Zacks Investment Research cut shares of Triton International (NYSE:TRTN) from a buy rating to a hold rating in a report released on Thursday.
According to Zacks, “Triton International is anticipated to perform well in the fourth quarter on the back of tight supply/demand conditions for containers. Additionally, the company's efforts to reward shareholders in the form of dividend payments and share buybacks also sound encouraging. To this end, the company hiked its quarterly cash dividend payout by 7 cents to 52 cents per share in May 2018. As of Oct 31, 2018, the company repurchased approximately 1 million shares for $30.1 million. Its strong cash flow generation is an added positive. However, the tariff exchanges between United States and China has created market uncertainty. It remains to be seen how this affects container trading volumes. Moreover, Triton is a highly leveraged company. In fact, shares of the company have underperformed the industry it belongs to in a year's time. “
A number of other equities research analysts have also recently commented on the company. Wells Fargo & Co cut Triton International from an outperform rating to a market perform rating and set a $35.00 price objective for the company. in a research note on Friday, September 28th. Keefe, Bruyette & Woods raised Triton International from a market perform rating to an outperform rating in a research note on Thursday, September 6th. Bank of America decreased their price objective on Triton International from $41.00 to $38.00 and set a buy rating for the company in a research note on Wednesday, October 10th. ValuEngine raised Triton International from a strong sell rating to a sell rating in a research note on Friday, August 10th. Finally, Compass Point reaffirmed a buy rating and set a $42.00 price objective on shares of Triton International in a research note on Friday, August 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $40.00.
Triton International (NYSE:TRTN) last announced its quarterly earnings data on Friday, November 2nd. The company reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.05. Triton International had a return on equity of 14.44% and a net margin of 37.41%. The business had revenue of $350.08 million during the quarter, compared to analysts’ expectations of $349.39 million. During the same period in the previous year, the firm earned $0.81 earnings per share. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Triton International will post 4.42 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, November 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 6.10%. Triton International’s dividend payout ratio (DPR) is presently 74.82%.
In other Triton International news, Director Pincus (Ganymede-Ii) P. Warburg sold 1,850,000 shares of the business’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $34.78, for a total value of $64,343,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Global Ltd Bharti bought 337,000 shares of the firm’s stock in a transaction on Thursday, November 1st. The stock was acquired at an average cost of $34.78 per share, with a total value of $11,720,860.00. The disclosure for this purchase can be found here. 1.40% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of TRTN. Laurion Capital Management LP acquired a new position in Triton International in the third quarter valued at about $20,149,000. Dimensional Fund Advisors LP grew its stake in Triton International by 12.5% in the second quarter. Dimensional Fund Advisors LP now owns 5,003,565 shares of the company’s stock valued at $153,409,000 after acquiring an additional 554,800 shares during the period. Clearbridge Investments LLC grew its stake in Triton International by 954,293.0% in the third quarter. Clearbridge Investments LLC now owns 544,004 shares of the company’s stock valued at $18,099,000 after acquiring an additional 543,947 shares during the period. LSV Asset Management grew its stake in Triton International by 223.4% in the third quarter. LSV Asset Management now owns 603,423 shares of the company’s stock valued at $20,075,000 after acquiring an additional 416,858 shares during the period. Finally, Walthausen & Co. LLC acquired a new position in Triton International in the third quarter valued at about $12,923,000. 65.69% of the stock is owned by hedge funds and other institutional investors.
Triton International Company Profile
Triton International Limited engages in the acquisition, leasing, re-leasing, and sale of various types of intermodal transportation equipment to shipping lines, and freight forwarding companies and manufacturers. It operates in two segments, Equipment Leasing and Equipment Trading. The company primarily leases dry freight, refrigerated, special, and tank containers; and chassis used for the transportation of containers, as well as manages containers owned by third parties.
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