Trane Technologies (NYSE:TT) Releases FY24 Earnings Guidance

Trane Technologies (NYSE:TT) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $10.40-10.50 for the period, compared to the consensus EPS estimate of $10.25. The company issued revenue guidance of ~$19.1-19.3 billion, compared to the consensus revenue estimate of $18.99 billion. Trane Technologies also updated its FY 2024 guidance to 10.400-10.500 EPS.

Trane Technologies Price Performance

Shares of Trane Technologies stock traded down $0.94 during midday trading on Thursday, hitting $314.04. 611,735 shares of the company traded hands, compared to its average volume of 1,026,063. The firm’s fifty day moving average price is $294.39 and its 200-day moving average price is $256.74. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.78 and a current ratio of 1.13. Trane Technologies has a 12 month low of $162.04 and a 12 month high of $327.09. The stock has a market cap of $71.15 billion, a price-to-earnings ratio of 33.65, a PEG ratio of 2.61 and a beta of 1.01.

Trane Technologies (NYSE:TT) last released its 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 net margin of 11.81% and a return on equity of 32.78%. The company had revenue of $4.22 billion for the quarter, compared to the consensus estimate of $3.99 billion. During the same quarter in the previous year, the company earned $1.41 EPS. Trane Technologies’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Trane Technologies will post 10.49 earnings per share for the current year.

Trane Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 1.07%. The ex-dividend date of this dividend is Thursday, June 6th. Trane Technologies’s dividend payout ratio (DPR) is presently 35.90%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Barclays upped their price objective on shares of Trane Technologies from $286.00 to $325.00 and gave the stock an overweight rating in a research report on Tuesday, April 2nd. Royal Bank of Canada raised their target price on shares of Trane Technologies from $231.00 to $246.00 and gave the stock a sector perform rating in a report on Friday, February 2nd. TD Cowen raised their price target on Trane Technologies from $325.00 to $360.00 and gave the stock a buy rating in a research note on Wednesday. Mizuho raised their price target on Trane Technologies from $280.00 to $325.00 and gave the stock a neutral rating in a research note on Wednesday. Finally, Wells Fargo & Company raised their price target on Trane Technologies from $281.00 to $295.00 and gave the company an underweight rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Trane Technologies has a consensus rating of Hold and an average price target of $300.54.

Insider Activity at Trane Technologies

In other Trane Technologies news, EVP Paul A. Camuti sold 508 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $273.34, for a total value of $138,856.72. Following the completion of the sale, the executive vice president now owns 89,447 shares of the company’s stock, valued at $24,449,442.98. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Paul A. Camuti sold 508 shares of Trane Technologies stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $273.34, for a total transaction of $138,856.72. Following the completion of the transaction, the executive vice president now directly owns 89,447 shares in the company, valued at $24,449,442.98. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Keith A. Sultana sold 1,983 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $272.26, for a total value of $539,891.58. Following the completion of the sale, the senior vice president now owns 42,575 shares of the company’s stock, valued at $11,591,469.50. 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 over the last quarter. 0.39% of the stock is owned by corporate insiders.

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.