Trane Technologies plc (NYSE:TT) Announces Quarterly Dividend of $0.84

Trane Technologies plc (NYSE:TT) declared a quarterly dividend on Friday, June 7th, Wall Street Journal reports. Stockholders of record on Friday, September 6th will be paid a dividend of 0.84 per share on Monday, September 30th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend is Friday, September 6th.

Trane Technologies has raised its dividend by an average of 12.3% annually over the last three years. Trane Technologies has a payout ratio of 27.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Trane Technologies to earn $12.09 per share next year, which means the company should continue to be able to cover its $3.36 annual dividend with an expected future payout ratio of 27.8%.

Trane Technologies Price Performance

Shares of TT opened at $346.18 on Wednesday. The business has a 50-day simple moving average of $337.68 and a two-hundred day simple moving average of $318.87. Trane Technologies has a 12-month low of $184.02 and a 12-month high of $363.15. The stock has a market cap of $78.12 billion, a PE ratio of 36.99, a PEG ratio of 2.51 and a beta of 1.01. The company has a quick ratio of 0.84, a current ratio of 1.17 and a debt-to-equity ratio of 0.62.

Trane Technologies (NYSE:TT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $3.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.08 by $0.22. Trane Technologies had a net margin of 12.33% and a return on equity of 33.97%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.13 billion. During the same quarter last year, the business earned $2.68 EPS. The firm’s quarterly revenue was up 12.8% on a year-over-year basis. Analysts anticipate that Trane Technologies will post 10.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Trane Technologies

In related news, EVP Raymond D. Pittard sold 1,805 shares of Trane Technologies stock in a transaction that occurred 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 transaction, the executive vice president now owns 83,517 shares of the company’s stock, valued at $27,447,862.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Trane Technologies news, EVP Raymond D. Pittard sold 1,805 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now directly owns 83,517 shares of the company’s stock, valued at approximately $27,447,862.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David S. Regnery sold 29,450 shares of the company’s stock in a transaction that occurred on 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 directly owns 132,946 shares of the company’s stock, valued at $42,708,902.50. The disclosure for this sale can be found here. Company insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TT shares. Robert W. Baird increased their price objective on Trane Technologies from $360.00 to $365.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. UBS Group increased their price target on Trane Technologies from $330.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, June 3rd. Barclays lifted their price objective on Trane Technologies from $385.00 to $394.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Wells Fargo & Company increased their target price on shares of Trane Technologies from $310.00 to $315.00 and gave the company an “underweight” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada boosted their price target on shares of Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $323.29.

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.