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TRS

TriMas NasdaqGS:TRS Stock Report

Last Price

US$25.07

Market Cap

US$1.1b

7D

-2.6%

1Y

-22.8%

Updated

01 Oct, 2022

Data

Company Financials +
TRS fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance3/6
Financial Health4/6
Dividends0/6

TRS Stock Overview

TriMas Corporation designs, develops, manufactures, and sells products for consumer products, aerospace, and industrial markets worldwide.

TriMas Competitors

Price History & Performance

Summary of all time highs, changes and price drops for TriMas
Historical stock prices
Current Share PriceUS$25.07
52 Week HighUS$38.72
52 Week LowUS$23.85
Beta0.71
1 Month Change-6.73%
3 Month Change-10.30%
1 Year Change-22.77%
3 Year Change-15.10%
5 Year Change-10.30%
Change since IPO113.36%

Recent News & Updates

Aug 27
TriMas (NASDAQ:TRS) Has A Somewhat Strained Balance Sheet

TriMas (NASDAQ:TRS) Has A Somewhat Strained Balance Sheet

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...

Aug 20

TriMas: This Supplier Has Big Upside

Strong performance despite macro headwinds. Value is relatively attractive given projections for future performance. Steady top line growth and a return to bottom line growth to come following acquisitions and improved efficiencies. A healthy balance sheet. While it would seem for now that the macro picture is getting clearer with GDP contracting two quarters in a row (mild recession), consumer sentiment weakening based on all of the earnings reports our team has scoured, and the Fed possibly slowing its pace of hikes, markets are finding some footing that last few weeks. That said, we are not out of the woods yet. The best trades right now have been the ones panning out in about a quarter or so, while some of the more volatile ones have played out in weeks. Today we are highlighting a name that we think moves from the $20s into the $30s. It has moderate growth and good value. That is a combination that has worked for us. It is pretty low beta, but we would like to buy two lots, and look to jettison over $31 for a nice 10-15% gain. The name in question is TriMas Corporation (TRS). Who is TriMas? We are sure that is not a household name for many of you. So for likely all of our readers that are unfamiliar with this company, TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through three segments. These are the TriMas Packaging, TriMas Aerospace, and Specialty Products groups. Let us share with you the company description of each group. TriMas Packaging consists primarily of the "Rieke, Affaba & Ferrari, Taplas, Rapak, Plastic Srl, Intertech and Omega brands. This division develops and manufactures specialty dispensing and closure products for the applications of beauty & personal care, food & beverage, pharmaceutical & nutraceutical, industrial and home care" markets. TriMas website It also makes dispensing products include "foamer pumps, lotion pumps, fine mist sprayers, trigger sprayers, beverage dispensers and flip-top caps, among others. Closures include packaged food lids, child resistant caps, tube, jar and pail closures, and a variety of industrial related products", such as drum closures. Rieke also has a full line of lock-down dispensers. The products enjoy strong demand even in recession. TriMas Aerospace, which is comprised of "Monogram Aerospace Fasteners, Allfast Fastening Systems, Mac Fasteners, Martinic Engineering, RSA Engineered Products and TFI Aerospace brands, designs, qualifies and manufactures precision fasteners, air ducting products and precision machined components" for a few customers. These include commercial aircraft companies, distributors, suppliers and of course, the U.S. military. TriMas Aerospace TriMas Aerospace’s products include highly engineered "fastener solutions for composite and metallic aircraft structural applications including customer-qualified blind bolts, solid and blind rivets, temporary fasteners, collars and standard fasteners". This division also makes air ducting products including systems and connectors used for anti-icing needs and other aerospace applications. Finally there is the Specialty Products segment which is comprised of the Norris Cylinder and Arrow Engine brands. TriMas speciality brands Norris Cylinder designs and manufactures a full range of "highly-engineered high-pressure and low-pressure steel cylinders used for the transportation, storage and dispensing of compressed gases". Arrow Engine develops and manufactures a variety of natural gas powered engines and gas compressors for use within the oil and gas markets. Stock trading So now you have a solid foundation of the operations. The stock has ebbed and flowed, and has pulled back heavily with the overall market. We like a buy in the $20s: BAD BEAT Investing The play Target entry 1: $28.75-$28.95 (20% of position) Target entry 1: $27.75-$28.00 (30% of position) Target entry 2: $25.40-$25.60 (50% of position) Stop loss: $23 Target exit: $31.50-$32.00 Discussion The stock is not wild, but if the market moves lower, we can get our second leg. I like management here, and performance is solid. TriMas Q2 slides They are growing and have great value. They just reported a decent Q2. Top line growth evident TriMas reported Q2 2022 net sales of $237.7 million, an increase of 8.5% vs. the $219.0 million in Q2 2021, primarily as a result of increased demand in TriMas' Specialty Products group and acquisition-related sales. Currency exchange however weighed a good amount. TriMas Q2 Slides Not only are sales growing steadily, the company is profitable, and growing said profit. The company reported operating profit of $29.9 million in Q2, an increase of 16.8% vs. the $25.6 million in Q2 2021. Now, if we adjust for some items that were associated with the realignment and acquisition-related transaction costs, adjusted operating profit was $32.1 million, an increase of 7.2% compared to $30.0 million last year. Not bad.

Jul 28

Trimas Non-GAAP EPS in-line, revenue misses estimates

Trimas press release (NASDAQ:TRS): Q2 Non-GAAP EPS of $0.60 in-line. Revenue of $237.68M (+8.5% Y/Y) misses by $1.24M. The Company reaffirms its full year 2022 outlook originally provided on March 1, 2022. The Company expects to generate full year 2022 adjusted diluted earnings per share(2) in the range of $2.25 to $2.35, based on consolidated sales growth of 8% to 11% compared to 2021. In addition, the Company is targeting 2022 Free Cash Flow(3) to be greater than 100% of net income.

Shareholder Returns

TRSUS PackagingUS Market
7D-2.6%-2.1%-2.5%
1Y-22.8%-27.2%-23.2%

Return vs Industry: TRS exceeded the US Packaging industry which returned -27.2% over the past year.

Return vs Market: TRS matched the US Market which returned -23.2% over the past year.

Price Volatility

Is TRS's price volatile compared to industry and market?
TRS volatility
TRS Average Weekly Movement3.6%
Packaging Industry Average Movement5.1%
Market Average Movement6.9%
10% most volatile stocks in US Market15.6%
10% least volatile stocks in US Market2.8%

Stable Share Price: TRS is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: TRS's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19863,500Tom Amatohttps://www.trimascorp.com

TriMas Corporation designs, develops, manufactures, and sells products for consumer products, aerospace, and industrial markets worldwide. It operates through three segments: Packaging, Aerospace, and Specialty Products. 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, flexible spouts, and agricultural closures; polymeric jar products; integrated dispensers; bag-in-box products; aseptic closures; industrial closures and flex spouts; custom injection molded components and devices; various injection molded products; and single-bodied and assembled caps and closures under the Rieke, Taplast, Affaba & Ferrari, Stolz, Omega, and Rapak brands.

TriMas Fundamentals Summary

How do TriMas's earnings and revenue compare to its market cap?
TRS fundamental statistics
Market CapUS$1.05b
Earnings (TTM)US$66.44m
Revenue (TTM)US$893.38m

15.8x

P/E Ratio

1.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
TRS income statement (TTM)
RevenueUS$893.38m
Cost of RevenueUS$671.56m
Gross ProfitUS$221.82m
Other ExpensesUS$155.38m
EarningsUS$66.44m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)1.58
Gross Margin24.83%
Net Profit Margin7.44%
Debt/Equity Ratio62.5%

How did TRS perform over the long term?

See historical performance and comparison

Dividends

0.6%

Current Dividend Yield

8%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is TRS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TRS?

Other financial metrics that can be useful for relative valuation.

TRS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.6x
Enterprise Value/EBITDA9.3x
PEG Ratio0.6x

Price to Earnings Ratio vs Peers

How does TRS's PE Ratio compare to its peers?

TRS PE Ratio vs Peers
The above table shows the PE ratio for TRS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average9.2x
MYE Myers Industries
12.4x24.1%US$600.6m
OI O-I Glass
4.4x-12.5%US$2.0b
GEF Greif
7.4x7.9%US$2.9b
SLGN Silgan Holdings
12.6x8.7%US$4.6b
TRS TriMas
15.8x26.2%US$1.1b

Price-To-Earnings vs Peers: TRS is expensive based on its Price-To-Earnings Ratio (15.8x) compared to the peer average (9.2x).


Price to Earnings Ratio vs Industry

How does TRS's PE Ratio compare vs other companies in the North American Packaging Industry?

Price-To-Earnings vs Industry: TRS is expensive based on its Price-To-Earnings Ratio (15.8x) compared to the North American Packaging industry average (12.6x)


Price to Earnings Ratio vs Fair Ratio

What is TRS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.8x
Fair PE Ratio21.9x

Price-To-Earnings vs Fair Ratio: TRS is good value based on its Price-To-Earnings Ratio (15.8x) compared to the estimated Fair Price-To-Earnings Ratio (21.9x).


Share Price vs Fair Value

What is the Fair Price of TRS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TRS ($25.07) is trading below our estimate of fair value ($80.58)

Significantly Below Fair Value: TRS is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.


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Future Growth

How is TriMas forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


26.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TRS's forecast earnings growth (26.2% per year) is above the savings rate (1.9%).

Earnings vs Market: TRS's earnings (26.2% per year) are forecast to grow faster than the US market (14.8% per year).

High Growth Earnings: TRS's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: TRS's revenue (5.7% per year) is forecast to grow slower than the US market (7.7% per year).

High Growth Revenue: TRS's revenue (5.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if TRS's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

How has TriMas performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-2.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TRS has high quality earnings.

Growing Profit Margin: TRS became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: TRS has become profitable over the past 5 years, growing earnings by -2.9% per year.

Accelerating Growth: TRS has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: TRS has become profitable in the last year, making it difficult to compare its past year earnings growth to the Packaging industry (12.1%).


Return on Equity

High ROE: TRS's Return on Equity (10.5%) is considered low.


Discover strong past performing companies

Financial Health

How is TriMas's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: TRS's short term assets ($385.3M) exceed its short term liabilities ($155.6M).

Long Term Liabilities: TRS's short term assets ($385.3M) do not cover its long term liabilities ($516.4M).


Debt to Equity History and Analysis

Debt Level: TRS's net debt to equity ratio (54.7%) is considered high.

Reducing Debt: TRS's debt to equity ratio has reduced from 66.3% to 62.5% over the past 5 years.

Debt Coverage: TRS's debt is well covered by operating cash flow (30.2%).

Interest Coverage: TRS's interest payments on its debt are well covered by EBIT (7.4x coverage).


Balance Sheet


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Dividend

What is TriMas's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


0.64%

Current Dividend Yield

Dividend Yield vs Market

TriMas Dividend Yield vs Market
How does TriMas dividend yield compare to the market?
SegmentDividend Yield
Company (TriMas)0.6%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Packaging)3.1%
Analyst forecast in 3 Years (TriMas)n/a

Notable Dividend: TRS's dividend (0.64%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: TRS's dividend (0.64%) is low compared to the top 25% of dividend payers in the US market (4.73%).


Stability and Growth of Payments

Stable Dividend: TRS is not paying a notable dividend for the US market, therefore no need to check if payments are stable.

Growing Dividend: TRS is not paying a notable dividend for the US market, therefore no need to check if payments are increasing.


Earnings Payout to Shareholders

Earnings Coverage: TRS is not paying a notable dividend for the US market.


Cash Payout to Shareholders

Cash Flow Coverage: TRS is not paying a notable dividend for the US market.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

5.8yrs

Average management tenure


CEO

Tom Amato (59 yo)

6.17yrs

Tenure

US$4,582,126

Compensation

Mr. Thomas A. Amato, also known as Tom, has been the Chief Executive Officer and President at TriMas Corporation since July 28, 2016. He has worked as the Chief Executive Officer for notable private equity...


CEO Compensation Analysis

Tom Amato's Compensation vs TriMas Earnings
How has Tom Amato's remuneration changed compared to TriMas's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$66m

Mar 31 2022n/an/a

US$58m

Dec 31 2021US$5mUS$712k

US$57m

Sep 30 2021n/an/a

US$68m

Jun 30 2021n/an/a

-US$52m

Mar 31 2021n/an/a

-US$80m

Dec 31 2020US$5mUS$665k

-US$80m

Sep 30 2020n/an/a

-US$90m

Jun 30 2020n/an/a

US$26m

Mar 31 2020n/an/a

US$61m

Dec 31 2019US$4mUS$687k

US$62m

Sep 30 2019n/an/a

US$56m

Jun 30 2019n/an/a

US$63m

Mar 31 2019n/an/a

US$64m

Dec 31 2018US$4mUS$638k

US$74m

Sep 30 2018n/an/a

US$63m

Jun 30 2018n/an/a

US$53m

Mar 31 2018n/an/a

US$48m

Dec 31 2017US$4mUS$625k

US$36m

Sep 30 2017n/an/a

-US$32m

Jun 30 2017n/an/a

-US$37m

Mar 31 2017n/an/a

-US$41m

Dec 31 2016US$1mUS$257k

-US$40m

Compensation vs Market: Tom's total compensation ($USD4.58M) is about average for companies of similar size in the US market ($USD4.14M).

Compensation vs Earnings: Tom's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: TRS's management team is seasoned and experienced (5.8 years average tenure).


Board Members

Experienced Board: TRS's board of directors are considered experienced (6.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: TRS insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqGS:TRS Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
09 Sep 22BuyUS$250,099Teresa FinleyIndividual9,356US$26.86
06 Sep 22SellUS$20,030Scott MellIndividual757US$26.46
07 Jun 22SellUS$203,388John SchaeferIndividual6,800US$29.91
02 Mar 22BuyUS$99,960Teresa FinleyIndividual3,236US$30.89
02 Mar 22SellUS$94,770Samuel ValentiIndividual3,000US$31.59
09 Nov 21SellUS$700,801Thomas AmatoIndividual18,915US$37.05
08 Nov 21SellUS$4,638Thomas AmatoIndividual125US$37.12

Ownership Breakdown

What is the ownership structure of TRS?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders581,2501.3%
Institutions43,765,44798.7%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 92.94% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
9.74%
The Vanguard Group, Inc.
4,092,863$102.6m0.31%no data
7.6%
Champlain Investment Partners, LLC
3,191,490$80.0m-4.67%0.54%
7.26%
Wasatch Advisors Inc
3,049,973$76.5m-22.55%0.38%
7.16%
Victory Capital Management Inc.
3,005,494$75.3m21.69%0.09%
6.92%
Fiduciary Management, Inc.
2,906,367$72.9m-1.11%0.6%
6.91%
BlackRock, Inc.
2,902,180$72.8m-2.72%no data
6.27%
Wellington Management Group LLP
2,631,749$66.0m0.08%0.01%
6.15%
Allspring Global Investments, LLC
2,582,564$64.7m-0.4%0.1%
5.43%
Dimensional Fund Advisors LP
2,282,184$57.2m0.75%0.01%
4.09%
Pzena Investment Management, Inc.
1,719,497$43.1m-0.31%0.14%
3.99%
Massachusetts Financial Services Company
1,677,956$42.1m-7.21%0.01%
3.23%
River Road Asset Management, LLC
1,357,694$34.0m99.27%0.5%
2.14%
State Street Global Advisors, Inc.
899,328$22.5m2%no data
1.89%
First Manhattan Co.
794,944$19.9m-1.62%0.08%
1.86%
Royce & Associates, LP
781,058$19.6m2.14%0.19%
1.85%
Geode Capital Management, LLC
776,322$19.5m-1.26%no data
1.66%
Franklin Resources, Inc.
695,460$17.4m-1.86%0.01%
1.61%
Bessemer Investment Management LLC
675,000$16.9m0%0.04%
1.22%
RBC Global Asset Management Inc.
510,448$12.8m-6.42%0.01%
1.19%
Grandeur Peak Global Advisors, LLC
500,245$12.5m1.16%0.3%
1.1%
Charles Schwab Investment Management, Inc.
462,227$11.6m2.82%no data
0.99%
Northern Trust Global Investments
414,697$10.4m-1.67%no data
0.94%
Orchard Capital Management, LLC
396,272$9.9m2.75%3.59%
0.87%
Managed Account Advisors LLC
366,484$9.2m4.96%no data
0.87%
Chartwell Investment Partners, LLC
366,293$9.2m-3.05%0.39%

Company Information

TriMas Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: TriMas Corporation
  • Ticker: TRS
  • Exchange: NasdaqGS
  • Founded: 1986
  • Industry: Metal and Glass Containers
  • Sector: Materials
  • Implied Market Cap: US$1.053b
  • Shares outstanding: 42.00m
  • Website: https://www.trimascorp.com

Number of Employees


Location

  • TriMas Corporation
  • 38505 Woodward Avenue
  • Suite 200
  • Bloomfield Hills
  • Michigan
  • 48304
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TRSNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDMay 2007
MQ1DB (Deutsche Boerse AG)YesCommon StockDEEURMay 2007

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/01 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.