Trane (TT) Stock Forecast, Price Target & Predictions
TT Stock Forecast
Trane stock forecast is as follows: an average price target of $264.25 (represents a -29.91% downside from TT’s last price of $376.99) and a rating consensus of 'Buy', based on 23 wall street analysts offering a 1-year stock forecast.
TT Price Target
The average price target for Trane (TT) is $264.25 based on 1-year price targets from 23 Wall Street analysts in the past 3 months, with a price target range of $425.00 to $160.00. This represents a potential -29.91% downside from TT's last price of $376.99.
TT Analyst Ratings
According to 23 Wall Street analysts, Trane's rating consensus is 'Buy'. The analyst rating breakdown for TT stock is 0 'Strong Buy' (0.00%), 12 'Buy' (52.17%), 10 'Hold' (43.48%), 1 'Sell' (4.35%), and 0 'Strong Sell' (0.00%).
Trane Price Target by Analyst
| Date | Analyst | Company | Price Target | Price when Published | Price Target/Price when Published | Price Target/Last Closing Price |
|---|---|---|---|---|---|---|
| Oct 31, 2024 | Wesley Brooks | HSBC | $405.00 | $375.52 | 7.85% | 7.43% |
| Oct 16, 2024 | Tommy Moll | Stephens | $425.00 | $397.50 | 6.92% | 12.74% |
| Oct 14, 2024 | Timothy Wojs | Robert W. Baird | $408.00 | $399.86 | 2.04% | 8.23% |
| Sep 06, 2024 | Chris Snyder | Morgan Stanley | $425.00 | $342.91 | 23.94% | 12.74% |
| Aug 01, 2024 | Deane Dray | RBC Capital | $350.00 | $334.28 | 4.70% | -7.16% |
| Jun 04, 2024 | Julian Mitchell | Barclays | $380.00 | $321.50 | 18.20% | 0.80% |
| May 01, 2024 | Tommy Moll | Stephens | $320.00 | $317.34 | 0.84% | -15.12% |
| May 01, 2024 | Brett Linzey | Mizuho Securities | $325.00 | $312.71 | 3.93% | -13.79% |
| May 01, 2024 | Deane Dray | RBC Capital | $330.00 | $313.64 | 5.21% | -12.46% |
| May 01, 2024 | Julian Mitchell | Barclays | $354.00 | $317.34 | 11.55% | -6.10% |
The latest Trane stock forecast, released on Oct 31, 2024 by Wesley Brooks from HSBC, set a price target of $405.00, which represents a 7.85% increase from the stock price at the time of the forecast ($375.52), and a 7.43% increase from TT last price ($376.99).
Trane Price Target by Period
| 1M | 3M | 12M | |
|---|---|---|---|
| # Anlaysts | 3 | 4 | 10 |
| Avg Price Target | $412.67 | $415.75 | $372.20 |
| Last Closing Price | $376.99 | $376.99 | $376.99 |
| Upside/Downside | 9.46% | 10.28% | -1.27% |
In the current month, the average price target of Trane stock is $412.67, according to 3 Wall Street analysts offering twelve months forecast. The average price target represents a 9.46% increase as opposed to Trane's last price of $376.99. This month's average price target is down -0.74% compared to last quarter, and up 10.87% compared to last year.
Analyst Ratings Upgrades/Downgrades
| Date | Company | Previous Rating | New Rating | Rating Change |
|---|---|---|---|---|
| Oct 31, 2024 | Barclays | Overweight | Overweight | Hold |
| Oct 31, 2024 | HSBC | Buy | Hold | Downgrade |
| Oct 28, 2024 | CFRA | - | Sell | Downgrade |
| Oct 18, 2024 | Nomura | Buy | Buy | Hold |
| Oct 18, 2024 | CLSA | Outperform | Hold | Downgrade |
| Oct 17, 2024 | UBS | Buy | Buy | Hold |
| Oct 16, 2024 | Stephens | Equal-Weight | Equal-Weight | Hold |
| Oct 16, 2024 | Bank of America Securities | Buy | Buy | Hold |
| Oct 14, 2024 | Morgan Stanley | Underweight | Overweight | Initialise |
| Oct 11, 2024 | HSBC | Buy | Buy | Hold |
Trane's last stock rating was published by Barclays on Oct 31, 2024. The company gave TT a "Overweight" rating, the same as its previous rate.
Trane Financial Forecast
Trane Revenue Forecast
| Dec 26 | Sep 26 | Jun 26 | Mar 26 | Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jun 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - | - | - | $4.42B | $4.88B | $4.70B | $3.67B | $4.07B | $4.37B | $4.19B | $3.36B | $3.57B | $3.72B | $3.83B | $3.02B | $3.18B | $3.50B | $3.14B | $2.64B | $4.15B | $4.34B |
| Avg Forecast | $5.49B | $6.20B | $6.04B | $4.83B | $5.16B | $5.85B | $5.64B | $4.46B | $4.76B | $5.32B | $5.13B | $4.00B | $4.43B | $4.80B | $4.61B | $3.64B | $3.94B | $4.14B | $4.12B | $3.15B | $3.54B | $3.78B | $3.77B | $2.86B | $3.08B | $3.15B | $2.79B | $2.72B | $4.16B | $4.30B |
| High Forecast | $5.64B | $6.37B | $6.20B | $4.95B | $5.29B | $6.00B | $5.79B | $4.59B | $4.87B | $5.33B | $5.13B | $4.00B | $4.46B | $4.86B | $4.73B | $3.74B | $4.05B | $4.14B | $4.12B | $3.15B | $3.54B | $3.78B | $3.77B | $2.86B | $3.08B | $3.15B | $2.79B | $2.72B | $4.16B | $4.30B |
| Low Forecast | $5.28B | $5.96B | $5.80B | $4.63B | $4.95B | $5.62B | $5.42B | $4.18B | $4.67B | $5.30B | $5.13B | $4.00B | $4.41B | $4.75B | $4.43B | $3.50B | $3.78B | $4.14B | $4.12B | $3.15B | $3.54B | $3.78B | $3.77B | $2.86B | $3.08B | $3.15B | $2.79B | $2.72B | $4.16B | $4.30B |
| # Analysts | 3 | 3 | 4 | 5 | 4 | 5 | 2 | 7 | 12 | 6 | 3 | 3 | 6 | 17 | 8 | 8 | 7 | 7 | 12 | 7 | 14 | 8 | 9 | 15 | 10 | 10 | 10 | 10 | 9 | 9 |
| Surprise % | - | - | - | - | - | - | - | - | - | - | - | - | 1.00% | 1.02% | 1.02% | 1.01% | 1.03% | 1.06% | 1.02% | 1.06% | 1.01% | 0.98% | 1.02% | 1.06% | 1.03% | 1.11% | 1.13% | 0.97% | 1.00% | 1.01% |
Trane's average Quarter revenue forecast for Mar 24 based on 3 analysts is $4.00B, with a low forecast of $4.00B, and a high forecast of $4.00B. TT's average Quarter revenue forecast represents a -9.66% decrease compared to the company's last Quarter revenue of $4.42B (Dec 23).
Trane EBITDA Forecast
| Dec 26 | Sep 26 | Jun 26 | Mar 26 | Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jun 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 3 | 3 | 4 | 5 | 4 | 5 | 2 | 7 | 12 | 6 | 3 | 3 | 6 | 17 | 8 | 8 | 7 | 7 | 12 | 7 | 14 | 8 | 9 | 15 | 10 | 10 | 10 | 10 | 9 | 9 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | $767.80M | $864.20M | $885.40M | $527.20M | $578.30M | $810.20M | $709.00M | $468.40M | $515.70M | $632.40M | $721.60M | $419.20M | $449.60M | $627.40M | $457.80M | $160.00M | $539.50M | $741.10M |
| Avg Forecast | $883.61M | $997.95M | $972.06M | $776.13M | $829.33M | $940.44M | $907.43M | $716.76M | $766.43M | $855.22M | $824.79M | $477.84M | $711.94M | $772.14M | $741.66M | $434.40M | $627.46M | $665.49M | $662.72M | $394.91M | $569.66M | $608.66M | $605.92M | $171.06M | $494.75M | $506.07M | $448.76M | $187.69M | $669.81M | $691.19M |
| High Forecast | $907.21M | $1.02B | $998.02M | $796.86M | $851.48M | $965.56M | $931.66M | $737.56M | $782.56M | $857.12M | $824.79M | $573.40M | $716.77M | $782.12M | $761.47M | $521.27M | $752.95M | $665.49M | $662.72M | $473.89M | $569.66M | $608.66M | $605.92M | $205.27M | $494.75M | $506.07M | $448.76M | $225.23M | $669.81M | $691.19M |
| Low Forecast | $848.64M | $958.45M | $933.59M | $745.41M | $796.51M | $903.22M | $871.51M | $671.96M | $751.91M | $853.31M | $824.79M | $382.27M | $708.72M | $763.58M | $712.30M | $347.52M | $501.97M | $665.49M | $662.72M | $315.92M | $569.66M | $608.66M | $605.92M | $136.85M | $494.75M | $506.07M | $448.76M | $150.15M | $669.81M | $691.19M |
| Surprise % | - | - | - | - | - | - | - | - | - | - | - | - | 1.08% | 1.12% | 1.19% | 1.21% | 0.92% | 1.22% | 1.07% | 1.19% | 0.91% | 1.04% | 1.19% | 2.45% | 0.91% | 1.24% | 1.02% | 0.85% | 0.81% | 1.07% |
3 analysts predict TT's average Quarter EBITDA for Mar 24 to be $477.84M, with a high of $573.40M and a low of $382.27M. This is -37.77% lower than Trane's previous annual EBITDA (Dec 23) of $767.80M.
Trane Net Income Forecast
| Dec 26 | Sep 26 | Jun 26 | Mar 26 | Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jun 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 3 | 3 | 4 | 5 | 4 | 5 | 2 | 7 | 12 | 6 | 3 | 3 | 6 | 17 | 8 | 8 | 7 | 7 | 12 | 7 | 14 | 8 | 9 | 15 | 10 | 10 | 10 | 10 | 9 | 9 |
| Net Income | - | - | - | - | - | - | - | - | - | - | - | - | $504.30M | $626.30M | $586.20M | $307.10M | $439.10M | $547.90M | $509.30M | $260.20M | $329.10M | $405.70M | $464.70M | $235.20M | $244.70M | $400.60M | $238.80M | $-29.20M | $296.10M | $458.80M |
| Avg Forecast | $732.05M | $952.31M | $942.30M | $574.43M | $657.03M | $866.86M | $853.21M | $504.95M | $569.98M | $739.59M | $703.35M | $273.50M | $486.29M | $607.49M | $583.26M | $248.64M | $386.67M | $484.58M | $480.39M | $226.03M | $300.33M | $422.07M | $433.65M | $95.98M | $211.35M | $307.75M | $171.01M | $-34.25M | $252.52M | $338.68M |
| High Forecast | $757.47M | $985.38M | $975.01M | $594.37M | $679.84M | $896.96M | $882.84M | $619.12M | $583.72M | $743.67M | $703.37M | $328.20M | $497.71M | $630.33M | $603.51M | $298.36M | $464.01M | $484.58M | $480.39M | $271.24M | $300.33M | $422.07M | $433.65M | $115.17M | $211.35M | $307.75M | $171.01M | $-27.40M | $252.52M | $338.68M |
| Low Forecast | $694.39M | $903.32M | $893.81M | $544.87M | $623.22M | $822.26M | $809.31M | $428.11M | $540.23M | $735.51M | $703.33M | $218.80M | $481.73M | $598.35M | $553.24M | $198.91M | $309.34M | $484.58M | $480.39M | $180.83M | $300.33M | $422.07M | $433.65M | $76.78M | $211.35M | $307.75M | $171.01M | $-41.10M | $252.52M | $338.68M |
| Surprise % | - | - | - | - | - | - | - | - | - | - | - | - | 1.04% | 1.03% | 1.01% | 1.24% | 1.14% | 1.13% | 1.06% | 1.15% | 1.10% | 0.96% | 1.07% | 2.45% | 1.16% | 1.30% | 1.40% | 0.85% | 1.17% | 1.35% |
Trane's average Quarter net income forecast for Mar 24 is $273.50M, with a range of $218.80M to $328.20M. TT's average Quarter net income forecast represents a -45.77% decrease compared to the company's last Quarter net income of $504.30M (Dec 23).
Trane SG&A Forecast
| Dec 26 | Sep 26 | Jun 26 | Mar 26 | Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jun 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 3 | 3 | 4 | 5 | 4 | 5 | 2 | 7 | 12 | 6 | 3 | 3 | 6 | 17 | 8 | 8 | 7 | 7 | 12 | 7 | 14 | 8 | 9 | 15 | 10 | 10 | 10 | 10 | 9 | 9 |
| SG&A | - | - | - | - | - | - | - | - | - | - | - | - | $783.70M | $793.90M | $699.00M | $686.70M | $638.90M | $693.30M | $612.80M | $600.80M | $605.80M | $620.80M | $619.70M | $600.00M | $559.90M | $567.80M | $554.80M | $588.10M | $821.20M | $785.30M |
| Avg Forecast | $956.63M | $1.08B | $1.05B | $840.27M | $897.87M | $1.02B | $982.41M | $775.99M | $829.76M | $925.89M | $892.94M | $631.51M | $770.77M | $835.95M | $802.94M | $574.10M | $737.09M | $720.49M | $717.48M | $521.91M | $616.74M | $658.95M | $655.99M | $244.84M | $535.63M | $547.89M | $485.84M | $689.89M | $725.16M | $748.31M |
| High Forecast | $982.18M | $1.11B | $1.08B | $862.71M | $921.85M | $1.05B | $1.01B | $798.51M | $847.23M | $927.95M | $892.94M | $757.81M | $776.00M | $846.75M | $824.39M | $688.92M | $884.50M | $720.49M | $717.48M | $626.29M | $616.74M | $658.95M | $655.99M | $293.81M | $535.63M | $547.89M | $485.84M | $827.86M | $725.16M | $748.31M |
| Low Forecast | $918.76M | $1.04B | $1.01B | $807.01M | $862.33M | $977.86M | $943.53M | $727.49M | $814.04M | $923.83M | $892.94M | $505.21M | $767.28M | $826.67M | $771.16M | $459.28M | $589.67M | $720.49M | $717.48M | $417.53M | $616.74M | $658.95M | $655.99M | $195.87M | $535.63M | $547.89M | $485.84M | $551.91M | $725.16M | $748.31M |
| Surprise % | - | - | - | - | - | - | - | - | - | - | - | - | 1.02% | 0.95% | 0.87% | 1.20% | 0.87% | 0.96% | 0.85% | 1.15% | 0.98% | 0.94% | 0.94% | 2.45% | 1.05% | 1.04% | 1.14% | 0.85% | 1.13% | 1.05% |
Trane's average Quarter SG&A projection for Mar 24 is $631.51M, based on 3 Wall Street analysts, with a range of $505.21M to $757.81M. The forecast indicates a -19.42% fall compared to TT last annual SG&A of $783.70M (Dec 23).
Trane EPS Forecast
| Dec 26 | Sep 26 | Jun 26 | Mar 26 | Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jun 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 3 | 3 | 4 | 5 | 4 | 5 | 2 | 7 | 12 | 6 | 3 | 3 | 6 | 17 | 8 | 8 | 7 | 7 | 12 | 7 | 14 | 8 | 9 | 15 | 10 | 10 | 10 | 10 | 9 | 9 |
| EPS | - | - | - | - | - | - | - | - | - | - | - | - | $2.22 | $2.74 | $2.57 | $1.33 | $1.92 | $2.36 | $2.20 | $1.11 | $1.40 | $1.70 | $1.94 | $0.98 | $1.02 | $1.67 | $1.00 | $-0.12 | $1.24 | $1.90 |
| Avg Forecast | $3.21 | $4.18 | $4.13 | $2.52 | $2.88 | $3.80 | $3.74 | $2.21 | $2.50 | $3.24 | $3.08 | $1.65 | $2.13 | $2.66 | $2.56 | $1.34 | $1.64 | $2.12 | $2.10 | $0.99 | $1.31 | $1.85 | $1.90 | $0.62 | $0.92 | $1.35 | $0.75 | $0.52 | $1.10 | $1.48 |
| High Forecast | $3.32 | $4.32 | $4.28 | $2.61 | $2.98 | $3.93 | $3.87 | $2.72 | $2.56 | $3.26 | $3.08 | $1.69 | $2.18 | $2.76 | $2.65 | $1.38 | $1.70 | $2.12 | $2.10 | $0.99 | $1.31 | $1.85 | $1.90 | $0.62 | $0.92 | $1.35 | $0.75 | $0.52 | $1.10 | $1.48 |
| Low Forecast | $3.05 | $3.96 | $3.92 | $2.39 | $2.73 | $3.61 | $3.55 | $1.88 | $2.37 | $3.23 | $3.08 | $1.61 | $2.11 | $2.62 | $2.43 | $1.29 | $1.56 | $2.12 | $2.10 | $0.99 | $1.31 | $1.85 | $1.90 | $0.62 | $0.92 | $1.35 | $0.75 | $0.52 | $1.10 | $1.48 |
| Surprise % | - | - | - | - | - | - | - | - | - | - | - | - | 1.04% | 1.03% | 1.00% | 1.00% | 1.17% | 1.11% | 1.05% | 1.12% | 1.07% | 0.92% | 1.02% | 1.59% | 1.11% | 1.24% | 1.34% | -0.23% | 1.13% | 1.28% |
According to 3 Wall Street analysts, Trane's projected average Quarter EPS for Mar 24 is $1.65, with a low estimate of $1.61 and a high estimate of $1.69. This represents a -25.67% decrease compared to TT previous annual EPS of $2.22 (Dec 23).
Trane Peer Comparison by Price Target
| Ticker | Company | Last Closing Price | Avg Price Target | Upside/Downside | Avg Rating |
|---|---|---|---|---|---|
| WMS | Advanced Drainage Systems | $152.19 | $189.80 | 24.71% | Buy |
| JELD | JELD-WEN | $14.13 | $16.56 | 17.20% | Hold |
| CSL | Carlisle Companies | $425.18 | $479.00 | 12.66% | Buy |
| FBIN | Fortune Brands Innovations | $84.12 | $88.14 | 4.78% | Hold |
| JCI | Johnson Controls | $74.23 | $72.56 | -2.25% | Buy |
| MAS | Masco | $80.79 | $77.83 | -3.66% | Hold |
| BLDR | Builders FirstSource | $172.43 | $163.00 | -5.47% | Buy |
| CARR | Carrier Global | $72.40 | $66.05 | -8.77% | Buy |
| AZEK | AZEK Company | $44.44 | $39.29 | -11.59% | Buy |
| TT | Trane | $376.99 | $264.25 | -29.91% | Buy |
| LII | Lennox | $604.66 | $418.57 | -30.78% | Buy |
TT Forecast FAQ
Is Trane a good buy?
Yes, according to 23 Wall Street analysts, Trane (TT) is considered a 'Buy'. The rating consensus is based on 0 'Strong Buy' and 12 'Buy' recommendations, accounting for 52.17% of TT's total ratings.
What is TT's price target?
Trane (TT) average price target is $264.25 with a range of $160 to $425, implying a -29.91% from its last price of $376.99. The data is based on 23 Wall Street analysts who provided a twelve-month price target estimate in the last three months.
Will Trane stock go up soon?
According to Wall Street analysts' prediction for TT stock, the company can go down by -29.91% (from the last price of $376.99 to the average price target of $264.25), up by 12.74% based on the highest stock price target, and down by -57.56% based on the lowest stock price target.
Can Trane stock reach $600?
TT's average twelve months analyst stock price target of $264.25 does not support the claim that Trane can reach $600 in the near future.
What is Trane's current price target trend?
3 Wall Street analysts forecast a $412.67 price target for Trane (TT) this month, up 9.46% from its last price of $376.99. Compared to the last 3 and 12 months, the average price target increased by 10.28% and decreased by -1.27%, respectively.
What are Trane's analysts' financial forecasts?
Trane's analysts financial forecasts for the fiscal year (Dec 2025) are as follows: average revenue is $21.1B (high $21.67B, low $20.16B), average EBITDA is $3.39B (high $3.49B, low $3.24B), average net income is $2.88B (high $3.08B, low $2.68B), average SG&A $3.67B (high $3.77B, low $3.51B), and average EPS is $12.64 (high $13.5, low $11.77). TT's analysts financial forecasts for the fiscal year (Dec 2026) are as follows: average revenue is $22.57B (high $23.17B, low $21.67B), average EBITDA is $3.63B (high $3.73B, low $3.49B), average net income is $3.2B (high $3.31B, low $3.04B), average SG&A $3.93B (high $4.03B, low $3.77B), and average EPS is $14.04 (high $14.53, low $13.32).
Did the TT's actual financial results beat the analysts' financial forecasts?
Based on Trane's last annual report (Dec 2023), the company's revenue was $17.68B, beating the average analysts forecast of $17.48B by 1.12%. Apple's EBITDA was $3.17B, beating the average prediction of $2.66B by 19.17%. The company's net income was $2.02B, beating the average estimation of $1.93B by 5.10%. Apple's SG&A was $2.96B, missing the average forecast of $2.98B by -0.69%. Lastly, the company's EPS was $8.91, beating the average prediction of $8.69 by 2.51%. In terms of the last quarterly report (Dec 2023), Trane's revenue was $4.42B, missing the average analysts' forecast of $4.43B by -0.04%. The company's EBITDA was $767.8M, beating the average prediction of $711.94M by 7.85%. Trane's net income was $504.3M, beating the average estimation of $486.29M by 3.70%. The company's SG&A was $783.7M, beating the average forecast of $770.77M by 1.68%. Lastly, the company's EPS was $2.22, beating the average prediction of $2.13 by 4.09%