Trane Technologies (NYSE:TT) Releases Quarterly Earnings Results, Beats Estimates By $0.30 EPS

Trane Technologies (NYSE:TT) issued its quarterly earnings data on Tuesday. The company reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.30, Briefing.com reports. Trane Technologies had a net margin of 11.45% and a return on equity of 32.01%. The company had revenue of $4.22 billion for the quarter, compared to analyst estimates of $3.99 billion. During the same period in the prior year, the firm earned $1.41 earnings per share. The company’s revenue was up 15.0% on a year-over-year basis. Trane Technologies updated its FY 2024 guidance to 10.400-10.500 EPS and its FY24 guidance to $10.40-10.50 EPS.

Trane Technologies Price Performance

Shares of NYSE TT traded down $3.99 during midday trading on Wednesday, hitting $313.35. 315,651 shares of the company’s stock were exchanged, compared to its average volume of 1,017,274. Trane Technologies has a 12-month low of $162.04 and a 12-month high of $327.09. The company has a current ratio of 1.13, a quick ratio of 0.78 and a debt-to-equity ratio of 0.57. The company has a market cap of $71.00 billion, a price-to-earnings ratio of 35.69, a PEG ratio of 2.54 and a beta of 1.05. The business’s fifty day moving average price is $293.61 and its two-hundred day moving average price is $256.33.

Trane Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend is Thursday, June 6th. Trane Technologies’s dividend payout ratio is currently 38.23%.

Insider Transactions at Trane Technologies

In other news, CEO David S. Regnery sold 6,990 shares of the business’s stock in a transaction dated 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 owns 113,874 shares of the company’s stock, valued at $32,589,600.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO David S. Regnery sold 6,990 shares of Trane Technologies stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $286.19, for a total value of $2,000,468.10. Following the transaction, the chief executive officer now owns 113,874 shares in the company, valued at approximately $32,589,600.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Keith A. Sultana sold 1,637 shares of Trane Technologies stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $267.74, for a total transaction of $438,290.38. Following the completion of the transaction, the senior vice president now owns 42,374 shares in the company, valued at approximately $11,345,214.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,874 shares of company stock valued at $8,462,825. 0.39% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on TT shares. Citigroup increased their price objective on shares of Trane Technologies from $309.00 to $355.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Barclays raised their price target on shares of Trane Technologies from $286.00 to $325.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. Stephens raised their price objective on shares of Trane Technologies from $310.00 to $320.00 and gave the company an “equal weight” rating in a report on Wednesday. Royal Bank of Canada raised their price objective on shares of Trane Technologies from $231.00 to $246.00 and gave the company a “sector perform” rating in a report on Friday, February 2nd. Finally, Robert W. Baird raised their price target on shares of Trane Technologies from $315.00 to $344.00 and gave the stock a “neutral” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Trane Technologies presently has a consensus rating of “Hold” and an average target price of $278.25.

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.