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Trinity (TRN) Rewards Shareholders With 11% Dividend Hike
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In a shareholder friendly measure, Trinity Industries, Inc. (TRN - Free Report) announced an 11% hike in its quarterly dividend. The move is commendable, especially given the challenges the company is facing due to disruptions caused by coronavirus. Evidently, the company’s top and bottom lines declined 43.5% and 56.4% year over year, respectively in the third quarter, due to coronavirus-induced headwinds.
The new dividend of 21 cents per share (annually: 84 cents) on its 1 cent par value common stock, is payable to shareholders on Jan 29, 2021, of record as of Jan 15. This marks the company’s 227th consecutive dividend payout. The dividend yield based on the new payout and Dec 10’s closing price is 3.3%.
In December 2019, Trinity increased its quarterly dividend by 12% to 19 cents per share. The company is also active on the buyback front. It returned $193 million to shareholders through dividends and share repurchases in the first nine months of 2020. Additionally, in October, the company’s board approved a new buyback program, authorizing it to repurchase up to $250 million worth of shares. The program, effective Oct 23, 2020, will run through Dec 31, 2021.
Investors always prefer an income-generating stock. Hence a high-dividend-yielding one is obviously much coveted. It goes without saying that stockholders are always on the lookout for companies with a track record of consistent and incremental dividend payments to put their money on.
Shares of Landstar, UPS and GATX have gained more than 30%, 61% and 39% in the last six months, respectively.
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Trinity (TRN) Rewards Shareholders With 11% Dividend Hike
In a shareholder friendly measure, Trinity Industries, Inc. (TRN - Free Report) announced an 11% hike in its quarterly dividend. The move is commendable, especially given the challenges the company is facing due to disruptions caused by coronavirus. Evidently, the company’s top and bottom lines declined 43.5% and 56.4% year over year, respectively in the third quarter, due to coronavirus-induced headwinds.
The new dividend of 21 cents per share (annually: 84 cents) on its 1 cent par value common stock, is payable to shareholders on Jan 29, 2021, of record as of Jan 15. This marks the company’s 227th consecutive dividend payout. The dividend yield based on the new payout and Dec 10’s closing price is 3.3%.
In December 2019, Trinity increased its quarterly dividend by 12% to 19 cents per share. The company is also active on the buyback front. It returned $193 million to shareholders through dividends and share repurchases in the first nine months of 2020. Additionally, in October, the company’s board approved a new buyback program, authorizing it to repurchase up to $250 million worth of shares. The program, effective Oct 23, 2020, will run through Dec 31, 2021.
Trinity Industries, Inc. Price
Trinity Industries, Inc. price | Trinity Industries, Inc. Quote
Investors always prefer an income-generating stock. Hence a high-dividend-yielding one is obviously much coveted. It goes without saying that stockholders are always on the lookout for companies with a track record of consistent and incremental dividend payments to put their money on.
Zacks Rank & Key Picks
Trinity carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are Landstar System, Inc. (LSTR - Free Report) , United Parcel Service, Inc. (UPS - Free Report) and GATX Corp. (GATX - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Landstar, UPS and GATX have gained more than 30%, 61% and 39% in the last six months, respectively.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>