Trane Technologies (NYSE:TT) Issues Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Trane Technologies (NYSE:TT) released its quarterly earnings results on Wednesday. The company reported $3.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.23 by $0.14, Briefing.com reports. Trane Technologies had a return on equity of 34.62% and a net margin of 12.73%. The business had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same period in the previous year, the company posted $2.79 EPS. The firm’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 Performance

Trane Technologies stock opened at $376.15 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.22 and a debt-to-equity ratio of 0.57. The stock has a market cap of $84.89 billion, a PE ratio of 34.89, a P/E/G ratio of 2.59 and a beta of 1.01. Trane Technologies has a 12-month low of $211.31 and a 12-month high of $406.96. The business’s 50-day moving average price is $377.83 and its two-hundred day moving average price is $345.36.

Trane Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 6th will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend is Friday, December 6th. Trane Technologies’s dividend payout ratio (DPR) is presently 31.17%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TT. Royal Bank of Canada boosted their target price on shares of Trane Technologies from $334.00 to $350.00 and gave the company a “sector perform” rating in a research report on Thursday, August 1st. Stephens reissued an “equal weight” rating and issued a $350.00 price objective on shares of Trane Technologies in a report on Monday, August 5th. Mizuho increased their target price on shares of Trane Technologies from $325.00 to $400.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Wells Fargo & Company lifted their price target 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, Morgan Stanley started coverage on Trane Technologies in a research report on Friday, September 6th. They set an “overweight” rating and a $425.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Trane Technologies presently has an average rating of “Hold” and an average price target of $380.15.

Insider Transactions at Trane Technologies

In related news, EVP Raymond D. Pittard sold 1,805 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $328.65, for a total value of $593,213.25. Following the completion of the transaction, the executive vice president now owns 83,517 shares of the company’s stock, valued at $27,447,862.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Raymond D. Pittard sold 1,805 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $328.65, for a total transaction of $593,213.25. Following the sale, the executive vice president now owns 83,517 shares in the company, valued at $27,447,862.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO David S. Regnery sold 29,450 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $321.25, for a total value of $9,460,812.50. Following the completion of the transaction, the chief executive officer now owns 132,946 shares of the company’s stock, valued at $42,708,902.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.38% 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.