Trane Technologies (NYSE:TT) Releases FY24 Earnings Guidance

Trane Technologies (NYSE:TT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $10.40-10.50 for the period, compared to the consensus earnings per share estimate of $10.25. The company issued revenue guidance of ~$19.1-19.3 billion, compared to the consensus revenue estimate of $18.99 billion. Trane Technologies also updated its FY 2024 guidance to 10.400-10.500 EPS.

Analysts Set New Price Targets

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

Trane Technologies Trading Up 6.0 %

Trane Technologies stock traded up $18.08 during mid-day trading on Tuesday, hitting $318.94. The stock had a trading volume of 1,597,146 shares, compared to its average volume of 1,016,704. 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 stock has a market capitalization of $72.42 billion, a PE ratio of 36.97, a P/E/G ratio of 2.57 and a beta of 1.05. The stock has a 50-day simple moving average of $292.79 and a two-hundred day simple moving average of $255.54. Trane Technologies has a 12 month low of $162.04 and a 12 month high of $327.09.

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

Trane Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.84 dividend. The ex-dividend date is Thursday, June 6th. This represents a $3.36 annualized dividend and a dividend yield of 1.05%. Trane Technologies’s dividend payout ratio is currently 38.23%.

Insider Transactions at Trane Technologies

In other news, SVP Keith A. Sultana sold 1,637 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $267.74, for a total value of $438,290.38. Following the completion of the sale, the senior vice president now owns 42,374 shares in the company, valued at $11,345,214.76. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Keith A. Sultana sold 1,637 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $267.74, for a total value of $438,290.38. Following the transaction, the senior vice president now owns 42,374 shares of the company’s stock, valued at $11,345,214.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO David S. Regnery sold 6,990 shares of Trane Technologies stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 113,874 shares in the company, valued at $32,589,600.06. The disclosure for this sale can be found here. Insiders have sold 29,874 shares of company stock valued at $8,462,825 over the last ninety days. 0.39% 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.