Trinity Industries (TRN) Given New $46.00 Price Target at Cowen
Trinity Industries (NYSE:TRN) had its price objective hoisted by Cowen from $36.00 to $46.00 in a research note released on Wednesday morning. Cowen currently has an outperform rating on the transportation company’s stock.
Several other research firms have also recently commented on TRN. ValuEngine raised Trinity Industries from a hold rating to a buy rating in a report on Friday, September 1st. Zacks Investment Research cut Trinity Industries from a buy rating to a hold rating in a report on Saturday, September 23rd. Stifel Nicolaus reaffirmed a buy rating and set a $42.00 price objective (up from $31.00) on shares of Trinity Industries in a report on Sunday, October 1st. UBS raised Trinity Industries from a neutral rating to a positive rating in a report on Monday, November 6th. Finally, KeyCorp reaffirmed a buy rating and set a $41.00 price objective (up from $34.00) on shares of Trinity Industries in a report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $35.00.
Trinity Industries (NYSE TRN) traded up $0.48 on Wednesday, hitting $37.36. The stock had a trading volume of 3,417,500 shares, compared to its average volume of 1,311,922. The company has a quick ratio of 2.62, a current ratio of 3.70 and a debt-to-equity ratio of 0.75. The firm has a market cap of $5,670.00, a PE ratio of 24.59, a P/E/G ratio of 2.48 and a beta of 2.26. Trinity Industries has a 1-year low of $25.01 and a 1-year high of $38.25.
Trinity Industries declared that its board has authorized a share buyback program on Tuesday, December 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the transportation company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, January 12th will be issued a dividend of $0.13 per share. The ex-dividend date is Thursday, January 11th. This represents a $0.52 annualized dividend and a yield of 1.39%. Trinity Industries’s dividend payout ratio is presently 34.67%.
In other Trinity Industries news, major shareholder Valueact Capital Master Fund, acquired 425,000 shares of the stock in a transaction dated Wednesday, November 15th. The stock was acquired at an average price of $32.88 per share, with a total value of $13,974,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holdings L.P. Valueact acquired 300,000 shares of the stock in a transaction dated Thursday, October 26th. The stock was acquired at an average cost of $31.45 per share, with a total value of $9,435,000.00. The disclosure for this purchase can be found here. Over the last three months, insiders bought 1,722,237 shares of company stock valued at $55,164,869. Insiders own 2.00% of the company’s stock.
Several large investors have recently made changes to their positions in the company. ValueAct Holdings L.P. grew its position in shares of Trinity Industries by 10.7% in the third quarter. ValueAct Holdings L.P. now owns 17,255,115 shares of the transportation company’s stock valued at $550,438,000 after purchasing an additional 1,672,510 shares during the period. Vanguard Group Inc. grew its position in Trinity Industries by 0.6% during the second quarter. Vanguard Group Inc. now owns 12,345,367 shares of the transportation company’s stock valued at $346,040,000 after acquiring an additional 78,124 shares during the period. Janus Henderson Group PLC grew its position in Trinity Industries by 16.3% during the third quarter. Janus Henderson Group PLC now owns 4,512,499 shares of the transportation company’s stock valued at $143,949,000 after acquiring an additional 633,336 shares during the period. Impala Asset Management LLC grew its position in Trinity Industries by 8.5% during the third quarter. Impala Asset Management LLC now owns 2,130,641 shares of the transportation company’s stock valued at $67,967,000 after acquiring an additional 167,491 shares during the period. Finally, Jennison Associates LLC grew its position in Trinity Industries by 15.3% during the third quarter. Jennison Associates LLC now owns 1,070,222 shares of the transportation company’s stock valued at $34,140,000 after acquiring an additional 141,992 shares during the period. 82.46% of the stock is owned by institutional investors and hedge funds.
About Trinity Industries
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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