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

Trane Technologies (NYSE:TT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 10.400-10.500 for the period, compared to the consensus earnings per share 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.

Trane Technologies Stock Performance

Trane Technologies stock opened at $300.86 on Tuesday. The company has a market cap of $68.32 billion, a price-to-earnings ratio of 34.23, a price-to-earnings-growth ratio of 2.57 and a beta of 1.05. Trane Technologies has a 12 month low of $162.04 and a 12 month high of $307.95. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.13 and a quick ratio of 0.78. The stock’s 50-day moving average is $292.79 and its 200-day moving average is $255.54.

Trane Technologies (NYSE:TT) last released its quarterly earnings results on Thursday, February 1st. The company reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.04. Trane Technologies had a return on equity of 32.01% and a net margin of 11.45%. The firm had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter in the prior year, the business earned $1.82 EPS. Trane Technologies’s quarterly revenue was up 8.6% compared to the same quarter last year. Equities analysts anticipate that Trane Technologies will post 10.2 earnings per share for the current year.

Trane Technologies Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.12%. Trane Technologies’s dividend payout ratio (DPR) is presently 38.23%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Royal Bank of Canada raised their price objective on shares of Trane Technologies from $231.00 to $246.00 and gave the stock a sector perform rating in a report on Friday, February 2nd. Barclays lifted their price target on Trane Technologies from $286.00 to $325.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. Stephens upped their price objective on Trane Technologies from $235.00 to $280.00 and gave the company an equal weight rating in a research note on Tuesday, February 6th. Citigroup lifted their target price on Trane Technologies from $309.00 to $355.00 and gave the stock a buy rating in a research report on Monday, April 8th. Finally, The Goldman Sachs Group upped their price target on Trane Technologies from $253.00 to $287.00 and gave the company a neutral rating in a research report on Monday, February 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $251.83.

Insider Activity at Trane Technologies

In other news, SVP Keith A. Sultana sold 1,983 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $272.26, for a total transaction of $539,891.58. Following the completion of the transaction, the senior vice president now owns 42,575 shares in the company, valued at $11,591,469.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Keith A. Sultana sold 1,983 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $272.26, for a total value of $539,891.58. Following the sale, the senior vice president now directly owns 42,575 shares in the company, valued at approximately $11,591,469.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Christopher J. Kuehn sold 3,762 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $286.48, for a total value of $1,077,737.76. Following the transaction, the chief financial officer now owns 61,691 shares of the company’s stock, valued at approximately $17,673,237.68. The disclosure for this sale can be found here. Insiders sold 29,874 shares of company stock worth $8,462,825 in the last 90 days. 0.39% of the stock is currently 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.