Irenic Capital Management LP Takes Position in TriMas Corporation $TRS

Key Points

• Irenic Capital Management LP purchased 853,484 shares of TriMas Corporation valued at approximately $19,997,000, making it the firm’s 12th largest investment position.
• TriMas recently received positive analyst ratings, with a consensus "Buy" rating and target price set at $45.00 from multiple analysts.
• The company reported earnings of $0.61 per share for the last quarter, surpassing expectations and showing a 14.2% increase in revenue year-over-year.

Irenic Capital Management LP purchased a new position in TriMas Corporation (NASDAQ:TRS - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 853,484 shares of the industrial products company's stock, valued at approximately $19,997,000. TriMas comprises about 3.0% of Irenic Capital Management LP's holdings, making the stock its 12th largest holding. Irenic Capital Management LP owned approximately 2.10% of TriMas as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TRS. Bank of America Corp DE lifted its position in shares of TriMas by 127.3% in the fourth quarter. Bank of America Corp DE now owns 3,513,638 shares of the industrial products company's stock worth $86,400,000 after buying an additional 1,967,738 shares during the last quarter. Simcoe Capital Management LLC acquired a new stake in shares of TriMas in the first quarter worth about $6,451,000. Nuveen LLC acquired a new stake in shares of TriMas in the first quarter worth about $5,932,000. Roubaix Capital LLC acquired a new position in shares of TriMas during the 1st quarter worth about $4,955,000. Finally, Hotchkis & Wiley Capital Management LLC lifted its position in shares of TriMas by 34.5% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 392,210 shares of the industrial products company's stock worth $9,189,000 after purchasing an additional 100,610 shares during the last quarter. Institutional investors and hedge funds own 99.42% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on TRS shares. Wall Street Zen raised TriMas from a "hold" rating to a "buy" rating in a research report on Sunday, June 1st. BWS Financial reissued a "buy" rating and set a $45.00 price objective (up previously from $40.00) on shares of TriMas in a research report on Wednesday, July 30th. KeyCorp set a $45.00 price objective on TriMas and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. Finally, Zacks Research raised TriMas from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 29th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $45.00.

TriMas Stock Performance

TriMas stock traded down $0.53 during trading hours on Friday, hitting $38.73. The stock had a trading volume of 438,958 shares, compared to its average volume of 545,242. The company has a 50-day moving average of $34.14 and a two-hundred day moving average of $27.52. The company has a quick ratio of 1.44, a current ratio of 2.59 and a debt-to-equity ratio of 0.59. The company has a market cap of $1.57 billion, a PE ratio of 42.56 and a beta of 0.65. TriMas Corporation has a fifty-two week low of $19.33 and a fifty-two week high of $39.71.

TriMas (NASDAQ:TRS - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.50 by $0.11. TriMas had a return on equity of 11.49% and a net margin of 3.83%.The firm had revenue of $274.76 million during the quarter, compared to analysts' expectations of $251.18 million. During the same quarter in the prior year, the firm posted $0.43 EPS. The company's revenue for the quarter was up 14.2% on a year-over-year basis. TriMas has set its FY 2025 guidance at 1.950-2.100 EPS. On average, equities research analysts anticipate that TriMas Corporation will post 1.69 EPS for the current fiscal year.

TriMas Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 12th. Stockholders of record on Tuesday, August 5th were paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Tuesday, August 5th. TriMas's dividend payout ratio is currently 17.58%.

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.