Stock Buyback Program Authorized by Trinity Industries (TRN) Board
Trinity Industries (NYSE:TRN) announced that its Board of Directors has initiated a stock repurchase plan, which authorizes the company to repurchase $500.00 million in shares on Tuesday, December 12th, EventVestor reports. This repurchase authorization authorizes the transportation company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
TRN has been the subject of several recent research reports. Zacks Investment Research cut Trinity Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. BidaskClub upgraded Trinity Industries from a “hold” rating to a “buy” rating in a research note on Friday, August 25th. Cowen reiterated a “buy” rating and issued a $31.00 price target on shares of Trinity Industries in a research note on Monday, August 28th. ValuEngine upgraded Trinity Industries from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Citigroup upgraded Trinity Industries from a “neutral” rating to a “buy” rating and cut their price target for the company from $45.00 to $36.00 in a research note on Friday, September 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $35.00.
Trinity Industries (NYSE TRN) traded up $1.08 during midday trading on Wednesday, reaching $36.88. The company’s stock had a trading volume of 6,407,800 shares, compared to its average volume of 1,303,113. The company has a quick ratio of 2.62, a current ratio of 3.70 and a debt-to-equity ratio of 0.75. Trinity Industries has a 12-month low of $25.01 and a 12-month high of $37.45. The company has a market capitalization of $5,433.85, a PE ratio of 23.87, a PEG ratio of 2.40 and a beta of 2.26.
Trinity Industries (NYSE:TRN) last released its earnings results on Wednesday, October 25th. The transportation company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.11. Trinity Industries had a return on equity of 5.32% and a net margin of 5.97%. The firm had revenue of $973.60 million during the quarter, compared to analysts’ expectations of $951.60 million. During the same period in the prior year, the company earned $0.55 earnings per share. The company’s quarterly revenue was down 12.4% on a year-over-year basis. equities research analysts expect that Trinity Industries will post 1.49 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, January 12th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.41%. The ex-dividend date of this dividend is Thursday, January 11th. Trinity Industries’s payout ratio is presently 34.67%.
In other Trinity Industries news, major shareholder Valueact Capital Master Fund, bought 13,687 shares of the business’s stock in a transaction on Friday, November 3rd. The stock was purchased at an average cost of $31.98 per share, for a total transaction of $437,710.26. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Holdings L.P. Valueact purchased 125,000 shares of the company’s stock in a transaction dated Monday, November 13th. The stock was purchased at an average price of $32.89 per share, with a total value of $4,111,250.00. The disclosure for this purchase can be found here. Insiders have acquired 1,722,237 shares of company stock valued at $55,164,869 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.
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Trinity Industries Company Profile
Trinity Industries, Inc is a diversified industrial company that owns businesses providing products and services to the energy, chemical, agriculture, transportation and construction sectors. The Company’s products and services include railcars and railcar parts; parts and steel components; the leasing, management and maintenance of railcars; highway products; construction aggregates; inland barges; structural wind towers; steel utility structures; storage and distribution containers, and trench shields and shoring products.
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