TriMas (NASDAQ:TRS) Shares Gap Up Following Strong Earnings

TriMas Co. (NASDAQ:TRS)’s stock price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $20.99, but opened at $24.45. TriMas shares last traded at $23.26, with a volume of 53,027 shares.

The industrial products company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $241.67 million for the quarter, compared to analyst estimates of $235.41 million. TriMas had a return on equity of 9.21% and a net margin of 2.93%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.37 earnings per share.

TriMas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 13th. Stockholders of record on Tuesday, May 6th will be issued a $0.04 dividend. The ex-dividend date is Tuesday, May 6th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.67%. TriMas’s dividend payout ratio is presently 27.12%.

Analyst Upgrades and Downgrades

Separately, BWS Financial reaffirmed a “buy” rating and set a $40.00 price target on shares of TriMas in a research report on Wednesday.

Insiders Place Their Bets

In related news, CFO Scott A. Mell sold 2,218 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $22.54, for a total value of $49,993.72. Following the sale, the chief financial officer now directly owns 26,288 shares of the company’s stock, valued at $592,531.52. This trade represents a 7.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Shawn Sedaghat bought 554,149 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average cost of $24.07 per share, for a total transaction of $13,338,366.43. Following the completion of the purchase, the director now directly owns 900,974 shares of the company’s stock, valued at $21,686,444.18. This represents a 159.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 806,246 shares of company stock valued at $19,338,213 over the last ninety days. 14.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On TriMas

A number of hedge funds have recently made changes to their positions in TRS. Barclays PLC increased its position in TriMas by 341.3% during the 3rd quarter. Barclays PLC now owns 68,792 shares of the industrial products company’s stock valued at $1,755,000 after purchasing an additional 53,203 shares during the period. JPMorgan Chase & Co. increased its position in TriMas by 3.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 38,461 shares of the industrial products company’s stock valued at $982,000 after purchasing an additional 1,227 shares during the period. Charles Schwab Investment Management Inc. increased its position in TriMas by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,502 shares of the industrial products company’s stock valued at $14,889,000 after purchasing an additional 22,656 shares during the period. Bank of New York Mellon Corp increased its position in TriMas by 4.7% during the 4th quarter. Bank of New York Mellon Corp now owns 246,097 shares of the industrial products company’s stock valued at $6,052,000 after purchasing an additional 11,125 shares during the period. Finally, First Eagle Investment Management LLC increased its position in TriMas by 1.8% during the 4th quarter. First Eagle Investment Management LLC now owns 257,506 shares of the industrial products company’s stock valued at $6,332,000 after purchasing an additional 4,500 shares during the period. 99.42% of the stock is currently owned by institutional investors.

TriMas Trading Up 2.0 %

The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.44 and a current ratio of 2.83. The stock’s 50-day simple moving average is $22.38 and its 200-day simple moving average is $24.35. The firm has a market capitalization of $979.22 million, a PE ratio of 37.58 and a beta of 0.55.

About TriMas

TriMas Corporation engages in the design, development, manufacture, and sale of products for consumer products, aerospace, and industrial markets worldwide. The company operates through Packaging, Aerospace, and Specialty Products segments. The Packaging segment offers dispensing products, such as foaming and sanitizer pumps, lotion and hand soap pumps, beverage dispensers, perfume sprayers, and nasal and trigger sprayers; polymeric and steel caps and closures comprising food lids, flip-top and beverage closures, child resistance caps, drum and pail closures, and flexible spouts; polymeric jar products; integrated dispensers; bag-in-box products; and consumable vascular delivery and diagnostic test components under the Rieke, Taplast, Affaba & Ferrari, Intertech, Omega, and Rapak brands.