Triton International (TRTN) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Triton International (NYSE:TRTN) from a hold rating to a buy rating in a research note released on Thursday morning. Zacks Investment Research currently has $39.00 price objective 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.”
Other research analysts also recently issued reports about the company. ValuEngine upgraded Triton International from a strong sell rating to a sell rating in a report on Friday, August 10th. Keefe, Bruyette & Woods upgraded Triton International from a market perform rating to an outperform rating in a research note on Thursday, September 6th. Wells Fargo & Co downgraded Triton International from an outperform rating to a market perform rating and set a $35.00 target price on the stock. in a research note on Friday, September 28th. Finally, Bank of America dropped their target price on Triton International from $41.00 to $38.00 and set a buy rating on the stock in a research note on Wednesday, October 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. Triton International has an average rating of Buy and an average target price of $40.17.
Triton International (NYSE:TRTN) last announced its quarterly earnings results on Friday, November 2nd. The company reported $1.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 for the quarter, compared to the consensus estimate of $349.39 million. During the same period last year, the business posted $0.81 EPS. The business’s revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts forecast that Triton International will post 4.42 EPS for the current year.
The firm also recently announced 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 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 74.82%.
In other Triton International news, Director Global Ltd Bharti bought 337,000 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The shares were purchased at an average cost of $34.78 per share, for a total transaction of $11,720,860.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.40% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Stratos Wealth Partners LTD. purchased a new stake in Triton International during the 3rd quarter valued at about $180,000. IFP Advisors Inc grew its stake in Triton International by 110.9% during the 3rd quarter. IFP Advisors Inc now owns 5,752 shares of the company’s stock valued at $191,000 after purchasing an additional 3,024 shares during the last quarter. Amalgamated Bank purchased a new stake in Triton International during the 2nd quarter valued at about $218,000. SG Americas Securities LLC grew its stake in Triton International by 31.9% during the 2nd quarter. SG Americas Securities LLC now owns 7,109 shares of the company’s stock valued at $218,000 after purchasing an additional 1,720 shares during the last quarter. Finally, MML Investors Services LLC purchased a new stake in Triton International during the 3rd quarter valued at about $219,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.
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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