Trane Technologies (NYSE:TT) Issues FY24 Earnings Guidance

Trane Technologies (NYSE:TT) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of ~$10.80 for the period, compared to the consensus earnings per share estimate of $10.55. The company issued revenue guidance of ~$19.45 billion, compared to the consensus revenue estimate of $19.27 billion. Trane Technologies also updated its FY 2024 guidance to 10.800-10.800 EPS.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Trane Technologies from $247.00 to $300.00 and gave the company a neutral rating in a research report on Thursday, May 2nd. Citigroup boosted their price target on Trane Technologies from $355.00 to $366.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. Robert W. Baird raised their price objective on Trane Technologies from $360.00 to $365.00 and gave the company a neutral rating in a research report on Thursday. Barclays boosted their target price on Trane Technologies from $385.00 to $394.00 and gave the stock an overweight rating in a report on Thursday. Finally, Stephens increased their price target on Trane Technologies from $310.00 to $320.00 and gave the company an equal weight rating in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Trane Technologies currently has an average rating of Hold and an average target price of $321.14.

Trane Technologies Price Performance

Shares of NYSE TT traded down $14.88 during mid-day trading on Friday, hitting $318.45. 2,070,074 shares of the stock traded hands, compared to its average volume of 1,336,537. The company has a market cap of $71.86 billion, a PE ratio of 34.02, a price-to-earnings-growth ratio of 2.50 and a beta of 1.01. Trane Technologies has a twelve month low of $184.02 and a twelve month high of $351.41. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.17 and a quick ratio of 0.74. The firm has a 50 day simple moving average of $331.66 and a two-hundred day simple moving average of $305.97.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $3.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.08 by $0.22. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.13 billion. Trane Technologies had a net margin of 12.33% and a return on equity of 33.97%. The company’s revenue was up 12.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.68 EPS. As a group, equities research analysts forecast that Trane Technologies will post 10.83 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend is Friday, September 6th. Trane Technologies’s dividend payout ratio is presently 35.90%.

Insider Activity

In other news, CFO Christopher J. Kuehn sold 4,000 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $318.67, for a total transaction of $1,274,680.00. Following the transaction, the chief financial officer now owns 61,293 shares of the company’s stock, valued at approximately $19,532,240.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Evan M. Turtz sold 8,988 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $321.30, for a total value of $2,887,844.40. Following the sale, the senior vice president now owns 20,758 shares in the company, valued at approximately $6,669,545.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Christopher J. Kuehn sold 4,000 shares of Trane Technologies stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $318.67, for a total value of $1,274,680.00. Following the transaction, the chief financial officer now owns 61,293 shares of the company’s stock, valued at approximately $19,532,240.31. The disclosure for this sale can be found here. 0.38% of the stock is owned by company 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.