Trane Technologies (NYSE:TT) Posts Earnings Results

Trane Technologies (NYSE:TT) issued its quarterly earnings results on Wednesday. The company reported $3.37 earnings per share for the quarter, beating the consensus estimate of $3.23 by $0.14, Briefing.com reports. The company had revenue of $5.44 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The business’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.79 earnings per share. Trane Technologies updated its FY 2024 guidance to 11.100-11.100 EPS and its FY24 guidance to $11.10 EPS.

Trane Technologies Stock Performance

Shares of TT stock opened at $376.15 on Friday. The company has a current ratio of 1.22, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The firm has a fifty day simple moving average of $377.83 and a two-hundred day simple moving average of $345.36. Trane Technologies has a 12 month low of $211.31 and a 12 month high of $406.96. The firm has a market capitalization of $84.89 billion, a PE ratio of 34.89, a price-to-earnings-growth ratio of 2.59 and a beta of 1.01.

Trane Technologies Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on TT shares. Wells Fargo & Company increased their target price on shares of Trane Technologies from $320.00 to $360.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Barclays lifted their target price on shares of Trane Technologies from $425.00 to $440.00 and gave the stock an “overweight” rating in a research note on Thursday. Hsbc Global Res downgraded Trane Technologies from a “strong-buy” rating to a “hold” rating in a report on Thursday. HSBC downgraded Trane Technologies from a “buy” rating to a “hold” rating and set a $405.00 price objective on the stock. in a research note on Thursday. Finally, Morgan Stanley started coverage on Trane Technologies in a report on Friday, September 6th. They issued an “overweight” rating and a $425.00 target price for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Trane Technologies currently has a consensus rating of “Hold” and a consensus target price of $380.15.

Insider Buying and Selling at Trane Technologies

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