Titan International Inc. (TWI) Reaches New 12-Month High on Analyst Upgrade
Titan International Inc. (NYSE:TWI) reached a new 52-week high during mid-day trading on Wednesday after Jefferies Group raised their price target on the stock from $8.00 to $11.50. Jefferies Group currently has a hold rating on the stock. Titan International traded as high as $10.49 and last traded at $10.42, with a volume of 164,669 shares trading hands. The stock had previously closed at $10.32.
Separately, Zacks Investment Research upgraded Titan International from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research note on Thursday, October 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $10.13.
A number of hedge funds and other institutional investors have recently bought and sold shares of TWI. New Jersey Better Educational Savings Trust acquired a new position in Titan International during the second quarter valued at $403,000. State of New Jersey Common Pension Fund D acquired a new position in Titan International during the second quarter valued at $3,844,000. California State Teachers Retirement System increased its position in Titan International by 0.5% in the second quarter. California State Teachers Retirement System now owns 92,809 shares of the company’s stock valued at $575,000 after buying an additional 473 shares during the last quarter. ClariVest Asset Management LLC increased its position in Titan International by 105.9% in the second quarter. ClariVest Asset Management LLC now owns 221,478 shares of the company’s stock valued at $1,374,000 after buying an additional 113,919 shares during the last quarter. Finally, Mount Vernon Associates Inc. MD increased its position in Titan International by 2.3% in the second quarter. Mount Vernon Associates Inc. MD now owns 18,100 shares of the company’s stock valued at $112,000 after buying an additional 400 shares during the last quarter. Institutional investors and hedge funds own 77.10% of the company’s stock.
The firm has a 50-day moving average of $9.44 and a 200-day moving average of $7.32. The firm’s market capitalization is $562.35 million.
Titan International (NYSE:TWI) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). Titan International had a negative return on equity of 17.71% and a negative net margin of 8.44%. The company had revenue of $330.20 million for the quarter, compared to analyst estimates of $330.92 million. During the same period last year, the company earned $0.02 earnings per share. Titan International’s quarterly revenue was down 12.2% compared to the same quarter last year. Analysts anticipate that Titan International Inc. will post ($0.48) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a $0.005 dividend. This represents a $0.02 annualized dividend and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, September 28th. Titan International’s payout ratio is currently -0.91%.
Titan International Company Profile
Titan International, Inc is a manufacturer of wheels, tires and undercarriage systems and components for off-highway vehicles used in the agricultural, earthmoving/construction and consumer segments. The Company operates through three segments: agricultural, earthmoving/construction and consumer. The Company’s agricultural market includes rims, wheels, tires and undercarriage systems and components manufactured for use on various agricultural and forestry equipment.
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