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

Trane Technologies (NYSE:TT) posted its quarterly earnings data on Tuesday. The company reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.30, Briefing.com reports. Trane Technologies had a net margin of 11.81% and a return on equity of 32.78%. The company had revenue of $4.22 billion during the quarter, compared to analysts’ expectations of $3.99 billion. During the same period in the prior year, the company posted $1.41 earnings per share. Trane Technologies’s revenue for the quarter was up 15.0% compared to the same quarter last year. 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 Price Performance

Shares of NYSE:TT opened at $315.08 on Thursday. The company has a 50 day moving average of $294.39 and a 200 day moving average of $256.74. The stock has a market cap of $71.39 billion, a P/E ratio of 33.66, a P/E/G ratio of 2.61 and a beta of 1.01. Trane Technologies has a 12 month low of $162.04 and a 12 month high of $327.09. 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 Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on TT shares. Royal Bank of Canada raised their price target on shares of Trane Technologies from $231.00 to $246.00 and gave the stock a “sector perform” rating in a report on Friday, February 2nd. Barclays raised their price objective on shares of Trane Technologies from $286.00 to $325.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. Stephens raised their price objective on shares of Trane Technologies from $310.00 to $320.00 and gave the company an “equal weight” rating in a research note on Wednesday. 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 note on Wednesday. Finally, Citigroup raised their price objective on shares of Trane Technologies from $355.00 to $366.00 and gave the company a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $288.38.

Insider Activity at Trane Technologies

In related news, CEO David S. Regnery sold 6,990 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $286.19, for a total transaction of $2,000,468.10. Following the completion of the transaction, the chief executive officer now owns 113,874 shares of the company’s stock, valued at $32,589,600.06. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Trane Technologies news, CEO David S. Regnery sold 6,990 shares of Trane Technologies stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $286.19, for a total transaction of $2,000,468.10. Following the completion of the sale, the chief executive officer now directly owns 113,874 shares in the company, valued at $32,589,600.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Christopher J. Kuehn sold 2,767 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $268.31, for a total transaction of $742,413.77. Following the completion of the sale, the chief financial officer now owns 54,788 shares of the company’s stock, valued at $14,700,168.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,237 shares of company stock valued at $8,024,534. 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.