Trane Technologies (NYSE:TT) Updates FY24 Earnings Guidance

Trane Technologies (NYSE:TT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $10.40-10.50 for the period, compared to the consensus 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

Several analysts have recently commented on the company. 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 shares of 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 target price on shares of Trane Technologies from $231.00 to $246.00 and gave the company a sector perform rating in a research report on Friday, February 2nd. Citigroup raised their target price on Trane Technologies from $309.00 to $355.00 and gave the stock a buy rating in a research note 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 note on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, Trane Technologies has an average rating of Hold and a consensus target price of $251.83.

Trane Technologies Price Performance

Trane Technologies stock traded up $18.08 during trading hours on Tuesday, hitting $318.94. 1,597,146 shares of the company traded hands, compared to its average volume of 1,016,704. Trane Technologies has a 1-year low of $162.04 and a 1-year high of $327.09. The firm has a market cap of $72.42 billion, a P/E ratio of 36.97, a P/E/G ratio of 2.57 and a beta of 1.05. The firm’s 50-day simple moving average is $292.79 and its two-hundred day simple moving average is $255.54. The company has a quick ratio of 0.78, a current ratio of 1.13 and a debt-to-equity ratio of 0.57.

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, beating analysts’ consensus estimates of $2.13 by $0.04. The business had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.43 billion. Trane Technologies had a return on equity of 32.01% and a net margin of 11.45%. Trane Technologies’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the company posted $1.82 EPS. As a group, analysts forecast that Trane Technologies will post 10.2 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders 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 dividend on an annualized basis and a dividend yield of 1.05%. Trane Technologies’s dividend payout ratio is currently 38.23%.

Insider Transactions at Trane Technologies

In related news, EVP Paul A. Camuti sold 508 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $273.34, for a total transaction of $138,856.72. Following the transaction, the executive vice president now directly owns 89,447 shares in the company, valued at $24,449,442.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Trane Technologies news, CEO David S. Regnery sold 6,990 shares of Trane Technologies stock in a transaction dated 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Paul A. Camuti sold 508 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $273.34, for a total value of $138,856.72. Following the transaction, the executive vice president now owns 89,447 shares of the company’s stock, valued at approximately $24,449,442.98. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,874 shares of company stock worth $8,462,825. 0.39% of the stock is owned by 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.