TriMas (NASDAQ:TRS) Shares Gap Up on Better-Than-Expected Earnings

TriMas Co. (NASDAQ:TRS - Get Free Report) gapped up before the market opened 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 analysts' consensus estimates of $0.43 by $0.03. TriMas had a net margin of 2.93% and a return on equity of 9.21%. The business had revenue of $241.67 million during the quarter, compared to analysts' expectations of $235.41 million. During the same period in the prior year, the company earned $0.37 EPS. The firm's quarterly revenue was up 6.4% compared to the same quarter last year.

TriMas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 13th. Shareholders of record on Tuesday, May 6th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend is Tuesday, May 6th. TriMas's payout ratio is 20.78%.

Analyst Ratings Changes

Separately, BWS Financial reissued a "buy" rating and issued a $40.00 price objective on shares of TriMas in a research note on Wednesday.

Insider Buying and Selling at TriMas

In other news, Director Shawn Sedaghat bought 123,388 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The stock was acquired at an average cost of $23.83 per share, with a total value of $2,940,336.04. Following the transaction, the director now directly owns 1,024,362 shares of the company's stock, valued at approximately $24,410,546.46. This represents a 13.69 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey A. Fielkow acquired 2,500 shares of TriMas stock in a transaction on Friday, February 28th. The stock was purchased at an average cost of $20.78 per share, with a total value of $51,950.00. Following the purchase, the director now directly owns 11,013 shares of the company's stock, valued at approximately $228,850.14. This trade represents a 29.37 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 929,634 shares of company stock valued at $22,278,549. 14.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TriMas

Several large investors have recently added to or reduced their stakes in TRS. Barclays PLC boosted its holdings in TriMas by 341.3% during the third quarter. Barclays PLC now owns 68,792 shares of the industrial products company's stock worth $1,755,000 after purchasing an additional 53,203 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of TriMas by 3.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 38,461 shares of the industrial products company's stock worth $982,000 after buying an additional 1,227 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of TriMas by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 605,502 shares of the industrial products company's stock valued at $14,889,000 after acquiring an additional 22,656 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of TriMas by 4.7% during the fourth 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 acquiring an additional 11,125 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its holdings in TriMas by 1.8% during the fourth quarter. First Eagle Investment Management LLC now owns 257,506 shares of the industrial products company's stock worth $6,332,000 after acquiring an additional 4,500 shares during the period. Institutional investors own 99.42% of the company's stock.

TriMas Stock Up 2.3 %

The firm has a market capitalization of $1.01 billion, a P/E ratio of 38.67 and a beta of 0.58. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.83 and a quick ratio of 1.44. The stock has a fifty day moving average of $22.47 and a 200 day moving average of $24.28.

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.