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 EPS guidance of 10.400-10.500 for the period, compared to the consensus EPS 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

A number of equities analysts have recently weighed in on TT shares. Robert W. Baird lifted their price target on shares of Trane Technologies from $315.00 to $344.00 and gave the stock a neutral rating in a research report on Wednesday. The Goldman Sachs Group boosted their price objective on Trane Technologies from $287.00 to $326.00 and gave the company a neutral rating in a research report on Wednesday. Mizuho raised their target price on shares of Trane Technologies from $280.00 to $325.00 and gave the stock a neutral rating in a report on Wednesday. Wells Fargo & Company increased their target price on Trane Technologies from $281.00 to $295.00 and gave the stock an underweight rating in a report on Thursday. Finally, Citigroup increased their price objective on Trane Technologies from $355.00 to $366.00 and gave the stock a buy rating in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $300.54.

Trane Technologies Price Performance

TT traded up $2.55 during trading on Friday, hitting $319.34. 1,074,503 shares of the company traded hands, compared to its average volume of 1,033,256. The stock’s 50-day simple moving average is $295.08 and its two-hundred day simple moving average is $257.16. Trane Technologies has a 1 year low of $162.04 and a 1 year high of $327.09. The company has a market cap of $72.28 billion, a PE ratio of 34.12, a P/E/G ratio of 2.50 and a beta of 1.01. The company has a current ratio of 1.13, a quick ratio of 0.78 and a debt-to-equity ratio of 0.58.

Trane Technologies (NYSE:TT) last posted 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. Trane Technologies had a net margin of 11.81% and a return on equity of 32.78%. The firm had revenue of $4.22 billion during the quarter, compared to analyst estimates of $3.99 billion. During the same period last year, the firm posted $1.41 earnings per share. Trane Technologies’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Trane Technologies will post 10.47 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Thursday, June 6th. Trane Technologies’s dividend payout ratio is currently 35.90%.

Insider Activity

In related 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 transaction, the senior vice president now directly owns 42,575 shares of the company’s stock, valued at $11,591,469.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Trane Technologies news, EVP Paul A. Camuti sold 508 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $273.34, for a total transaction of $138,856.72. Following the completion of the sale, the executive vice president now directly owns 89,447 shares in the company, valued at approximately $24,449,442.98. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Keith A. Sultana sold 1,983 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $272.26, for a total value of $539,891.58. Following the completion of the sale, the senior vice president now directly owns 42,575 shares of the company’s stock, valued at approximately $11,591,469.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,237 shares of company stock worth $8,024,534. Company insiders own 0.39% of the company’s stock.

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.