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

Trane Technologies (NYSE:TT) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 11.100-11.100 for the period, compared to the consensus earnings per share estimate of 10.900. The company issued revenue guidance of $19.6 billion-$19.6 billion, compared to the consensus revenue estimate of $19.6 billion. Trane Technologies also updated its FY24 guidance to $11.10 EPS.

Analysts Set New Price Targets

TT has been the topic of several recent analyst reports. Stephens reaffirmed an “equal weight” rating and issued a $350.00 price target on shares of Trane Technologies in a report on Monday, August 5th. Robert W. Baird upped their price target on shares of Trane Technologies from $360.00 to $365.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Wells Fargo & Company raised their price objective on shares of Trane Technologies from $320.00 to $360.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Morgan Stanley initiated coverage on shares of Trane Technologies in a research report on Friday, September 6th. They set an “overweight” rating and a $425.00 price objective for the company. Finally, Barclays upped their price objective on shares of Trane Technologies from $394.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $373.58.

Trane Technologies Stock Performance

TT opened at $391.03 on Wednesday. The company has a current ratio of 1.17, a quick ratio of 0.84 and a debt-to-equity ratio of 0.62. The stock has a market cap of $88.51 billion, a PE ratio of 41.78, a P/E/G ratio of 2.70 and a beta of 1.01. The stock’s 50 day simple moving average is $376.49 and its 200-day simple moving average is $344.40. Trane Technologies has a 1 year low of $185.75 and a 1 year high of $406.96.

Trane Technologies (NYSE:TT) last released its earnings results on Wednesday, July 31st. The company reported $3.30 earnings per share for the quarter, topping analysts’ consensus estimates of $3.08 by $0.22. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.13 billion. Trane Technologies had a return on equity of 33.97% and a net margin of 12.33%. The firm’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.68 earnings per share. Sell-side analysts forecast that Trane Technologies will post 10.89 EPS for the current year.

Trane Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 6th will be issued a $0.84 dividend. The ex-dividend date is Friday, December 6th. This represents a $3.36 annualized dividend and a dividend yield of 0.86%. Trane Technologies’s dividend payout ratio (DPR) is currently 35.90%.

Insiders Place Their Bets

In other news, CEO David S. Regnery sold 29,450 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $321.25, for a total transaction of $9,460,812.50. Following the completion of the transaction, the chief executive officer now directly owns 132,946 shares of the company’s stock, valued at $42,708,902.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Trane Technologies news, EVP Raymond D. Pittard sold 1,805 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $328.65, for a total transaction of $593,213.25. Following the completion of the sale, the executive vice president now directly owns 83,517 shares in the company, valued at $27,447,862.05. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO David S. Regnery sold 29,450 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $321.25, for a total value of $9,460,812.50. Following the transaction, the chief executive officer now owns 132,946 shares in the company, valued at approximately $42,708,902.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.38% 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.