TriMas Receives Strong Buy Ratings Amid Impressive Earnings
Leading financial firm BWS Financial has reaffirmed its buy rating for shares of TriMas Corporation (NASDAQ: TRS) following a positive earnings report. The firm set a target price of $45.00 for the industrial products company’s stock, indicating a strong confidence in its future performance.
In addition to BWS Financial, other brokerages have also recently updated their ratings on TriMas. On August 29, 2023, Zacks Research upgraded the stock from a “hold” to a “strong-buy” rating. Similarly, Weiss Ratings maintained a “hold (c)” rating on October 8, while KeyCorp established a price objective of $45.00 and assigned an “overweight” rating on August 12. Currently, one analyst has given TriMas a “Strong Buy” rating, two have rated it as a “Buy,” and one has issued a “Hold” rating. According to MarketBeat.com, the consensus rating for the company stands at “Buy,” with a target price of $45.00.
Strong Quarterly Performance Surpasses Expectations
TriMas announced its quarterly earnings on October 28, 2023, reporting earnings per share (EPS) of $0.61, which exceeded the consensus estimate of $0.57 by $0.04. The company also reported revenue of $269.26 million, surpassing analysts’ expectations of $262.05 million. This marks a significant year-over-year revenue increase of 17.4%, compared to $0.43 EPS in the same quarter last year.
For the upcoming fiscal year 2025, TriMas has provided guidance of $2.020 to $2.120 EPS. Analysts predict that the company will achieve $1.69 EPS for the current fiscal year, demonstrating strong growth potential.
Additionally, TriMas recently declared a quarterly dividend of $0.04 per share, which will be disbursed on November 13, 2023. Shareholders of record as of November 6 will receive this dividend, which translates to an annualized payout of $0.16 and a dividend yield of 0.5%. The company’s dividend payout ratio currently sits at 14.81%.
Institutional Investors Show Confidence in TriMas
Several institutional investors and hedge funds have made noteworthy adjustments to their holdings in TriMas. Irenic Capital Management LP acquired a new position valued at $19,997,000 in the first quarter. Alta Fox Capital Management LLC also purchased a new stake worth approximately $17,385,000, while Simcoe Capital Management LLC invested about $6,451,000. Other notable purchases include Ophir Asset Management Pty Ltd, which bought shares worth approximately $7,261,000 in the second quarter, and Nuveen LLC with a new stake worth about $5,932,000. Collectively, institutional investors and hedge funds own 99.42% of TriMas’ stock.
TriMas Corporation specializes in the design, development, manufacture, and sale of products for various markets, including consumer goods, aerospace, and industrial sectors. The company operates through three key segments: Packaging, Aerospace, and Specialty Products. Its Packaging segment offers a variety of dispensing products, such as pumps and sprayers, as well as polymeric and steel caps, closures, and integrated dispensers.
As TriMas continues to perform well financially, the outlook remains positive, with analysts and investors alike expressing confidence in its growth trajectory.
