Trane Technologies (NYSE:TT) Releases FY24 Earnings Guidance

Trane Technologies (NYSE:TT - Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $10.40-10.50 for the period, compared to the consensus EPS estimate of $10.25. The company issued revenue guidance of ~$19.1-19.3 billion, compared to the consensus revenue estimate of $18.99 billion. Trane Technologies also updated its FY 2024 guidance to 10.400-10.500 EPS.

Trane Technologies Stock Up 5.5 %

NYSE TT traded up $16.50 on Tuesday, reaching $317.36. The stock had a trading volume of 2,419,606 shares, compared to its average volume of 1,027,150. The company has a current ratio of 1.13, a quick ratio of 0.78 and a debt-to-equity ratio of 0.57. Trane Technologies has a 1 year low of $162.04 and a 1 year high of $327.09. The business has a 50 day moving average price of $293.61 and a 200 day moving average price of $256.33. The company has a market capitalization of $72.06 billion, a price-to-earnings ratio of 36.10, a P/E/G ratio of 2.57 and a beta of 1.05.

Trane Technologies (NYSE:TT - Get Free Report) last issued its earnings results on Thursday, February 1st. The company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.04. Trane Technologies had a return on equity of 32.01% and a net margin of 11.45%. The company had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.43 billion. During the same period in the prior year, the firm posted $1.82 EPS. The business's revenue was up 8.6% compared to the same quarter last year. On average, analysts forecast that Trane Technologies will post 10.2 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 1.06%. The ex-dividend date is Thursday, June 6th. Trane Technologies's payout ratio is currently 38.23%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TT shares. Barclays increased their price objective on Trane Technologies from $286.00 to $325.00 and gave the company an overweight rating in a report on Tuesday, April 2nd. The Goldman Sachs Group increased their price objective on Trane Technologies from $253.00 to $287.00 and gave the company a neutral rating in a report on Monday, February 5th. Stephens increased their price objective on Trane Technologies from $235.00 to $280.00 and gave the company an equal weight rating in a report on Tuesday, February 6th. Royal Bank of Canada increased their price objective on Trane Technologies from $231.00 to $246.00 and gave the company a sector perform rating in a report on Friday, February 2nd. Finally, Citigroup increased their price objective on Trane Technologies from $309.00 to $355.00 and gave the company a buy rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $251.83.

Insider Transactions at Trane Technologies

In other news, SVP Keith A. Sultana sold 1,637 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $267.74, for a total value of $438,290.38. Following the completion of the transaction, the senior vice president now directly owns 42,374 shares of the company's stock, valued at approximately $11,345,214.76. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, SVP Keith A. Sultana sold 1,637 shares of the firm's stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $267.74, for a total transaction of $438,290.38. Following the completion of the sale, the senior vice president now directly owns 42,374 shares of the company's stock, valued at approximately $11,345,214.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Paul A. Camuti sold 508 shares of the firm's stock in a transaction on Friday, February 9th. The shares were sold at an average price of $273.34, for a total value of $138,856.72. Following the sale, the executive vice president now directly owns 89,447 shares of the company's stock, valued at $24,449,442.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,874 shares of company stock valued at $8,462,825. Corporate insiders own 0.39% 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.