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Billionaire Jeffrey Ubben, ValueAct Capital Disclose Latest Activist Play

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Jeffrey Ubben‘s ValueAct Capital has revealed its latest equity bet: Trinity Industries Inc (NYSE:TRN). According to a filing with the Securities and Exchange Commission, the fund has acquired approximately 10.4 million shares, the equivalent of 6.8% of the company’s common stock. ValueAct also states its intention to hold talks with the company’s management to “discuss ways to enhance shareholder value”, a sign that this stake is activist by nature.

Investors have reacted positively to ValueAct’s move, sending Trinity Industries Inc (NYSE:TRN) shares higher by 5.5% in pre-market trading. The industrial giant has seen its stock wobble around without a clear trend following the January selloff, having ended Thursday’s trading session at $20.97 per share, down 11% for the year.

The recently released second quarter financial report provided the stock with a slight boost, as the company’s earnings exceeded expectations. Trinity Industries posted $1.18 billion in revenue, which was inline with analysts’ expectations, and earnings of $0.62 per share, easily beating forecasts of $0.48 per share. “The current level of uncertainty in the industrial economy is continuing to impact the pace of new order volumes in some of our businesses. We remain highly focused on repositioning, streamlining, and aligning our manufacturing operations with current demand levels,” commented Timothy Wallace, CEO of Trinity.

Alleghany Technologies ATI

Trinity Industries Inc (NYSE:TRN) is not very popular among the hedge funds tracked by Insider Monkey, as only 22 out of 770 funds reported a long position at the end of the first quarter, up from 20 at the end of December. Cliff Asness‘ AQR Capital Management boosted its stake by 38% during the quarter, to amass a little over 1.8 million shares, while Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital reported a fresh stake that amounted to 1.01 million shares.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
ValueAct Capital Master Fund, L.P. 0 0 10,396,000 10,396,000 6.8%
VA Partners I, LLC 0 0 10,396,000 10,396,000 6.8%
ValueAct Capital Management, L.P. 0 0 10,396,000 10,396,000 6.8%
ValueAct Capital Management, LLC 0 0 10,396,000 10,396,000 6.8%
ValueAct Holdings, L.P. 0 0 10,396,000 10,396,000 6.8%
ValueAct Holdings GP, LLC 0 0 10,396,000 10,396,000 6.8%

Page 1 of 14 – SEC Filing

=============================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934

Trinity Industries, Inc.
————————————————
(Name of Issuer)

Common Stock
————————————————
(Title of Class of Securities)

896522109
————————————————
(CUSIP Number)

Allison Bennington, Esq.
ValueAct Capital
One Letterman Drive, Building D, Fourth Floor
San Francisco, CA 94129
(415) 362-3700
————————————————
(Name, address and telephone number of Person
Authorized to Receive Notices and Communications)

Allison Bennington, Esq.
ValueAct Capital
One Letterman Drive, Building D, Fourth Floor
San Francisco, CA 94129
(415) 362-3700

July 18, 2016
————————————————
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].

Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person’s
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

This information required on the remainder of this cover page shall not be
deemed to be “filed” for the purpose of Section 18 of the Securities Exchange
Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
=============================================================================

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