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

Trane Technologies (NYSE:TT) issued its 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 company had revenue of $4.22 billion during the quarter, compared to analyst estimates of $3.99 billion. Trane Technologies had a return on equity of 32.01% and a net margin of 11.45%. The business’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.41 EPS. 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 Stock Down 1.3 %

Shares of TT stock traded down $3.99 on Wednesday, reaching $313.35. 315,651 shares of the company’s stock traded hands, compared to its average volume of 1,017,274. Trane Technologies has a 12-month low of $162.04 and a 12-month high of $327.09. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.78 and a current ratio of 1.13. The company has a market capitalization of $71.00 billion, a P/E ratio of 35.69, a price-to-earnings-growth ratio of 2.54 and a beta of 1.05. The business’s 50 day moving average price is $293.61 and its two-hundred day moving average price is $256.33.

Trane Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.07%. Trane Technologies’s dividend payout ratio is 38.23%.

Insider Activity

In related news, SVP Keith A. Sultana sold 1,637 shares of Trane Technologies 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 owns 42,374 shares of the company’s stock, valued at $11,345,214.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Trane Technologies news, SVP Keith A. Sultana sold 1,637 shares of the business’s stock in a transaction dated 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 sale, the senior vice president now owns 42,374 shares of the company’s stock, valued at $11,345,214.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David S. Regnery sold 6,990 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $286.19, for a total value of $2,000,468.10. Following the transaction, the chief executive officer now directly owns 113,874 shares of the company’s stock, valued at approximately $32,589,600.06. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,874 shares of company stock worth $8,462,825. 0.39% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on TT. Robert W. Baird raised their price target on Trane Technologies from $315.00 to $344.00 and gave the stock a “neutral” rating in a report on Wednesday. Mizuho raised their price target on Trane Technologies from $280.00 to $325.00 and gave the stock a “neutral” rating in a report on Wednesday. Royal Bank of Canada raised their price target on Trane Technologies from $231.00 to $246.00 and gave the stock a “sector perform” rating in a report on Friday, February 2nd. The Goldman Sachs Group raised their price target on Trane Technologies from $253.00 to $287.00 and gave the stock a “neutral” rating in a report on Monday, February 5th. Finally, Stephens lifted their target price on Trane Technologies from $310.00 to $320.00 and gave the company an “equal weight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $278.25.

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.