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

Trane Technologies (NYSE:TT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 10.400-10.500 for the period, compared to the consensus earnings per share 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

Several research firms have recently commented on TT. Barclays increased their price target on shares of Trane Technologies from $286.00 to $325.00 and gave the company 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 research report on Friday, February 2nd. Stephens raised their price objective on Trane Technologies from $235.00 to $280.00 and gave the stock an equal weight rating in a report on Tuesday, February 6th. Citigroup lifted their target price on shares of Trane Technologies from $309.00 to $355.00 and gave the company a buy rating in a report on Monday, April 8th. Finally, The Goldman Sachs Group upped their price target on Trane Technologies from $253.00 to $287.00 and gave the stock a neutral rating in a report on Monday, February 5th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $251.83.

Trane Technologies Stock Up 5.8 %

NYSE:TT traded up $17.49 during trading hours on Tuesday, hitting $318.35. 1,368,721 shares of the stock traded hands, compared to its average volume of 1,013,895. The firm has a market cap of $72.29 billion, a price-to-earnings ratio of 36.97, a PEG ratio of 2.57 and a beta of 1.05. The firm has a 50 day moving average price of $292.79 and a 200 day moving average price of $255.54. The company has a current ratio of 1.13, a quick ratio of 0.78 and a debt-to-equity ratio of 0.57. Trane Technologies has a fifty-two week low of $162.04 and a fifty-two week high of $327.09.

Trane Technologies (NYSE:TT) last announced its quarterly earnings data on Thursday, February 1st. The company reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.04. The firm had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.43 billion. Trane Technologies had a return on equity of 32.01% and a net margin of 11.45%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.82 EPS. Equities research analysts anticipate that Trane Technologies will post 10.2 earnings per share for the current year.

Trane Technologies Announces Dividend

The company 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 $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Thursday, June 6th. Trane Technologies’s payout ratio is currently 38.23%.

Insider Activity

In related news, CFO Christopher J. Kuehn sold 2,767 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $268.31, for a total transaction of $742,413.77. Following the transaction, the chief financial officer now owns 54,788 shares of the company’s stock, valued at $14,700,168.28. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Christopher J. Kuehn sold 2,767 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $268.31, for a total transaction of $742,413.77. Following the completion of the sale, the chief financial officer now owns 54,788 shares in the company, valued at approximately $14,700,168.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Christopher J. Kuehn sold 3,762 shares of Trane Technologies stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $286.48, for a total value of $1,077,737.76. Following the completion of the transaction, the chief financial officer now owns 61,691 shares in the company, valued at $17,673,237.68. The disclosure for this sale can be found here. Insiders sold a total of 29,874 shares of company stock worth $8,462,825 in the last three months. 0.39% of the stock is owned by 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.