expected to earn $12.29 per share on $20.9 billion in revenues. This represents a year-over-year change of 13.03% and 6.96%, respectively.
Valuation Metrics
Trane Technologies may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.
On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. Investors should consider the style scores a valuable tool that can help you to pick the most appropriate Zacks Rank stocks based on their individual investment style.
Trane Technologies has a Value Score of D. The stock's Growth and Momentum Scores are B and B, respectively, giving the company a VGM Score of B.
In terms of its value breakdown, the stock currently trades at 33.9X current fiscal year EPS estimates, which is a premium to the peer industry average of 23.9X. On a trailing cash flow basis, the stock currently trades at 34.5X versus its peer group's average of 12.2X. Additionally, the stock has a PEG ratio of 2.55. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.
Zacks Rank
We also need to consider the stock's Zacks Rank, as this supersedes any trend on the style score front. Fortunately, Trane Technologies currently has a Zacks Rank of #2 (Buy) thanks to rising earnings estimates.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Trane Technologies fits the bill. Thus, it seems as though Trane Technologies shares could have potential in the weeks and months to come.
How Does TT Stack Up to the Competition?
Shares of TT have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is CoreCard Corporation (CCRD). CCRD has a Zacks Rank of # 2 (Buy) and a Value Score of B, a Growth Score of B, and a Momentum Score of D.
Earnings were strong last quarter. CoreCard Corporation beat our consensus estimate by 114.29%, and for the current fiscal year, CCRD is expected to post earnings of $0.57 per share on revenue of $54.07 million.
Shares of CoreCard Corporation have gained 19.2% over the past month, and currently trade at a forward P/E of 26.91X and a P/CF of 12.16X.
The Technology Services industry is in the top 24% of all the industries we have in our universe, so it looks like there are some nice tailwinds for TT and CCRD, even beyond their own solid fundamental situation.
Zacks Investment Research
Building a successful investment portfolio takes skill and hard work, no matter if you're a growth, value, income, or momentum-focused investor.
But what's the best way to find the right combination of stocks? Because funding things like your retirement, your kids' college tuition, or your short- and long-term savings goals will definitely require significant returns.
Enter the Zacks Rank.
What is the Zacks Rank?
The Zacks Rank, which is a unique, proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, that makes building a winning portfolio easier.
There are four main factors behind the Zacks Rank: Agreement, Magnitude, Upside, and Surprise.
Agreement is the extent to which all brokerage analysts are revising their earnings estimates in the same direction. The greater the percentage of analysts revising their estimates higher, the better chance the stock will outperform.
Magnitude is the size of the recent change in the consensus estimate for the current and next fiscal years.
Upside is the difference between the most accurate estimate, which is calculated by Zacks, and the consensus estimate.
Surprise is made up of a company's last few quarters' earnings per share surprises; companies with a positive earnings surprise are more likely to beat expectations in the future.
These four factors are assigned a raw score that's recalculated every night, which is then compiled into the ranking system. Stocks are classified into five groups using this data, ranging from "Strong Buy" to "Strong Sell."
The Power of Institutional Investors
The Zacks Rank also allows individual investors, or retail investors, to benefit from the power of institutional investors.
Institutional investors are the professionals who manage the trillions of dollars invested in mutual funds, investment banks, and hedge funds. Studies have shown that these investors can and do move the market due to the large amounts of money they invest with. Because of this, the market tends to move in the same direction as institutional investors.
In order to figure out the fair value of a company and its shares, these investors will build valuation models focused on earnings and earnings expectations. Because if you raise estimates for the bottom line, it creates a higher fair value for a company.
Institutional investors then act on these changes in earnings estimates, typically buying stocks with rising estimates and selling those with falling estimates; an increase in earnings estimates can translate into higher stock prices and bigger gains for the investor.
Because it can take a long time for an institutional investor to build a position -- sometimes weeks, if not months -- retail investors who get in at the first sign of upward revisions have a distinct advantage over these larger investors, and can benefit from the expected institutional buying that will follow.
Not only can the Zacks Rank help you take advantage of trends in earnings estimate revisions, but it can also provide a way to get into stocks that are highly sought after by professionals.
How to Invest with the Zacks Rank
The Zacks Rank is known for transforming investment portfolios. In fact, a portfolio of Zacks Rank #1 (Strong Buy) stocks has beaten the market in 26 of the last 32 years, with an average annual return of +25.41%.
Moreover, stocks with a new #1 (Strong Buy) ranking have some of the biggest profit potential, while those that fell to a #4 (Sell) or #5 (Strong Sell) have some of the worst.
Let's take a look at
Trane Technologies (TT)
, which was added to the Zacks Rank #1 list on September 14, 2024.
Founded in 1885 and headquartered in Swords, Ireland, Trane Technologies is a designer, manufacturer, seller and servicer of climate control products for heating, ventilation, air conditioning and transport solutions. The company distributes its products through branch sales offices, dealers and distributors in the United States and through subsidiary sales and service companies in other parts of the world. Trane generated around 72% of its revenues from the United States and rest from more than 100 other countries. With no customer accounting for more than 10% of revenues, the company’s business does not depend on any single customer of group of customers.
Eight analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.38 to $10.87 per share. TT also boasts an average earnings surprise of 8.1%.
Earnings are forecasted to see growth of 20.2% for the current fiscal year, and sales are expected to increase 10.6%.
Additionally, TT has climbed higher over the past four weeks, gaining 6.7%. The S&P 500 is up 3.7% in comparison.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Trane Technologies should be on investors' shortlist.
If you want even more information on the Zacks Ranks, or one of our many other investing strategies, check out the Zacks Education home page.
Discover Today's Top Stocks
Our private Zacks #1 Rank List, based on our quantitative Zacks Rank stock-rating system, has more than doubled the S&P 500 since 1988. Applying the Zacks Rank in your own trading can boost your investing returns on your very next trade. See Today's Zacks #1 Rank List >>
Zacks Investment Research
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores?
Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
Value investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth Score
While good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum Score
Momentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM Score
If you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
#1 (Strong Buy) stocks have produced an unmatched +25.41% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Trane Technologies (TT)
Founded in 1885 and headquartered in Swords, Ireland, Trane Technologies is a designer, manufacturer, seller and servicer of climate control products for heating, ventilation, air conditioning and transport solutions. The company distributes its products through branch sales offices, dealers and distributors in the United States and through subsidiary sales and service companies in other parts of the world. Trane generated around 72% of its revenues from the United States and rest from more than 100 other countries. With no customer accounting for more than 10% of revenues, the company’s business does not depend on any single customer of group of customers.
TT is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.
Additionally, the company could be a top pick for growth investors. TT has a Growth Style Score of B, forecasting year-over-year earnings growth of 20.2% for the current fiscal year.
For fiscal 2024, eight analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.38 to $10.87 per share. TT boasts an average earnings surprise of 8.1%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, TT should be on investors' short list.
Zacks Investment Research
Trane Technologies (TT) closed the latest trading day at $359.67, indicating a +1.51% change from the previous session's end. The stock's change was more than the S&P 500's daily gain of 0.75%. Elsewhere, the Dow saw an upswing of 0.58%, while the tech-heavy Nasdaq appreciated by 1%.
The manufacturer's stock has climbed by 2.48% in the past month, falling short of the Business Services sector's gain of 5.97% and the S&P 500's gain of 4.03%.
The upcoming earnings release of Trane Technologies will be of great interest to investors. The company's upcoming EPS is projected at $3.22, signifying a 15.41% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.29 billion, up 8.42% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $10.87 per share and revenue of $19.54 billion. These totals would mark changes of +20.24% and +10.55%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Trane Technologies. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.45% upward. Trane Technologies is holding a Zacks Rank of #2 (Buy) right now.
Looking at its valuation, Trane Technologies is holding a Forward P/E ratio of 32.58. This indicates a premium in contrast to its industry's Forward P/E of 23.01.
Investors should also note that TT has a PEG ratio of 2.45 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Technology Services industry held an average PEG ratio of 1.45.
The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 77, positioning it in the top 31% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
Swords, Ireland-based Trane Technologies plc designs, manufactures, sells, and services industrial equipment. With a market cap of 5.6% gains during the same time frame.
In the longer term, shares of Trane Technologies rose 45.3% on a YTD basis and climbed 68.4% over the past 52 weeks, outperforming PKB’s YTD gains of 14.4% and 32.1% returns over the last year.
To confirm the bullish trend, TT has mostly traded above its 200-day moving average over the past year, and experienced slight fluctuations. It is trading above its 50-day moving average since mid-August.
Strong growth in commercial and residential HVAC bookings in the U.S., as well as high demand for data center cooling solutions, has driven TT's impressive performance this year.
On Jul. 31, TT shares closed up more than 1% after reporting its Q2 earnings results. Its adjusted EPS of $3.30 surpassed Wall Street expectations of $3.08. The company’s revenue was $5.3 billion, beating Wall Street forecasts of $5.1 billion. TT expects full-year adjusted EPS to be $10.80.
TT’s rival, Carrier Global Corporation’s shares, have lagged behind the stock, with a 28.2% uptick on a YTD basis and 25% gains over the past 52 weeks.
Wall Street analysts are moderately bullish on TT’s prospects. The stock has a consensus “Moderate Buy” rating from the 18 analysts covering it, and the mean price target of $360.25 suggests a potential upside of 1.7% from current price levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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