Zacks Investment Research Downgrades Textainer Group Holdings Ltd. (TGH) to Strong Sell
Textainer Group Holdings Ltd. (NYSE:TGH) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Thursday.
According to Zacks, “TEXTAINER GROUP is the worlds largest lessor of intermodal containers with a total fleet of more than 1.3 million containers, representing over 2,000,000 TEU. They lease containers to more than 400 shipping lines and other lessees, including each of the world’s top 20 container lines. Yhey are also the primary supplier of leased containers to the U.S. Military. Their goal is to be the most reliable lessor of containers in locations where their customers need them. They have provided an average of more than 100,000 TEU of new containers per year for the past 10 years, and have been one of the largest purchasers of new containers among container lessors over the same period. They are also one of the largest sellers of used containers , having sold an average of more than 53,000 containers per year for the last five years. “
Other analysts also recently issued research reports about the stock. Cowen and Company cut their price objective on shares of Textainer Group Holdings from $15.00 to $13.00 and set a “market perform” rating for the company in a report on Tuesday, August 9th. TheStreet cut shares of Textainer Group Holdings from a “hold” rating to a “sell” rating in a research note on Tuesday, November 8th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $10.00.
Textainer Group Holdings (NYSE:TGH) opened at 9.50 on Thursday. Textainer Group Holdings has a 12 month low of $6.90 and a 12 month high of $15.98. The firm’s market capitalization is $537.61 million. The company has a 50 day moving average price of $7.62 and a 200 day moving average price of $10.38.
Textainer Group Holdings (NYSE:TGH) last released its quarterly earnings data on Tuesday, November 8th. The company reported ($0.92) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.12) by $0.80. The business earned $121.21 million during the quarter, compared to analyst estimates of $124.98 million. Textainer Group Holdings had a negative net margin of 5.79% and a negative return on equity of 2.45%. The firm’s revenue was down 11.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.31 EPS. Analysts anticipate that Textainer Group Holdings will post ($0.96) earnings per share for the current fiscal year.
Several hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System boosted its stake in Textainer Group Holdings by 1.5% in the second quarter. California State Teachers Retirement System now owns 47,562 shares of the company’s stock valued at $530,000 after buying an additional 702 shares during the period. Emerald Acquisition Ltd. bought a new position in Textainer Group Holdings during the second quarter worth $960,000. Victory Capital Management Inc. boosted its position in Textainer Group Holdings by 17.6% in the second quarter. Victory Capital Management Inc. now owns 11,206 shares of the company’s stock worth $125,000 after buying an additional 1,675 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Textainer Group Holdings by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 92,982 shares of the company’s stock worth $1,036,000 after buying an additional 3,417 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Textainer Group Holdings during the second quarter worth $131,000. 14.08% of the stock is owned by institutional investors and hedge funds.
About Textainer Group Holdings
Textainer Group Holdings Limited (TGH) is a holding company. The Company is involved in the purchase, ownership, management, leasing and disposal of a fleet of intermodal containers. The Company operates in three segments: Container Ownership, which owned containers accounting for approximately 80% of the Company’s fleet; Container Management, which managed containers on behalf of approximately 10 affiliated and unaffiliated container investors, providing acquisition, management and disposal services, and total managed containers accounted for approximately 20% of its fleet, and Container Resale, which sells containers from its fleet when they reach the end of their useful lives in marine service, and also purchases and leases or resells containers from shipping line customers, container traders and other sellers of containers.
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