Trane Technologies (NYSE:TT) Releases Quarterly Earnings Results, Beats Estimates By $0.30 EPS

Trane Technologies (NYSE:TT) released its quarterly earnings results on Tuesday. The company reported $1.94 EPS for the quarter, topping the consensus estimate of $1.64 by $0.30, Briefing.com reports. The business had revenue of $4.22 billion during the quarter, compared to analyst estimates of $3.99 billion. Trane Technologies had a net margin of 11.81% and a return on equity of 32.78%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.41 earnings per share. Trane Technologies updated its FY 2024 guidance to 10.400-10.500 EPS and its FY24 guidance to $10.40-10.50 EPS.

Trane Technologies Trading Down 0.7 %

Shares of Trane Technologies stock opened at $315.08 on Thursday. The company’s fifty day simple moving average is $294.39 and its 200-day simple moving average is $256.74. The company has a market cap of $71.39 billion, a price-to-earnings ratio of 33.66, a PEG ratio of 2.61 and a beta of 1.01. The company has a current ratio of 1.13, a quick ratio of 0.78 and a debt-to-equity ratio of 0.58. Trane Technologies has a 1 year low of $162.04 and a 1 year high of $327.09.

Trane Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date is Thursday, June 6th. Trane Technologies’s dividend payout ratio is 35.90%.

Analyst Ratings Changes

A number of brokerages recently issued reports on TT. Barclays increased their target price on shares of Trane Technologies from $286.00 to $325.00 and gave the company an “overweight” rating in a research report on Tuesday, April 2nd. TD Cowen raised their price objective on shares of Trane Technologies from $325.00 to $360.00 and gave the company a “buy” rating in a research report on Wednesday. Mizuho raised their price objective on shares of Trane Technologies from $280.00 to $325.00 and gave the company a “neutral” rating in a research report on Wednesday. Royal Bank of Canada raised their price objective on shares of Trane Technologies from $231.00 to $246.00 and gave the company a “sector perform” rating in a research report on Friday, February 2nd. Finally, Robert W. Baird raised their price objective on shares of Trane Technologies from $315.00 to $344.00 and gave the company a “neutral” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $288.38.

Insider Transactions at Trane Technologies

In other Trane Technologies news, EVP Paul A. Camuti sold 508 shares of Trane Technologies stock in a transaction on Friday, February 9th. The shares were sold at an average price of $273.34, for a total transaction of $138,856.72. Following the sale, the executive vice president now owns 89,447 shares in the company, valued at $24,449,442.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Christopher J. Kuehn sold 2,767 shares of Trane Technologies stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $268.31, for a total value of $742,413.77. Following the completion of the transaction, the chief financial officer now directly owns 54,788 shares of the company’s stock, valued at $14,700,168.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Paul A. Camuti sold 508 shares of Trane Technologies stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $273.34, for a total value of $138,856.72. Following the completion of the transaction, 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. Over the last quarter, insiders have sold 28,237 shares of company stock worth $8,024,534. Insiders own 0.39% of the company’s stock.

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.