Zacks Investment Research upgraded shares of Triton International (NYSE:TRTN) from a hold rating to a buy rating in a report published on Thursday. The brokerage currently has $39.00 price target on the stock.
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. The positivity revolving around the stock is evident from the Zacks Consenus Estimate for current-quarer earnings being revised 2.6% upward in the last 60 days. However, the fourth quarter is a sluggish season for dry containers and this might have an adverse impact on results. Moreover, Triton is a highly leveraged company.”
TRTN has been the subject of a number of other research reports. Bank of America reduced their price target on Triton International from $41.00 to $38.00 and set a buy rating for the company in a report on Wednesday, October 10th. ValuEngine raised Triton International from a strong sell rating to a sell rating in a report on Friday, August 10th. Keefe, Bruyette & Woods raised Triton International from a market perform rating to an outperform rating in a report on Thursday, September 6th. Finally, Wells Fargo & Co cut Triton International from an outperform rating to a market perform rating and set a $35.00 price target for the company. in a report on Friday, September 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $40.17.
Triton International (NYSE:TRTN) last released its quarterly earnings results on Friday, November 2nd. The company reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.05. The company had revenue of $350.08 million during the quarter, compared to analysts’ expectations of $349.39 million. Triton International had a return on equity of 14.44% and a net margin of 37.41%. Triton International’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.81 EPS. As a group, equities research analysts expect that Triton International will post 4.42 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 30th. This represents a $2.08 annualized dividend and a yield of 6.33%. Triton International’s dividend payout ratio (DPR) is currently 74.82%.
In other news, Director Global Ltd Bharti acquired 337,000 shares of the business’s stock in a transaction on Thursday, November 1st. The stock was bought at an average cost of $34.78 per share, for a total transaction of $11,720,860.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 1.40% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of the business. Clearbridge Investments LLC grew its position in shares of 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 purchasing an additional 543,947 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Triton International by 0.8% in the third quarter. Vanguard Group Inc. now owns 5,151,453 shares of the company’s stock valued at $171,389,000 after purchasing an additional 40,927 shares in the last quarter. Morgan Stanley grew its position in shares of Triton International by 34.6% in the third quarter. Morgan Stanley now owns 342,151 shares of the company’s stock valued at $11,383,000 after purchasing an additional 87,940 shares in the last quarter. Macquarie Group Ltd. purchased a new stake in shares of Triton International in the third quarter valued at approximately $1,174,000. Finally, LPL Financial LLC grew its position in shares of Triton International by 10.5% in the third quarter. LPL Financial LLC now owns 51,792 shares of the company’s stock valued at $1,723,000 after purchasing an additional 4,906 shares in the last quarter. Institutional investors own 64.25% of the company’s stock.
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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