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

Trane Technologies plc (NYSE:TT) declared a quarterly dividend on Wednesday, October 9th, RTT News reports. Shareholders of record on Friday, December 6th will be paid a dividend of 0.84 per share on Tuesday, December 31st. This represents a $3.36 dividend on an annualized basis and a yield of 0.85%.

Trane Technologies has raised its dividend payment by an average of 12.3% annually over the last three years. Trane Technologies has a dividend payout ratio of 27.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Trane Technologies to earn $12.29 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 27.3%.

Trane Technologies Price Performance

Shares of NYSE TT opened at $396.50 on Wednesday. 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 has a market capitalization of $89.75 billion, a PE ratio of 42.36, a P/E/G ratio of 2.68 and a beta of 1.01. Trane Technologies has a 1-year low of $184.02 and a 1-year high of $398.00. The business’s fifty day moving average price is $357.64 and its two-hundred day moving average price is $334.14.

Trane Technologies (NYSE:TT) last released its quarterly earnings results on Wednesday, July 31st. The company reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $3.08 by $0.22. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.13 billion. Trane Technologies had a net margin of 12.33% and a return on equity of 33.97%. Trane Technologies’s revenue was up 12.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.68 EPS. On average, research analysts expect that Trane Technologies will post 10.87 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on TT shares. Barclays upped their price target on shares of Trane Technologies from $394.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company boosted their price objective on Trane Technologies from $320.00 to $360.00 and gave the stock an “underweight” rating in a report on Monday. Robert W. Baird boosted their price target on shares of Trane Technologies from $360.00 to $365.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Royal Bank of Canada lifted their price objective 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. Finally, Morgan Stanley assumed coverage on Trane Technologies in a report on Friday, September 6th. They set an “overweight” rating and a $425.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $360.58.

Insider Activity at Trane Technologies

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 value of $593,213.25. Following the sale, the executive vice president now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Trane Technologies news, EVP Raymond D. Pittard sold 1,805 shares of the business’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 transaction, the executive vice president now directly owns 83,517 shares in the company, valued at $27,447,862.05. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David S. Regnery sold 29,450 shares of Trane Technologies stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $321.25, for a total transaction 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 trade represents 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 insiders.

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.