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% |
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Page 1 of 11 – SEC Filing
=============================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 2)
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
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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Page 2 of 11 – SEC Filing
————————– ————————-
CUSIP NO. 896522109 Page 2 of 12
—————————————————————————–
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Master Fund, L.P.
—————————————————————————–
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
—————————————————————————–
3. SEC USE ONLY
—————————————————————————–
4. SOURCE OF FUNDS (See Instructions)*
WC*
—————————————————————————–
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
—————————————————————————–
6. CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
—————————————————————————–
7. SOLE VOTING POWER
0
NUMBER OF ———————————————————-
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 14,921,000**
OWNED BY EACH ———————————————————-
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
———————————————————-
10. SHARED DISPOSITIVE POWER
14,921,000**
—————————————————————————–
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,921,000**
—————————————————————————–
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
—————————————————————————–
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
—————————————————————————–
14. TYPE OF REPORTING PERSON
PN
—————————————————————————–
*See Item 3
**See Item 2 and 5
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Page 3 of 11 – SEC Filing
————————– ————————-
CUSIP NO. 896522109 Page 3 of 12
—————————————————————————-
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
VA Partners I, LLC
—————————————————————————–
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
—————————————————————————–
3. SEC USE ONLY
—————————————————————————–
4. SOURCE OF FUNDS*
00*
—————————————————————————–
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
—————————————————————————–
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
—————————————————————————–
7. SOLE VOTING POWER
0
NUMBER OF ———————————————————-
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 14,921,000**
OWNED BY EACH ———————————————————-
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
———————————————————-
10. SHARED DISPOSITIVE POWER
14,921,000**
—————————————————————————–
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,921,000**
—————————————————————————–
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
—————————————————————————–
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
—————————————————————————–
14. TYPE OF REPORTING PERSON
00 (LLC)
—————————————————————————–
*See Item 3
**See Item 2 and 5
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Page 4 of 11 – SEC Filing
————————– ————————-
CUSIP NO. 896522109 Page 4 of 12
—————————————————————————-
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Management, L.P.
—————————————————————————–
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
—————————————————————————–
3. SEC USE ONLY
—————————————————————————–
4. SOURCE OF FUNDS*
00*
—————————————————————————–
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
—————————————————————————–
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
—————————————————————————–
7. SOLE VOTING POWER
0
NUMBER OF ———————————————————-
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 14,921,000**
OWNED BY EACH ———————————————————-
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
———————————————————-
10. SHARED DISPOSITIVE POWER
14,921,000**
—————————————————————————–
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,921,000**
—————————————————————————–
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
—————————————————————————–
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
—————————————————————————–
14. TYPE OF REPORTING PERSON
PN
—————————————————————————–
*See Item 3
**See Item 2 and 5
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Page 5 of 11 – SEC Filing
————————– ————————-
CUSIP NO. 896522109 Page 5 of 12
—————————————————————————-
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Management, LLC
—————————————————————————–
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
—————————————————————————–
3. SEC USE ONLY
—————————————————————————–
4. SOURCE OF FUNDS*
00*
—————————————————————————–
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
—————————————————————————–
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
—————————————————————————–
7. SOLE VOTING POWER
0
NUMBER OF ———————————————————-
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 14,921,000**
OWNED BY EACH ———————————————————-
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
———————————————————-
10. SHARED DISPOSITIVE POWER
14,921,000**
—————————————————————————–
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,921,000**
—————————————————————————–
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
—————————————————————————–
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
—————————————————————————–
14. TYPE OF REPORTING PERSON
00 (LLC)
—————————————————————————–
*See Item 3
**See Item 2 and 5
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Page 6 of 11 – SEC Filing
————————– ————————-
CUSIP NO. 896522109 Page 6 of 12
—————————————————————————–
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Holdings, L.P.
—————————————————————————
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
—————————————————————————–
3. SEC USE ONLY
—————————————————————————
4. SOURCE OF FUNDS*
00*
—————————————————————————–
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
—————————————————————————–
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
—————————————————————————–
7. SOLE VOTING POWER
0
NUMBER OF ———————————————————-
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 14,921,000**
OWNED BY EACH ———————————————————-
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
———————————————————-
10. SHARED DISPOSITIVE POWER
14,921,000**
—————————————————————————–
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,921,000**
—————————————————————————–
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
—————————————————————————–
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
—————————————————————————–
14. TYPE OF REPORTING PERSON
PN
—————————————————————————–
*See Item 3
**See Items 2 and 5
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Page 7 of 11 – SEC Filing
————————– ————————-
CUSIP NO. 896522109 Page 7 of 12
—————————————————————————–
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Holdings GP, LLC
—————————————————————————
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
—————————————————————————–
3. SEC USE ONLY
—————————————————————————–
4. SOURCE OF FUNDS*
00*
—————————————————————————–
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
—————————————————————————–
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
—————————————————————————–
7. SOLE VOTING POWER
0
NUMBER OF ———————————————————-
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 14,921,000**
OWNED BY EACH ———————————————————-
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
———————————————————-
10. SHARED DISPOSITIVE POWER
14,921,000**
—————————————————————————–
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,921,000**
—————————————————————————–
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
—————————————————————————–
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
—————————————————————————–
14. TYPE OF REPORTING PERSON
00 (LLC)
—————————————————————————–
*See Item 3
**See Items 2 and 5
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Page 8 of 11 – SEC Filing
————————– ————————-
CUSIP NO. 896522109 Page 8 of 12
—————————————————————————–
This Amendment No. 2 supplements the information set forth in the Schedule
13D filed by the Reporting Persons with the United States Securities and
Exchange Commission (the ?SEC?), as amended from time to time (the ?Schedule
13D?), relating to Common Stock, par value $0.01 (the ?Common Stock?), of
Trinity Industries, Inc., a Delaware corporation (the “Issuer”). All
capitalized terms contained herein but not otherwise defined shall have the
meanings ascribed to such terms in the Schedule 13D.
The information set forth in response to each separate Item below shall be
deemed to be a response to all Items where such information is relevant. The
Schedule 13D is hereby supplementally amended as follows:
Item 3. Source and Amount of Funds or Other Consideration
The source of funds used for the purchase of the Issuer?s securities
reflected in this amendment was the working capital of ValueAct Master Fund.
The aggregate funds used by these Reporting Persons to make such purchases
were $64,222,237.50.
Item 5. Interest in Securities of the Issuer
(a) and (b). Set forth below is the beneficial ownership of shares of
Common Stock of the Issuer for each person named in Item 2. Shares reported
as beneficially owned by ValueAct Master Fund are also reported as
beneficially owned by (i) ValueAct Management L.P. as the manager of each
such investment partnership, (ii) ValueAct Management LLC, as General Partner
of ValueAct Management L.P., (iii) ValueAct Holdings, as the sole owner of
the limited partnership interests of ValueAct Management L.P. and the
membership interests of ValueAct Management LLC and as the majority owner of
the membership interests of VA Partners I and (iv) ValueAct Holdings GP, as
General Partner of ValueAct Holdings. Shares reported as beneficially owned
by ValueAct Master Fund are also reported as beneficially owned by VA
Partners I, as General Partner of ValueAct Master Fund. VA Partners I,
ValueAct Management L.P., ValueAct Management LLC, ValueAct Holdings and
ValueAct Holdings GP also, directly or indirectly, may own interests in one
or more than one of the partnerships from time to time. Unless otherwise
indicated below, by reason of such relationship ValueAct Master Fund is
reported as having shared power to vote or to direct the vote, and shared
power to dispose or direct the disposition of, such shares of Common Stock,
with VA Partners I (only with respect to ValueAct Master Fund), ValueAct
Management L.P., ValueAct Management LLC, ValueAct Holdings and ValueAct
Holdings GP.
As of the date hereof, Reporting Persons beneficially own 14,921,000
shares of Common Stock, representing approximately 9.8% of the Issuer’s
outstanding Common Stock. All percentages set forth in this Schedule 13D are
based upon the Issuer’s reported 152,256,733 outstanding shares of Common
Stock as of October 14, 2016, as reported on the Issuer?s Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 2016.
(c) The following table sets forth all transactions with respect to
shares of Common Stock effected since the most recent filing of Schedule 13D
by the Reporting Persons or on behalf of the Reporting Persons, inclusive of
any transaction effected through 4:00pm, New York City time, on October 31,
2016. Except as otherwise noted below, all such transactions were purchases
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Page 9 of 11 – SEC Filing
————————– ————————-
CUSIP NO. 896522109 Page 9 of 12
—————————————————————————–
(or sales) of shares of Common Stock effected in the open market.
Shares
Reporting Person Trade Date Buy/Sell Bought/Sold Price/Share
—————- ———- ——– ——— ———–
ValueAct Master Fund 09/16/2016 Buy 75,000 $23.47
09/16/2016 Buy 125,000 $23.68
09/20/2016 Buy 100,000 $23.68
09/20/2016 Buy 100,000 $23.59
10/13/2016 Buy 150,000 $22.94
10/13/2016 Buy 50,000 $22.99
10/14/2016 Buy 100,000 $22.97
10/14/2016 Buy 100,000 $23.09
10/17/2016 Buy 100,000 $22.98
10/17/2016 Buy 100,000 $22.93
10/18/2016 Buy 50,000 $23.13
10/25/2016 Buy 200,000 $22.30
10/27/2016 Buy 250,000 $21.74
10/27/2016 Buy 250,000 $21.65
10/28/2016 Buy 500,000 $21.23
10/28/2016 Buy 100,000 $21.35
10/28/2016 Buy 250,000 $21.09
10/31/2016 Buy 100,000 $21.37
10/31/2016 Buy 200,000 $21.40
(d) and (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
Other than as described in this Report and as previously reported, the
Reporting Persons have no understandings, arrangements, relationships or
contracts relating to the Issuer’s Common Stock which are required to be
described hereunder.
Item 7. Material to Be Filed as Exhibits
(1) Joint Filing Agreement.
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Page 10 of 11 – SEC Filing
————————– ————————-
CUSIP NO. 896522109 Page 10 of 12
—————————————————————————–
SIGNATURE
After reasonable inquiry and to the best of his knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears
below on this Schedule 13D hereby constitutes and appoints Jeffrey W. Ubben,
Bradley E. Singer, G. Mason Morfit and Allison Bennington, and each of
them, with full power to act without the other, his or its true and lawful
attorney-in-fact and agent, with full power of substitution and
resubstitution, for him or it and in his or its name, place and stead, in any
and all capacities (until revoked in writing) to sign any and all amendments
to this Schedule 13D, and to file the same, with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing
requisite and necessary fully to all intents and purposes as he or it might
or could do in person, thereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
ValueAct Capital Master Fund L.P., by
VA Partners I, LLC, its General Partner
By: /s/ Bradley E. Singer
————————————–
Dated: October 31, 2016 Bradley E. Singer, Chief Operating Officer
VA Partners I, LLC
By: /s/ Bradley E. Singer
————————————–
Dated: October 31, 2016 Bradley E. Singer, Chief Operating Officer
ValueAct Capital Management, L.P., by
ValueAct Capital Management, LLC its
General Partner
By: /s/ Bradley E. Singer
————————————–
Dated: October 31, 2016 Bradley E. Singer, Chief Operating Officer
ValueAct Capital Management, LLC
By: /s/ Bradley E. Singer
————————————–
Dated: October 31, 2016 Bradley E. Singer, Chief Operating Officer
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Page 11 of 11 – SEC Filing
————————– ————————-
CUSIP NO. 896522109 Page 11 of 12
—————————————————————————–
ValueAct Holdings, L.P., by
ValueAct Holdings GP, LLC, its
General Partner
By: /s/ Bradley E. Singer
————————————–
Dated: October 31, 2016 Bradley E. Singer, Chief Operating Officer
ValueAct Holdings GP, LLC
By: /s/ Bradley E. Singer
————————————–
Dated: October 31, 2016 Bradley E. Singer, Chief Operating Officer
SCHEDULE 13D
————————– ————————-
CUSIP NO. 896522109 Page 12 of 12
—————————————————————————–
Exhibit 1
JOINT FILING UNDERTAKING
The undersigned parties hereby agree that the Schedule 13D filed herewith
(and any amendments thereto) relating to the Common Stock of Trinity
Industries, Inc., is being filed jointly on behalf of each of them with the
Securities and Exchange Commission pursuant to Section 13(d) of the
Securities Exchange Act of 1934, as amended.
ValueAct Capital Master Fund L.P., by
VA Partners I, LLC, its General Partner
By: /s/ Bradley E. Singer
————————————–
Dated: October 31, 2016 Bradley E. Singer, Chief Operating Officer
VA Partners I, LLC
By: /s/ Bradley E. Singer
————————————–
Dated: October 31, 2016 Bradley E. Singer, Chief Operating Officer
ValueAct Capital Management, L.P., by
ValueAct Capital Management, LLC its
General Partner
By: /s/ Bradley E. Singer
————————————–
Dated: October 31, 2016 Bradley E. Singer, Chief Operating Officer
ValueAct Capital Management, LLC
By: /s/ Bradley E. Singer
————————————–
Dated: October 31, 2016 Bradley E. Singer, Chief Operating Officer
ValueAct Holdings, L.P., by
ValueAct Holdings GP, LLC, its
General Partner
By: /s/ Bradley E. Singer
————————————–
Dated: October 31, 2016 Bradley E. Singer, Chief Operating Officer
ValueAct Holdings GP, LLC
By: /s/ Bradley E. Singer
————————————–
Dated: October 31, 2016 Bradley E. Singer, Chief Operating Officer
