Trane Technologies (NYSE:TT) Issues FY24 Earnings Guidance

Trane Technologies (NYSE:TT) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of ~$10.80 for the period, compared to the consensus EPS estimate of $10.55. The company issued revenue guidance of ~$19.45 billion, compared to the consensus revenue estimate of $19.27 billion. Trane Technologies also updated its FY 2024 guidance to 10.800-10.800 EPS.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TT. Mizuho lifted their price target on Trane Technologies from $280.00 to $325.00 and gave the company a neutral rating in a report on Wednesday, May 1st. UBS Group lifted their price target on Trane Technologies from $330.00 to $375.00 and gave the company a buy rating in a report on Monday, June 3rd. Robert W. Baird lifted their price target on Trane Technologies from $360.00 to $365.00 and gave the company a neutral rating in a report on Thursday. Wells Fargo & Company lifted their price target on Trane Technologies from $310.00 to $315.00 and gave the company an underweight rating in a report on Thursday. Finally, JPMorgan Chase & Co. lifted their price target on Trane Technologies from $247.00 to $300.00 and gave the company a neutral rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Trane Technologies currently has a consensus rating of Hold and an average price target of $321.14.

Trane Technologies Price Performance

NYSE:TT traded down $14.88 during trading hours on Friday, hitting $318.45. 2,070,074 shares of the stock were exchanged, compared to its average volume of 1,336,537. Trane Technologies has a 52-week low of $184.02 and a 52-week high of $351.41. The firm’s fifty day moving average price is $331.66 and its 200 day moving average price is $305.97. The company has a current ratio of 1.17, a quick ratio of 0.74 and a debt-to-equity ratio of 0.62. The company has a market cap of $71.86 billion, a P/E ratio of 34.02, a P/E/G ratio of 2.50 and a beta of 1.01.

Trane Technologies (NYSE:TT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $3.30 EPS for the quarter, topping the consensus estimate of $3.08 by $0.22. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.13 billion. Trane Technologies had a return on equity of 33.97% and a net margin of 12.33%. Trane Technologies’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.68 EPS. As a group, equities research analysts anticipate that Trane Technologies will post 10.83 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be issued a $0.84 dividend. 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 is presently 35.90%.

Insider Activity at Trane Technologies

In related news, SVP Evan M. Turtz sold 8,988 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $321.30, for a total value of $2,887,844.40. Following the transaction, the senior vice president now directly owns 20,758 shares in the company, valued at $6,669,545.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Trane Technologies news, SVP Evan M. Turtz sold 8,988 shares of the company’s stock in a transaction on 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 directly owns 20,758 shares in the company, valued at $6,669,545.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Christopher J. Kuehn sold 4,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was 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 owns 61,293 shares in the company, valued at $19,532,240.31. The disclosure for this sale can be found here. 0.38% of the stock is currently 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.