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

Trane Technologies (NYSE:TT) updated its FY 2024 earnings guidance on Tuesday. 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.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TT. Stephens increased their price objective on Trane Technologies from $235.00 to $280.00 and gave the company an equal weight rating in a report on Tuesday, February 6th. Barclays increased their price objective on Trane Technologies from $286.00 to $325.00 and gave the company an overweight rating in a report on Tuesday, April 2nd. Royal Bank of Canada increased 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. The Goldman Sachs Group increased their price objective on Trane Technologies from $253.00 to $287.00 and gave the company a neutral rating in a report on Monday, February 5th. Finally, Citigroup increased 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 equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $251.83.

Trane Technologies Stock Up 5.8 %

Shares of TT traded up $17.49 during trading hours on Tuesday, hitting $318.35. The stock had a trading volume of 1,368,721 shares, compared to its average volume of 1,013,895. 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 firm has a 50 day simple moving average of $292.79 and a 200-day simple moving average of $255.54. The firm has a market capitalization of $72.29 billion, a P/E ratio of 36.97, a price-to-earnings-growth ratio of 2.57 and a beta of 1.05. Trane Technologies has a 1-year low of $162.04 and a 1-year high of $327.09.

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

Trane Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.84 dividend. The ex-dividend date is Thursday, June 6th. This represents a $3.36 annualized dividend and a yield of 1.06%. Trane Technologies’s payout ratio is 38.23%.

Insider Activity at Trane Technologies

In related news, SVP Keith A. Sultana sold 1,637 shares of the firm’s 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 transaction, the senior vice president now owns 42,374 shares of the company’s stock, valued at approximately $11,345,214.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Trane Technologies news, CEO David S. Regnery sold 6,990 shares of Trane Technologies stock in a transaction that occurred on Tuesday, March 5th. The shares were 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 owns 113,874 shares of the company’s stock, valued at approximately $32,589,600.06. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Keith A. Sultana sold 1,637 shares of Trane Technologies stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $267.74, for a total transaction of $438,290.38. Following the transaction, the senior vice president now directly owns 42,374 shares in the company, valued at approximately $11,345,214.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,874 shares of company stock valued at $8,462,825. 0.39% of the stock is owned by corporate 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.