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

Trane Technologies (NYSE:TT) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 11.100-11.100 for the period, compared to the consensus earnings per share estimate of 10.900. The company issued revenue guidance of $19.6 billion-$19.6 billion, compared to the consensus revenue estimate of $19.6 billion. Trane Technologies also updated its FY24 guidance to $11.10 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Morgan Stanley began coverage on Trane Technologies in a research report on Friday, September 6th. They set an “overweight” rating and a $425.00 target price on the stock. Wells Fargo & Company lifted their price objective on shares of Trane Technologies from $320.00 to $360.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Stephens reiterated an “equal weight” rating and set a $350.00 price objective on shares of Trane Technologies in a report on Monday, August 5th. The Goldman Sachs Group raised their price target on shares of Trane Technologies from $364.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Finally, HSBC cut shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $405.00 price target on the stock. in a research report on Thursday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $380.15.

Trane Technologies Stock Performance

TT stock traded up $5.99 during midday trading on Friday, hitting $376.15. The company’s stock had a trading volume of 1,550,860 shares, compared to its average volume of 1,106,589. The stock’s 50-day moving average price is $377.36 and its 200 day moving average price is $344.79. The company has a quick ratio of 0.84, a current ratio of 1.22 and a debt-to-equity ratio of 0.57. Trane Technologies has a 1 year low of $211.31 and a 1 year high of $406.96. The stock has a market cap of $84.89 billion, a price-to-earnings ratio of 34.95, a PEG ratio of 2.59 and a beta of 1.01.

Trane Technologies (NYSE:TT) last released its earnings results on Wednesday, October 30th. The company reported $3.37 EPS for the quarter, topping analysts’ consensus estimates of $3.23 by $0.14. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The company had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the previous year, the business posted $2.79 EPS. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. On average, equities analysts forecast that Trane Technologies will post 10.89 EPS for the current year.

Trane Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 6th will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend is Friday, December 6th. Trane Technologies’s dividend payout ratio is currently 31.17%.

Insider Activity at Trane Technologies

In other Trane Technologies news, EVP Raymond D. Pittard sold 1,805 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $328.65, for a total value of $593,213.25. Following the sale, the executive vice president now directly owns 83,517 shares in the company, valued at $27,447,862.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Trane Technologies news, EVP Raymond D. Pittard sold 1,805 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $328.65, for a total transaction of $593,213.25. Following the completion of the transaction, the executive vice president now owns 83,517 shares in the company, valued at $27,447,862.05. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO David S. Regnery sold 29,450 shares of Trane Technologies stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $321.25, for a total value of $9,460,812.50. Following the completion of the transaction, the chief executive officer now owns 132,946 shares of the company’s stock, valued at approximately $42,708,902.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.38% of the stock is owned by company 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.