Trane Technologies (NYSE:TT) Issues Earnings Results

Trane Technologies (NYSE:TT) announced its quarterly earnings results on Wednesday. The company reported $3.37 earnings per share for the quarter, topping the consensus estimate of $3.23 by $0.14, Briefing.com reports. Trane Technologies had a net margin of 12.33% and a return on equity of 33.97%. The company had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter in the previous year, the business posted $2.79 earnings per share. Trane Technologies’s quarterly revenue was up 10.0% on a year-over-year basis. Trane Technologies updated its FY 2024 guidance to 11.100-11.100 EPS and its FY24 guidance to $11.10 EPS.

Trane Technologies Stock Down 1.8 %

Shares of NYSE:TT traded down $6.88 during trading hours on Thursday, hitting $368.64. The company’s stock had a trading volume of 1,217,379 shares, compared to its average volume of 1,099,879. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.17 and a quick ratio of 0.84. The firm’s fifty day moving average price is $376.97 and its 200 day moving average price is $344.61. Trane Technologies has a 52 week low of $186.24 and a 52 week high of $406.96. The company has a market capitalization of $83.44 billion, a price-to-earnings ratio of 39.26, a P/E/G ratio of 2.70 and a beta of 1.01.

Trane Technologies Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, December 6th. This represents a $3.36 annualized dividend and a dividend yield of 0.91%. Trane Technologies’s payout ratio is currently 35.90%.

Insider Activity at Trane Technologies

In other Trane Technologies news, CEO David S. Regnery sold 29,450 shares of Trane Technologies stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $321.25, for a total value of $9,460,812.50. Following the transaction, the chief executive officer now owns 132,946 shares in the company, valued at $42,708,902.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO David S. Regnery sold 29,450 shares of the company’s 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 of the company’s stock, valued at approximately $42,708,902.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Raymond D. Pittard sold 1,805 shares of the firm’s 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 $27,447,862.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on TT shares. HSBC cut shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $405.00 target price on the stock. in a research report on Thursday. Mizuho lifted their target price on Trane Technologies from $325.00 to $400.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. The Goldman Sachs Group raised their price target on Trane Technologies from $364.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Wells Fargo & Company boosted their price objective 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. Finally, Royal Bank of Canada raised their target price on shares of Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Trane Technologies presently has an average rating of “Hold” and a consensus target price of $380.15.

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.