Titan International (TWI) Trading 9.4% Higher After Dividend Announcement
Titan International Inc (NYSE:TWI) traded up 9.4% during mid-day trading on Friday after the company announced a dividend. The stock traded as high as $5.12 and last traded at $5.12. 1,343,822 shares changed hands during mid-day trading, an increase of 224% from the average session volume of 414,583 shares. The stock had previously closed at $4.68.
The newly announced dividend which will be paid on Monday, April 15th. Investors of record on Friday, March 29th will be issued a $0.005 dividend. This represents a $0.02 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Thursday, March 28th. Titan International’s dividend payout ratio is currently 7.41%.
A number of research analysts recently commented on the company. Zacks Investment Research raised Titan International from a “hold” rating to a “buy” rating and set a $6.25 price target for the company in a report on Saturday, February 16th. ValuEngine raised Titan International from a “strong sell” rating to a “sell” rating in a report on Thursday, March 7th. Sidoti set a $10.00 price target on Titan International and gave the company a “buy” rating in a report on Wednesday, February 20th. Finally, TheStreet raised Titan International from a “d+” rating to a “c-” rating in a report on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $11.44.
Titan International (NYSE:TWI) last issued its quarterly earnings results on Thursday, March 7th. The industrial products company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.16). Titan International had a net margin of 0.14% and a return on equity of 2.49%. The business had revenue of $363.10 million during the quarter, compared to analysts’ expectations of $385.08 million. During the same period in the prior year, the company posted ($0.10) EPS. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. As a group, analysts anticipate that Titan International Inc will post 0.65 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. raised its stake in Titan International by 0.6% during the fourth quarter. Principal Financial Group Inc. now owns 408,612 shares of the industrial products company’s stock valued at $1,904,000 after buying an additional 2,484 shares in the last quarter. Financial Engines Advisors L.L.C. raised its stake in Titan International by 7.5% during the fourth quarter. Financial Engines Advisors L.L.C. now owns 37,422 shares of the industrial products company’s stock valued at $174,000 after buying an additional 2,612 shares in the last quarter. Legal & General Group Plc raised its stake in Titan International by 2.8% during the fourth quarter. Legal & General Group Plc now owns 108,328 shares of the industrial products company’s stock valued at $509,000 after buying an additional 2,995 shares in the last quarter. Squarepoint Ops LLC raised its stake in Titan International by 5.2% during the fourth quarter. Squarepoint Ops LLC now owns 66,479 shares of the industrial products company’s stock valued at $310,000 after buying an additional 3,295 shares in the last quarter. Finally, Flinton Capital Management LLC raised its position in shares of Titan International by 92.2% during the 4th quarter. Flinton Capital Management LLC now owns 7,514 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 3,604 shares during the period. Hedge funds and other institutional investors own 83.99% of the company’s stock.
About Titan International (NYSE:TWI)
Titan International, Inc, together with its subsidiaries, manufactures and sells wheels, tires, and undercarriage systems and components for off-highway vehicles in North America, Europe, Latin America, the Commonwealth of Independent States region, and internationally. The company operates in three segments: Agricultural, Earthmoving/Construction, and Consumer.
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