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Trinity Industries Inc (TRN): ValueAct Capital Buys More Shares On Weakness

According to a recently amended 13D filing with the Securities and Exchange Commission, Jeffrey Ubben‘s ValueAct Capital has raised its stake in Trinity Industries Inc (NYSE:TRN) to 14.92 million common shares, which account for 9.8% of the float. Previously, the fund’s stake consisted of 12.02 million shares, which amassed 7.9% of the stock’s float, as per its previous 13D filing on the company on September 15. That stake had been doubled from 6 million shares held as of June 30.

Trinity Industries Inc (NYSE:TRN) is a diversified company that runs a plethora of businesses, offering its professional services to a variety of industries, such as transportation, construction, energy, and chemical. Recently, the company was found liable for failing to inform Federal agencies about changes it made to its guardrail system and now has to pay $525 million, mainly to the US government. Trinity Industries later announced that it plans to stop shipments of the highway guardrail system because of the safety matters, after the US government asked that the company run more crash tests of the product. Over the past 12 months, Trinity Industries’ shares have decreased by 20.91%. For the third quarter of 2016, the company reported EPS of $0.55, above the estimates of $0.52, and revenue of $1.11 billion, below the estimates of $1.21 billion.


Out of the 749 hedge funds followed by Insider Monkey which filed 13Fs for the second quarter, 22 investors were bullish on Trinity Industries Inc (NYSE:TRN), same as a quarter earlier. Among the largest shareholders of the company on June 30 were Ric Dillon’s Diamond Hill Capital (1.56 million shares), Chuck Royce’s Royce & Associates (689,174 shares), Jim Simons’ Renaissance Technologies (301,600 shares), and Mario Gabelli’s GAMCO Investors (154,674 shares).

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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 14,921,000 14,921,000 9.8%
VA Partners I, LLC  0 0 14,921,000 14,921,000 9.8%
ValueAct Capital Management, LLC  0 0 14,921,000 14,921,000 9.8%
ValueAct Capital Management, L.P.  0 0 14,921,000 14,921,000 9.8%
ValueAct Holdings, L.P. 0 0 14,921,000 14,921,000 9.8%
ValueAct Holdings GP, LLC  0 0 14,921,000 14,921,000 9.8%
Jeffrey Ubben
Jeffrey Ubben
ValueAct Capital

Page 1 of 11 – SEC Filing

Washington, D.C. 20549
Under the Securities and Exchange Act of 1934

(Amendment No. 2)

Trinity Industries, Inc.
(Name of Issuer)

Common Stock
(Title of Class of Securities)

(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

October 27, 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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