Trane Technologies (NYSE:TT) Updates 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 Ratings Changes

TT has been the subject of a number of research analyst reports. Wells Fargo & Company raised their price target on Trane Technologies from $281.00 to $295.00 and gave the stock an underweight rating in a research note on Thursday. Royal Bank of Canada raised their price target on Trane Technologies from $231.00 to $246.00 and gave the stock a sector perform rating in a research note on Friday, February 2nd. Stephens lifted their target price on Trane Technologies from $310.00 to $320.00 and gave the company an equal weight rating in a research report on Wednesday. Barclays lifted their target price on Trane Technologies from $286.00 to $325.00 and gave the company an overweight rating in a research report on Tuesday, April 2nd. Finally, Mizuho boosted their price target on Trane Technologies from $280.00 to $325.00 and gave the stock a neutral rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Trane Technologies presently has a consensus rating of Hold and a consensus target price of $300.54.

Trane Technologies Stock Down 0.3 %

Shares of NYSE TT traded down $0.99 during mid-day trading on Thursday, hitting $313.99. The company had a trading volume of 490,418 shares, compared to its average volume of 1,024,514. The company has a market capitalization of $71.14 billion, a PE ratio of 33.65, a price-to-earnings-growth ratio of 2.61 and a beta of 1.01. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.13 and a quick ratio of 0.78. Trane Technologies has a 1-year low of $162.04 and a 1-year high of $327.09. The business’s 50-day simple moving average is $294.39 and its 200 day simple moving average is $256.74.

Trane Technologies (NYSE:TT) last posted its quarterly 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. Trane Technologies had a return on equity of 32.78% and a net margin of 11.81%. The company had revenue of $4.22 billion for the quarter, compared to analysts’ expectations of $3.99 billion. During the same period last year, the firm earned $1.41 earnings per share. Trane Technologies’s quarterly revenue was up 15.0% on a year-over-year basis. On average, analysts predict that Trane Technologies will post 10.49 earnings per share for the current year.

Trane Technologies Dividend Announcement

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

Insider Buying and Selling at Trane Technologies

In other Trane Technologies 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 value of $138,856.72. Following the sale, the executive vice president now owns 89,447 shares of the company’s stock, valued at approximately $24,449,442.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Keith A. Sultana sold 1,983 shares of Trane Technologies stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $272.26, for a total transaction of $539,891.58. Following the completion of the sale, 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 legal filing with the SEC, which is available through this hyperlink. Also, 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 value of $138,856.72. Following the transaction, 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. In the last 90 days, insiders have sold 28,237 shares of company stock valued at $8,024,534. 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.