Zacks Investment Research upgraded shares of Triton International (NYSE:TRTN) from a hold rating to a buy rating in a research note issued to investors on Thursday. Zacks Investment Research currently has $37.00 price target on the stock.
According to Zacks, “Triton International expects sequential increase in adjusted net income for the current year. Demand for the company’s containers is anticipated to remain strong, thereby driving growth. Triton expects to continue performing well in the second half of the year on the back of favorable market conditions. Notably, the company has an impressive earnings history having surpassed the Zacks Consensus Estimate in each of the preceding four quarters with an average beat of 7%. Efforts to reward its shareholders through dividend payments are encouraging. This May, the company hiked its dividend by 7 cents to 52 cents per share. The company's trailing 12-month return on equity (ROE) underlines its growth potential. However, the company's high debt levels are concerning. Moreover, shares of the company have underperformed its industry in a year's time.”
TRTN has been the topic of several other research reports. Wells Fargo & Co lowered shares of Triton International from an outperform rating to a market perform rating and set a $35.00 target price on the stock. in a report on Friday, September 28th. ValuEngine lowered shares of Triton International from a hold rating to a sell rating in a report on Monday, June 18th. Keefe, Bruyette & Woods raised shares of Triton International from a market perform rating to an outperform rating in a report on Thursday, September 6th. Finally, Compass Point reaffirmed a buy rating and set a $42.00 target price on shares of Triton International in a report on Friday, August 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $41.83.
Triton International (NYSE:TRTN) last released its earnings results on Friday, August 3rd. The company reported $1.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.04. Triton International had a net margin of 35.39% and a return on equity of 14.30%. The company had revenue of $329.80 million for the quarter, compared to analyst estimates of $330.49 million. During the same quarter last year, the firm earned $0.63 EPS. The firm’s quarterly revenue was up 17.0% compared to the same quarter last year. Research analysts expect that Triton International will post 4.35 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 25th. Investors of record on Tuesday, September 4th were given a dividend of $0.52 per share. The ex-dividend date was Friday, August 31st. This represents a $2.08 dividend on an annualized basis and a yield of 6.44%. Triton International’s dividend payout ratio (DPR) is currently 74.82%.
In related news, VP Michelle Gallagher sold 6,000 shares of Triton International stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $35.90, for a total transaction of $215,400.00. Following the completion of the transaction, the vice president now directly owns 19,209 shares of the company’s stock, valued at approximately $689,603.10. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Pincus (Ganymede-Ii) P. Warburg sold 1,850,000 shares of Triton International stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $34.78, for a total transaction of $64,343,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,859,000 shares of company stock valued at $64,672,429. 1.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the business. Mount Yale Investment Advisors LLC purchased a new stake in shares of Triton International in the first quarter valued at $140,000. Victory Capital Management Inc. purchased a new stake in shares of Triton International in the first quarter valued at $165,000. SG Americas Securities LLC purchased a new stake in shares of Triton International in the first quarter valued at $165,000. Bayesian Capital Management LP purchased a new stake in shares of Triton International in the first quarter valued at $211,000. Finally, Amalgamated Bank purchased a new stake in shares of Triton International in the second quarter valued at $218,000. 65.19% of the stock is owned by institutional investors and hedge funds.
About Triton International
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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