5 Stocks That Jumped After Jim Cramer’s Negative Call

3. Trane Technologies plc (NYSE:TT)

Number of Hedge Fund Holders: 38    

Percentage Increase in Share Price Over Past Month as of August 25: 14% 

Trane Technologies plc (NYSE:TT) is a building products firm based in Ireland. Although the company has posted solid earnings for the second quarter of 2022 recently and also raised guidance numbers, Jim Cramer has been bearish on the stock. This is evident from his comments about the firm during the Lightning Round of his show on August 16, during which he advised viewers to invest in peers like Carrier instead of Trane. 

On August 4, Wells Fargo analyst Joseph O’Dea maintained an Underweight rating on Trane Technologies plc (NYSE:TT) stock and raised the price target to $133 from $123, noting that the demand commentary was very upbeat for the firm in the second quarter earnings. 

At the end of the second quarter of 2022, 38 hedge funds in the database of Insider Monkey held stakes worth $1.8 billion in Trane Technologies plc (NYSE:TT), the same as in the previous quarter worth $1.7 billion.

In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Trane Technologies plc (NYSE:TT) was one of them. Here is what the fund said: 

“Trane Technologies plc (NYSE:TT), another energy efficiency play in the industrials sector that should benefit from trends highlighted in the REPowerEU energy security plan, was a top detractor for the quarter, mainly due to continued supply chain headwinds raising costs. We think there is a strong secular tailwind for the cost and emissions savings Trane provides: the company makes products that help reduce energy consumption and emissions for residential and commercial HVAC and transport refrigeration, the minimization of food waste and other perishable goods and the increased productivity for Trane’s customers. Trane Technologies plc (NYSE:TT) estimates ~15%-25% of all greenhouse gas emissions in the world are emitted through HVAC systems and buildings.”