Tata Motors Ltd (NYSE:TTM) Shares Gap Down Following Weak Earnings
Tata Motors Ltd (NYSE:TTM) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $31.20, but opened at $31.50. Tata Motors shares last traded at $29.89, with a volume of 1,846,240 shares.
The company reported $0.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.40 by $0.21. The firm had revenue of $9.30 billion for the quarter. Tata Motors had a net margin of 2.84% and a return on equity of 33.00%.
TTM has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Tata Motors from a “sell” rating to a “hold” rating and set a $39.00 price target for the company in a report on Saturday, April 15th. ValuEngine downgraded shares of Tata Motors from a “buy” rating to a “hold” rating in a report on Saturday, June 3rd. BidaskClub downgraded shares of Tata Motors from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Finally, Morgan Stanley downgraded shares of Tata Motors from an “overweight” rating to an “equal weight” rating in a report on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $43.50.
In other Tata Motors news, Director Carlos Yong purchased 300,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was purchased at an average price of $0.30 per share, with a total value of $90,000.00.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC increased its position in shares of Tata Motors by 16.5% in the fourth quarter. FMR LLC now owns 47,240 shares of the company’s stock worth $1,625,000 after buying an additional 6,700 shares during the last quarter. Daiwa SB Investments Ltd. increased its position in shares of Tata Motors by 31.8% in the first quarter. Daiwa SB Investments Ltd. now owns 2,900 shares of the company’s stock worth $103,000 after buying an additional 700 shares during the last quarter. Capstone Asset Management Co. increased its position in shares of Tata Motors by 2.6% in the first quarter. Capstone Asset Management Co. now owns 12,384 shares of the company’s stock worth $441,000 after buying an additional 310 shares during the last quarter. Fox Run Management L.L.C. increased its position in shares of Tata Motors by 106.1% in the first quarter. Fox Run Management L.L.C. now owns 13,600 shares of the company’s stock worth $485,000 after buying an additional 7,000 shares during the last quarter. Finally, Telemus Capital LLC acquired a new position in shares of Tata Motors during the first quarter worth approximately $370,000. 13.27% of the stock is owned by hedge funds and other institutional investors.
The firm has a market capitalization of $20.24 billion, a PE ratio of 21.214 and a beta of 2.26. The company’s 50-day moving average price is $34.47 and its 200 day moving average price is $35.36.
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About Tata Motors
Tata Motors Limited is an automobile company. The Company is engaged in manufacture of motor vehicles. The Company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company’s segments include automotive operations and all other operations.
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