Trane Technologies (NYSE:TT) Issues Earnings Results, Beats Expectations By $0.22 EPS

Trane Technologies (NYSE:TT) announced its quarterly earnings data on Wednesday. The company reported $3.30 EPS for the quarter, beating analysts’ consensus estimates of $3.08 by $0.22, Briefing.com reports. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.13 billion. Trane Technologies had a net margin of 12.33% and a return on equity of 33.97%. The firm’s revenue was up 12.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.68 earnings per share. Trane Technologies updated its FY 2024 guidance to 10.800-10.800 EPS and its FY24 guidance to ~$10.80 EPS.

Trane Technologies Stock Performance

Trane Technologies stock opened at $318.45 on Friday. Trane Technologies has a fifty-two week low of $184.02 and a fifty-two week high of $351.41. The company has a market capitalization of $71.86 billion, a price-to-earnings ratio of 34.02, a PEG ratio of 2.50 and a beta of 1.01. The stock has a fifty day moving average of $331.66 and a two-hundred day moving average of $305.55. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.74 and a current ratio of 1.17.

Trane Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date is Friday, September 6th. Trane Technologies’s dividend payout ratio (DPR) is presently 35.90%.

Analysts Set New Price Targets

A number of analysts recently weighed in on TT shares. TD Cowen lifted their price target on Trane Technologies from $325.00 to $360.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Citigroup upped their price target on shares of Trane Technologies from $355.00 to $366.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Barclays increased their price target on shares of Trane Technologies from $385.00 to $394.00 and gave the company an “overweight” rating in a report on Thursday. Stephens boosted their price objective on shares of Trane Technologies from $310.00 to $320.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 1st. Finally, Wells Fargo & Company increased their target price on shares of Trane Technologies from $310.00 to $315.00 and gave the company an “underweight” rating in a report on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $321.14.

Insider Activity

In other Trane Technologies news, CFO Christopher J. Kuehn sold 4,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $318.67, for a total value of $1,274,680.00. Following the transaction, the chief financial officer now directly owns 61,293 shares in the company, valued at approximately $19,532,240.31. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Christopher J. Kuehn sold 4,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $318.67, for a total transaction of $1,274,680.00. Following the completion of the transaction, the chief financial officer now owns 61,293 shares of the company’s stock, valued at approximately $19,532,240.31. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Evan M. Turtz sold 8,988 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $321.30, for a total transaction of $2,887,844.40. Following the transaction, the senior vice president now owns 20,758 shares in the company, valued at $6,669,545.40. The disclosure for this sale can be found here. Company insiders own 0.38% 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.