Trane Technologies (NYSE:TT) Releases FY24 Earnings Guidance

Trane Technologies (NYSE:TT) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $10.40-10.50 for the period, compared to the consensus 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.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Royal Bank of Canada lifted their price objective 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. Barclays raised their target price on Trane Technologies from $286.00 to $325.00 and gave the company an overweight rating in a research note on Tuesday, April 2nd. Citigroup raised their target price on Trane Technologies from $355.00 to $366.00 and gave the company a buy rating in a research note on Wednesday. Mizuho raised their target price on Trane Technologies from $280.00 to $325.00 and gave the company a neutral rating in a research note on Wednesday. Finally, TD Cowen raised their target price on Trane Technologies from $325.00 to $360.00 and gave the company a buy rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $300.54.

Trane Technologies Trading Up 0.8 %

NYSE TT traded up $2.55 on Friday, hitting $319.34. 1,074,503 shares of the company were exchanged, compared to its average volume of 1,033,256. The company’s 50 day moving average price is $295.08 and its 200-day moving average price is $257.16. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.13 and a quick ratio of 0.78. The firm has a market capitalization of $72.28 billion, a P/E ratio of 34.12, a price-to-earnings-growth ratio of 2.50 and a beta of 1.01. Trane Technologies has a twelve month low of $162.04 and a twelve month high of $327.09.

Trane Technologies (NYSE:TT) last issued its earnings results on Tuesday, April 30th. The company reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.30. The company had revenue of $4.22 billion for the quarter, compared to the consensus estimate of $3.99 billion. Trane Technologies had a return on equity of 32.78% and a net margin of 11.81%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.41 EPS. Analysts predict that Trane Technologies will post 10.47 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders 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 yield of 1.05%. Trane Technologies’s payout ratio is currently 35.90%.

Insider Activity

In other Trane Technologies news, CEO David S. Regnery sold 6,990 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $286.19, for a total transaction of $2,000,468.10. Following the completion of the transaction, the chief executive officer now directly owns 113,874 shares in the company, valued at $32,589,600.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO David S. Regnery sold 6,990 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 113,874 shares in the company, valued at $32,589,600.06. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Paul A. Camuti sold 508 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were 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 disclosure for this sale can be found here. Over the last three months, insiders sold 28,237 shares of company stock valued at $8,024,534. 0.39% of the stock is owned by company insiders.

About Trane Technologies

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.