Trane Technologies (NYSE:TT) Updates FY24 Earnings Guidance

Trane Technologies (NYSE:TT) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of ~$10.80 for the period, compared to the consensus earnings per share 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.

Trane Technologies Trading Down 4.5 %

TT traded down $14.88 on Friday, reaching $318.45. 2,070,074 shares of the company’s stock were exchanged, compared to its average volume of 1,336,537. The company’s 50 day moving average is $331.66 and its 200-day moving average is $305.97. The company has a market cap of $71.86 billion, a price-to-earnings ratio of 34.02, a PEG ratio of 2.50 and a beta of 1.01. Trane Technologies has a twelve month low of $184.02 and a twelve month high of $351.41. 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 (NYSE:TT) last posted its earnings results on Wednesday, July 31st. The company reported $3.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.08 by $0.22. 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 company’s revenue was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.68 EPS. Equities analysts predict that Trane Technologies will post 10.83 earnings per share for the current year.

Trane Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders 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 of this dividend is Friday, September 6th. Trane Technologies’s dividend payout ratio is presently 35.90%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TT. Mizuho upped their price target on Trane Technologies from $280.00 to $325.00 and gave the stock a neutral rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. increased their target price on Trane Technologies from $247.00 to $300.00 and gave the company a neutral rating in a research note on Thursday, May 2nd. Citigroup increased their target price on Trane Technologies from $355.00 to $366.00 and gave the company a buy rating in a research note on Wednesday, May 1st. The Goldman Sachs Group increased their target price on Trane Technologies from $287.00 to $326.00 and gave the company a neutral rating in a research note on Wednesday, May 1st. Finally, Barclays increased their target price on Trane Technologies from $385.00 to $394.00 and gave the company an overweight rating in a research note on Thursday. One research 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $321.14.

Insider Buying and Selling

In other Trane Technologies news, CFO Christopher J. Kuehn sold 4,000 shares of the 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 sale, the chief financial officer now directly owns 61,293 shares of the company’s stock, valued at $19,532,240.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Trane Technologies news, CFO Christopher J. Kuehn sold 4,000 shares of the 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 sale, the chief financial officer now directly owns 61,293 shares of the company’s stock, valued at $19,532,240.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Evan M. Turtz sold 8,988 shares of the stock in a transaction 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 completion of the sale, the senior vice president now directly owns 20,758 shares in the company, valued at $6,669,545.40. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by company insiders.

About Trane Technologies

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.