Trane Technologies (NYSE:TT) Releases FY 2024 Earnings Guidance

Trane Technologies (NYSE:TT) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 10.400-10.500 for the period, compared to the consensus estimate of 10.240. The company issued revenue guidance of $19.1 billion-$19.3 billion, compared to the consensus revenue estimate of $19.0 billion. Trane Technologies also updated its FY24 guidance to $10.40-10.50 EPS.

Analyst Upgrades and Downgrades

A number of research analysts have commented on TT shares. JPMorgan Chase & Co. increased their price target on shares of Trane Technologies from $247.00 to $300.00 and gave the company a neutral rating in a research report on Thursday. TD Cowen increased their price target on shares of Trane Technologies from $325.00 to $360.00 and gave the company a buy rating in a research report on Wednesday. The Goldman Sachs Group increased their price target on shares of Trane Technologies from $287.00 to $326.00 and gave the company a neutral rating in a research report on Wednesday. Mizuho increased their price target on shares of Trane Technologies from $280.00 to $325.00 and gave the company a neutral rating in a research report on Wednesday. Finally, Stephens increased their price objective on Trane Technologies from $310.00 to $320.00 and gave the company an equal weight rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $300.54.

Trane Technologies Stock Performance

Shares of Trane Technologies stock traded down $0.99 during trading hours on Thursday, reaching $313.99. 490,418 shares of the stock traded hands, compared to its average volume of 1,024,514. The company has a 50 day moving average price of $294.39 and a 200 day moving average price of $256.74. The firm has a market capitalization of $71.14 billion, a price-to-earnings ratio of 33.65, a P/E/G ratio of 2.61 and a beta of 1.01. Trane Technologies has a one year low of $162.04 and a one year high of $327.09. The company has a quick ratio of 0.78, a current ratio of 1.13 and a debt-to-equity ratio of 0.58.

Trane Technologies (NYSE:TT) last released its quarterly earnings results on Tuesday, April 30th. The company reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.30. Trane Technologies had a return on equity of 32.78% and a net margin of 11.81%. The business had revenue of $4.22 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same period in the previous year, the company posted $1.41 EPS. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts expect that Trane Technologies will post 10.49 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.84 per share. The ex-dividend date is Thursday, June 6th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.07%. Trane Technologies’s payout ratio is currently 35.90%.

Insider Activity

In other Trane Technologies news, SVP Keith A. Sultana sold 1,983 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $272.26, for a total value of $539,891.58. Following the completion of the transaction, the senior vice president now directly owns 42,575 shares in the company, valued at approximately $11,591,469.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Trane Technologies news, SVP Keith A. Sultana sold 1,983 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $272.26, for a total value of $539,891.58. Following the completion of the transaction, the senior vice president now directly owns 42,575 shares in the company, valued at approximately $11,591,469.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David S. Regnery sold 6,990 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $286.19, for a total value of $2,000,468.10. Following the completion of the transaction, the chief executive officer now owns 113,874 shares of the company’s stock, valued at $32,589,600.06. The disclosure for this sale can be found here. Insiders have sold a total of 28,237 shares of company stock valued at $8,024,534 in the last ninety days. Corporate insiders own 0.39% of the company’s stock.

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.