Trane Technologies (NYSE:TT) Updates FY24 Earnings Guidance

Trane Technologies (NYSE:TT) updated its FY24 earnings guidance on Tuesday. 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 research firms have weighed in on TT. Citigroup upped their target price on Trane Technologies from $355.00 to $366.00 and gave the stock a buy rating in a research report on Wednesday. Wells Fargo & Company boosted their target price on shares of Trane Technologies from $281.00 to $295.00 and gave the company an underweight rating in a research note on Thursday. The Goldman Sachs Group boosted their target price on shares of Trane Technologies from $287.00 to $326.00 and gave the company a neutral rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their price target on shares of Trane Technologies from $247.00 to $300.00 and gave the company a neutral rating in a report on Thursday. Finally, TD Cowen boosted their price target on shares of Trane Technologies from $325.00 to $360.00 and gave the company a buy rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $300.54.

Trane Technologies Trading Down 0.3 %

TT traded down $0.94 during trading on Thursday, reaching $314.04. 611,735 shares of the company’s stock were exchanged, compared to its average volume of 1,026,063. The company’s fifty day moving average price is $294.39 and its 200-day moving average price is $256.74. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.78 and a current ratio of 1.13. Trane Technologies has a fifty-two week low of $162.04 and a fifty-two week high of $327.09. The firm has a market capitalization of $71.15 billion, a PE ratio of 33.65, a P/E/G ratio of 2.61 and a beta of 1.01.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.30. The company had revenue of $4.22 billion during the quarter, compared to analyst estimates of $3.99 billion. Trane Technologies had a net margin of 11.81% and a return on equity of 32.78%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.41 EPS. As a group, equities analysts forecast that Trane Technologies will post 10.49 EPS for the current year.

Trane Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend is Thursday, June 6th. Trane Technologies’s dividend payout ratio (DPR) is presently 35.90%.

Insider Transactions at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 2,767 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $268.31, for a total value of $742,413.77. Following the completion of the transaction, the chief financial officer now owns 54,788 shares of the company’s stock, valued at approximately $14,700,168.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Christopher J. Kuehn sold 2,767 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $268.31, for a total value of $742,413.77. Following the completion of the transaction, the chief financial officer now owns 54,788 shares of the company’s stock, valued at approximately $14,700,168.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO David S. Regnery sold 6,990 shares of the stock in a transaction 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 sale, the chief executive officer now owns 113,874 shares of the company’s stock, valued at $32,589,600.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,237 shares of company stock valued at $8,024,534. Company insiders own 0.39% of the company’s stock.

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.