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Trane Technologies (TT) Gains 30% in a Year: Here's How
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Trane Technologiesplc’s (TT - Free Report) stock has had an impressive run in the past year. TT shares have appreciated 29.8%, outperforming 14.3% growth of the Zacks S&P 500 composite.
What’s Driving the Stock
TraneTechnologies remains focused on improving its business operating system and innovation through business transformation initiatives and investments. To lower its cost structure, it targets $300 million in annualized savings by 2023.
The company reported better-than-expected earnings and revenue performance in the past four quarters. The top line benefited from a strong demand situation, especially in commercial HVAC globally, and acquisitions. The bottom line was aided by strong positive price realization, volume growth and productivity. In the third quarter of 2023, Trane Technologies’ revenues and adjusted EPS increased 12% and 23% year over year, respectively.
Commitment to shareholder returns makes TT a reliable way for investors to compound wealth over the long term. In 2022, 2021, 2020 and 2019, it repurchased shares worth $1.2 billion, $1.1 billion, $250 million and $750.1 million, respectively. It paid $620 million, $561.1 million, $507.3 million and $510.1 million in dividends in 2022, 2021, 2020 and 2019, respectively.
Trane Technologies’ current ratio at the end of third-quarter 2023 was 1.29, higher than the previous quarter’s 1.19 and the year-ago quarter’s 1.14. An increasing current ratio is desirable as it indicates that the company may not have problems meeting its short-term debt obligations. A current ratio of more than 1 often indicates that the company will be easily paying off its short-term obligations.
Zacks Rank and Other Key Picks
TT currently carries a Zacks Rank #2 (Buy).
Investors interested in the Zacks Business Services sector can also consider the following stocks:
ROL has an impressive earnings surprise history, beating the consensus mark in three of the four trailing quarters and matching once, the average surprise being 7.2%.
FTI Consulting (FCN - Free Report) also carries a Zacks Rank of 2. The consensus mark for fourth-quarter 2023 earnings is pegged at $1.57 per share, indicating 3.3% year-over-year growth.
FCN has an impressive earnings surprise history, beating the consensus mark in three of the four trailing quarters and missing once, the average surprise being 8.5%.
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Trane Technologies (TT) Gains 30% in a Year: Here's How
Trane Technologiesplc’s (TT - Free Report) stock has had an impressive run in the past year. TT shares have appreciated 29.8%, outperforming 14.3% growth of the Zacks S&P 500 composite.
What’s Driving the Stock
TraneTechnologies remains focused on improving its business operating system and innovation through business transformation initiatives and investments. To lower its cost structure, it targets $300 million in annualized savings by 2023.
Trane Technologies plc Price
Trane Technologies plc price | Trane Technologies plc Quote
The company reported better-than-expected earnings and revenue performance in the past four quarters. The top line benefited from a strong demand situation, especially in commercial HVAC globally, and acquisitions. The bottom line was aided by strong positive price realization, volume growth and productivity. In the third quarter of 2023, Trane Technologies’ revenues and adjusted EPS increased 12% and 23% year over year, respectively.
Commitment to shareholder returns makes TT a reliable way for investors to compound wealth over the long term. In 2022, 2021, 2020 and 2019, it repurchased shares worth $1.2 billion, $1.1 billion, $250 million and $750.1 million, respectively. It paid $620 million, $561.1 million, $507.3 million and $510.1 million in dividends in 2022, 2021, 2020 and 2019, respectively.
Trane Technologies’ current ratio at the end of third-quarter 2023 was 1.29, higher than the previous quarter’s 1.19 and the year-ago quarter’s 1.14. An increasing current ratio is desirable as it indicates that the company may not have problems meeting its short-term debt obligations. A current ratio of more than 1 often indicates that the company will be easily paying off its short-term obligations.
Zacks Rank and Other Key Picks
TT currently carries a Zacks Rank #2 (Buy).
Investors interested in the Zacks Business Services sector can also consider the following stocks:
Rollins (ROL - Free Report) currently carries a Zacks Rank #2. For the fourth quarter of 2023, the Zacks Consensus Estimate for earnings is pegged at 20 cents per share, indicating year-over-year growth of 17.7%.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ROL has an impressive earnings surprise history, beating the consensus mark in three of the four trailing quarters and matching once, the average surprise being 7.2%.
FTI Consulting (FCN - Free Report) also carries a Zacks Rank of 2. The consensus mark for fourth-quarter 2023 earnings is pegged at $1.57 per share, indicating 3.3% year-over-year growth.
FCN has an impressive earnings surprise history, beating the consensus mark in three of the four trailing quarters and missing once, the average surprise being 8.5%.