Trane Technologies (NYSE:TT) Releases FY24 Earnings Guidance

Trane Technologies (NYSE:TT) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of ~$10.80 for the period, compared to the consensus 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 Upgrades and Downgrades

A number of research analysts have commented on the company. Robert W. Baird boosted their target price on Trane Technologies from $360.00 to $365.00 and gave the company a neutral rating in a research note on Thursday. JPMorgan Chase & Co. boosted their target price on Trane Technologies from $247.00 to $300.00 and gave the company a neutral rating in a research note on Thursday, May 2nd. The Goldman Sachs Group boosted their target price on Trane Technologies from $287.00 to $326.00 and gave the company a neutral rating in a research note on Wednesday, May 1st. Stephens boosted their target price 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. Finally, Wells Fargo & Company upped their price target on Trane Technologies from $310.00 to $315.00 and gave the stock an underweight rating in a research note on Thursday. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $321.14.

Trane Technologies Stock Performance

Shares of TT stock traded down $14.88 during mid-day trading on Friday, reaching $318.45. The stock had a trading volume of 2,070,074 shares, compared to its average volume of 1,336,537. The firm’s 50 day simple moving average is $331.66 and its 200 day simple moving average is $305.97. The company has a quick ratio of 0.74, a current ratio of 1.17 and a debt-to-equity ratio of 0.62. Trane Technologies has a one year low of $184.02 and a one year high of $351.41. The firm has a market cap of $71.86 billion, a PE ratio of 34.02, a P/E/G ratio of 2.50 and a beta of 1.01.

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

Trane Technologies Dividend Announcement

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

Insiders Place Their Bets

In other news, SVP Evan M. Turtz sold 8,988 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was 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 directly owns 20,758 shares in the company, valued at $6,669,545.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Evan M. Turtz sold 8,988 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was 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 directly owns 20,758 shares in the company, valued at $6,669,545.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Christopher J. Kuehn sold 4,000 shares of the business’s 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 completion of the sale, the chief financial officer now owns 61,293 shares in the company, valued at $19,532,240.31. The disclosure for this sale can be found here. Corporate insiders own 0.38% 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.