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Trane Technologies (TT) Rises 45.6% in a Year: Here's How
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Trane Technologies plc (TT - Free Report) has gained 45.6% in the past year, beating its industry’s growth of 31% in the same time frame and outperforming the S&P 500 composite’s 21.3%. The company beat the Zacks Consensus Estimate in all the past four quarters, with an average surprise of 6.8%.
Factors Driving the Surge
Trane Technologies remains steadfast in its commitment to enhancing business operations and driving innovation through transformative projects and investments. With a goal to optimize its cost structure, the company targets annualized savings of $300 million by 2023.
Consistently prioritizing shareholder value, Trane Technologies employs a combination of share repurchases and dividends. In the years 2022, 2021, 2020, and 2019, it repurchased shares worth $1.2 billion, $1.1 billion, $250 million and $750.1 million, respectively. Additionally, dividends distributed amounted to $620 million, $561.1 million, $507.3 million and $510.1 million in 2022, 2021, 2020 and 2019, respectively. These strategic measures underscore the company's confidence in its business and ongoing commitment to enhancing shareholder value.
Dedicated to improving product effectiveness and user-friendliness, Trane Technologies allocated $211.2 million to research and development in 2022, reinforcing its commitment to innovation. Significant investments of $193.5 million in 2021 and $165 million in 2020 further highlight the company's enduring commitment to advancing technology and ensuring product excellence.
Capitalizing on strategic partnerships, Trane Technologies recently collaborated with BrainBox AI, a leader in autonomous decarbonization for buildings. This partnership integrates Trane's Tracer SC+ building automation system with BrainBox AI's autonomous decarbonization AI technology, providing a unique solution for Trane customers to reduce greenhouse gas emissions and optimize operational costs.
Zacks Rank and Stocks to Consider
TT currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the broader Business Services sector to watch.
Broadridge Financial Solutions (BR - Free Report) : The Zacks Consensus Estimate for the company’s 2023 revenues indicates 7.7% growth from the year-ago reported figure, whereas the same for earnings implies a 10.1% rise. The company beat the consensus estimate in three of the past four quarters and matched once, the average surprise being 5.4%.
Booz Allen (BAH - Free Report) : The Zacks Consensus Estimate for BAH’s 2023 revenues indicates 13% growth from the year-ago reported figure, whereas the same for earnings suggests a 10.3% rise. The company beat the consensus estimate in three of the four quarters and missed once, the average surprise being 7.7%.
BAH carries a Zacks Rank of 2 at present.
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Trane Technologies (TT) Rises 45.6% in a Year: Here's How
Trane Technologies plc (TT - Free Report) has gained 45.6% in the past year, beating its industry’s growth of 31% in the same time frame and outperforming the S&P 500 composite’s 21.3%. The company beat the Zacks Consensus Estimate in all the past four quarters, with an average surprise of 6.8%.
Factors Driving the Surge
Trane Technologies remains steadfast in its commitment to enhancing business operations and driving innovation through transformative projects and investments. With a goal to optimize its cost structure, the company targets annualized savings of $300 million by 2023.
Trane Technologies plc Price
Trane Technologies plc price | Trane Technologies plc Quote
Consistently prioritizing shareholder value, Trane Technologies employs a combination of share repurchases and dividends. In the years 2022, 2021, 2020, and 2019, it repurchased shares worth $1.2 billion, $1.1 billion, $250 million and $750.1 million, respectively. Additionally, dividends distributed amounted to $620 million, $561.1 million, $507.3 million and $510.1 million in 2022, 2021, 2020 and 2019, respectively. These strategic measures underscore the company's confidence in its business and ongoing commitment to enhancing shareholder value.
Dedicated to improving product effectiveness and user-friendliness, Trane Technologies allocated $211.2 million to research and development in 2022, reinforcing its commitment to innovation. Significant investments of $193.5 million in 2021 and $165 million in 2020 further highlight the company's enduring commitment to advancing technology and ensuring product excellence.
Capitalizing on strategic partnerships, Trane Technologies recently collaborated with BrainBox AI, a leader in autonomous decarbonization for buildings. This partnership integrates Trane's Tracer SC+ building automation system with BrainBox AI's autonomous decarbonization AI technology, providing a unique solution for Trane customers to reduce greenhouse gas emissions and optimize operational costs.
Zacks Rank and Stocks to Consider
TT currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the broader Business Services sector to watch.
Broadridge Financial Solutions (BR - Free Report) : The Zacks Consensus Estimate for the company’s 2023 revenues indicates 7.7% growth from the year-ago reported figure, whereas the same for earnings implies a 10.1% rise. The company beat the consensus estimate in three of the past four quarters and matched once, the average surprise being 5.4%.
BR currently has a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Booz Allen (BAH - Free Report) : The Zacks Consensus Estimate for BAH’s 2023 revenues indicates 13% growth from the year-ago reported figure, whereas the same for earnings suggests a 10.3% rise. The company beat the consensus estimate in three of the four quarters and missed once, the average surprise being 7.7%.
BAH carries a Zacks Rank of 2 at present.