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Trane Technologies TT has performed well over the past year and has the potential to sustain momentum in the near term. Hence, if you have not taken advantage of the share price appreciation yet, it is time for you to add the stock to your portfolio.
What Makes TT an Attractive Pick?
An Outperformer: A glimpse at the company’s price trend reveals that the stock has had an impressive run over the year. Shares of Trane Technologies have surged 67.9% compared with the 45.3% rally of the industry it belongs to and the 24.5% rise of the Zacks S&P 500 composite.
One Year Price Performance
Solid Rank: Trane Technologies, which is a building technology and energy solutions provider,currentlyhas a Zacks Rank #2 (Buy) and a VGM Score of B. Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2, offer the best investment opportunities for investors. Thus, the company appears to be a compelling investment proposition at the moment.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Northward Estimate Revisions: Seven estimates for 2024 moved north in the past 60 days versus no southward revision, reflecting analysts’ confidence in the company. The Zacks Consensus Estimate for 2024 earnings has moved up 3.3% in the past 60 days.
Positive Earnings Surprise History: TT has an impressive earnings surprise history. The company outpaced the Zacks Consensus Estimate in the trailing four quarters, delivering an earnings surprise of 8.1% on average.
Strong Growth Prospects: The Zacks Consensus Estimate for Trane Technologies’ 2024 revenues is pegged at $19.5 billion, indicating 10.6% year-over-year growth.
The Zacks Consensus Estimate for 2024 earnings per share is pegged at $10.8 billion, suggesting a 19.8% year-over-year rise.
Growth Factors: In the second quarter of 2024, TT recorded a backlog of $7.5 billion, increasing 19% on an organic basis from the preceding quarter. Such a strong backlog will support Trane Technologies' growth through 2024 and 2025.
TT is the leading applied solution provider and it is driving significant market growth in the most appealing high-growth verticals in the commercial Heating, Ventilation, and Air Conditioning (HVAC) industry. Second-quarter 2024 revenues for applied solutions in the Americas have risen almost 90% over the past three years. Trane Technologies anticipates its applied systems to carry an 8-10X higher margin of service revenues over the life of the equipment.
The company has introduced a residential HVAC and heat pump portfolio, which offers better energy efficiencies. These new products are anticipated to drive the demand for the replacement and provide a higher gross margin. Also, we expect the Fed's potential interest rate reduction in September 2024 to benefit TT. A sustained interest rate cut through 2024 and 2025 will help the housing market to recover, stimulating the demand for the residential HVAC and heat pump market.
Zacks Rank & Other Stocks to Consider
Some other top-ranked stocks in the broader Zacks Business Services sector are Docusign DOCU and UL Solutions Inc. ULS.
Docusign flaunts a Zacks Rank of 1 (Strong Buy) at present.
DOCU has a long-term earnings growth anticipation of 9.3%. It has delivered a trailing four-quarter earnings surprise of 18.3%, on average.
UL Solutions sports a Zacks Rank of 1 at present. It has a long-term earnings growth expectation of 7.6%.
ULS delivered a trailing four-quarter earnings surprise of 7.9%, on average.
Zacks Investment Research
Docusign, Inc. DOCU reported impressive second-quarter fiscal 2025 results, wherein earnings per share (EPS) and revenues surpassed the Zacks Consensus Estimate.
The stock price has not witnessed any significant impact of the earnings beat since the company released results on Sept. 5, 2024.
DOCU’s EPS (excluding $3.29 from non-recurring items) was 97 cents per share, which surpassed the Zacks Consensus Estimate by 21.3% and increased 34.7% from the year-ago quarter. Total revenues of $736 million beat the consensus mark by 1.4% and gained 7% from second-quarter fiscal 2024.
The company’s shares have gained 7.6% in the past three months against the 1.4% decline of the industry it belongs to and compared with the marginal rise of the Zacks S&P 500.
Docusign Inc. Price and EPS Surprise
Docusign Inc. price-eps-surprise | Docusign Inc. Quote
DOCU’s Segmental Revenues
Subscription revenues totaled $717.4 million, increasing 7% year over year. The figure beat our estimate of $707.9 million. Professional services and other revenues of $18.7 million gained 2% from the year-ago quarter, outpacing our estimate of $17.2 million. Billings amounted to $724.5 million, up 2% from the year-ago quarter. The figure surpassed our estimate of $721.7 million.
The non-GAAP gross margin was 82.2%, beating our estimate of 81.3%. The non-GAAP gross profit of $587.4 million grew 6.9% year over year and missed our expectation of $589.8 million. The non-GAAP operating margin was 32.2%, increasing by 750 basis points from the year-ago quarter. It beat our estimate of 27.2%.
Balance Sheet & Cash Flow of Docusign
Docusign exited second-quarter fiscal 2025 with cash and cash equivalents of $619.1 million compared with $817.4 billion at the end of the preceding quarter. Net cash generated by operating activities was $220.2 million for the quarter. The free cash flow generated was $197.9 million.
DOCU’s Q3 & FY25 Guidance
For the third quarter of fiscal 2025, the company raised its guidance for total revenues to $743-$747 million from the $725-$729 million mentioned in the preceding quarter. The Zacks Consensus Estimate for revenues is pegged at $739 million, which is lower than the company’s raised guided range.
DOCU increased its guidance for subscription revenues to $722-$726 million from the preceding quarter’s view of $705-709 million. The company reduced billings guidance to $710-$720 million from the $715-$725 million provided in first-quarter fiscal 2025. The non-GAAP gross margin and the non-GAAP operating margin are expected to be 81-82% and 28.5-29.5%, respectively.
For fiscal 2025, the company raised its guidance for total revenues to $2.94-$2.95 billion from the $2.92-$2.93 provided in the preceding quarter. The Zacks Consensus Estimate for revenues is pegged at $2.93 million, which is lower than the company’s raised guided range.
Subscription revenue guidance was raised to $2.86-$2.87 billion from the preceding quarter’s $2.84-$2.85 billion. Billings’ guidance is updated to $2.99-$3.03 billion from the prior quarter’s $2.98-$3.03 billion. The non-GAAP gross margin and the non-GAAP operating margin are expected to be 81-82% and 29-29.5%, respectively.
Currently, Docusign carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshot of Peers
ManpowerGroup Inc. MAN reported mixed second-quarter 2024 results.
MAN’s quarterly adjusted earnings of $1.3 per share surpassed the consensus mark by 2.4% but declined 17.7% year over year due to run-off Proservia Germany business and Argentina-related currency translation losses. Revenues of $4.5 billion lagged the consensus mark by a slight margin and dipped 6.9% year over year on a reported basis and 3% on a constant-currency basis.
Omnicom Group Inc. OMC reported impressive second-quarter 2024 results.
OMC’s earnings of $1.95 per share beat the consensus estimate by 3.7% and gained 7.7% year over year. Total revenues of $3.9 billion surpassed the consensus estimate by 1.1% and increased 6.8% on a year-over-year basis.
Zacks Investment Research
Launched on 03/06/2017, the Global X U.S. Infrastructure Development ETF (PAVE) is a passively managed exchange traded fund designed to provide a broad exposure to the Utilities - Infrastructure segment of the equity market.
An increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they are also excellent vehicles for long term investors.
Additionally, sector ETFs offer convenient ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Utilities - Infrastructure is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 6, placing it in top 38%.
Index Details
The fund is sponsored by Global X Management. It has amassed assets over $7.60 billion, making it one of the largest ETFs attempting to match the performance of the Utilities - Infrastructure segment of the equity market. PAVE seeks to match the performance of the INDXX U.S. Infrastructure Development Index before fees and expenses.
The INDXX U.S. Infrastructure Development Index measure the performance of U.S. listed companies that provide exposure to domestic infrastructure development, including companies involved in construction and engineering; production of infrastructure raw materials, composites and products; industrial transportation; and producers/distributors of heavy construction equipment.
Costs
Since cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.
Annual operating expenses for this ETF are 0.47%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 0.63%.
Sector Exposure and Top Holdings
It is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Industrials sector--about 73.70% of the portfolio. Materials and Utilities round out the top three.
Looking at individual holdings, Trane Technologies Plc (TT) accounts for about 3.58% of total assets, followed by United Rentals Inc (URI) and Eaton Corp Plc (ETN).
The top 10 holdings account for about 30.85% of total assets under management.
Performance and Risk
The ETF has added roughly 8.76% and was up about 19.90% so far this year and in the past one year (as of 09/10/2024), respectively. PAVE has traded between $28.26 and $39.96 during this last 52-week period.
The ETF has a beta of 1.22 and standard deviation of 21.47% for the trailing three-year period. With about 101 holdings, it effectively diversifies company-specific risk.
Alternatives
Global X U.S. Infrastructure Development ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, PAVE is a great option for investors seeking exposure to the Utilities/Infrastructure ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
IShares U.S. Infrastructure ETF (IFRA) tracks NYSE FACTSET U.S. INFRASTRUCTURE INDEX and the iShares Global Infrastructure ETF (IGF) tracks S&P Global Infrastructure Index. IShares U.S. Infrastructure ETF has $2.55 billion in assets, iShares Global Infrastructure ETF has $3.97 billion. IFRA has an expense ratio of 0.30% and IGF charges 0.42%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window
Updated at 11:44 a.m. ET/1544 GMT
By Johann M Cherian and Purvi Agarwal
Sept 6 (Reuters) - Wall Street's main indexes fell to their lowest in over three weeks on Friday after a crucial jobs report did little to clear the uncertainty around the magnitude of the Federal Reserve's interest rate cut expected at its meeting later this month.
A Labor Department report showed U.S. employment increased less than expected in August, but a drop in the jobless rate to 4.2% suggested an orderly labor market slowdown continued.
Traders' bets for a 25-basis point rate cut in September stood at 73%, according to the CME Group's FedWatch Tool, while those for a 50-bps reduction in rates were at 27%, down from a brief rise to 51% after the data.
Rate-sensitive growth stocks such as Alphabet <GOOGL.O> and Tesla TSLA.O fell 2.8% and 5.4%, respectively, while Nvidia NVDA.O lost 4.4%, nearing the level of $100 last seen in early August.
"There's uncertainty about what the Fed is going to do," said Melissa Brown, managing director of investment decision research at SimCorp.
"We certainly would like to see rates come down, but on the other hand could an aggressive move suggest that they see something that makes them think the economy is worse off than we thought?"
Meanwhile, some policymakers said they are ready to lower interest rates at the Fed's meeting in two weeks, with one of them saying he could support a bigger cut in borrowing costs, should the cooling labor market need support.
The labor market has come under scrutiny after an unexpected rise in the jobless rate sparked recession fears nearly a month ago and had sent the tech-heavy Nasdaq down more than 10% into correction territory and led to a selloff in global markets.
At 11:44 a.m. ET, the Dow Jones Industrial Average .DJI fell 329.57 points, or 0.81%, to 40,426.18, the S&P 500 .SPX lost 81.01 points, or 1.47%, to 5,422.40 and the Nasdaq Composite .IXIC lost 393.51 points, or 2.30%, to 16,734.15.
All major sectors on the S&P 500 were trending lower, led by a 2.6% drop in tech stocks .SPLRCT.
Wall Street's three main indexes were on track for a weekly loss. The benchmark S&P 500 was on course for a weekly drop of more than 3%, its steepest decline in 18 months, led by a more than 6% slide in technology stocks .SPLRCT.
September has been historically weak for U.S. equities, with the S&P 500 down about 1.2% for the month on average since 1928.
Broadcom AVGO.Oshed 9.2% after the chipmaker forecast fourth-quarter revenue slightly below estimates, hurt by sluggish spending in its broadband segment.
Other chip stocks such as Marvell Technology MRVL.O dropped 5.1% and Advanced Micro Devices AMD.O shed 4.5%, sending the Philadelphia SE Semiconductor index .SOX down 4.2%.
The semiconductor index is set for its biggest weekly drop since March 2020.
Among others, Super Micro Computer SMCI.O dropped 6.4% after brokerage J.P. Morgan downgraded the AI server maker's shares to "neutral" from "overweight".
Declining issues outnumbered advancers by a 2.79-to-1 ratio on the NYSE and by a 3.37-to-1 ratio on the Nasdaq.
The S&P 500 posted 16 new 52-week highs and 12 new lows, while the Nasdaq Composite recorded 19 new highs and 134 new lows.
(Reporting by Johann M Cherian and Purvi Agarwal in Bengaluru; Editing by Shounak Dasgupta and Maju Samuel)
(( johann.mcherian@thomsonreuters.com ))
Keywords: USA-STOCKS/ (UPDATE 4)
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