Credit Suisse AG lowered its holdings in shares of Titan International Inc (NYSE:TWI) by 24.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,949 shares of the industrial products company’s stock after selling 15,900 shares during the period. Credit Suisse AG owned approximately 0.08% of Titan International worth $357,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in shares of Titan International by 5.4% in the third quarter. BlackRock Inc. now owns 7,657,382 shares of the industrial products company’s stock valued at $56,817,000 after buying an additional 389,478 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Titan International by 3,853.9% in the third quarter. PNC Financial Services Group Inc. now owns 18,425 shares of the industrial products company’s stock valued at $137,000 after buying an additional 17,959 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Titan International by 2.4% in the third quarter. Bank of New York Mellon Corp now owns 565,171 shares of the industrial products company’s stock valued at $4,194,000 after buying an additional 13,412 shares during the period. Alliancebernstein L.P. raised its stake in shares of Titan International by 27.8% in the third quarter. Alliancebernstein L.P. now owns 92,649 shares of the industrial products company’s stock valued at $687,000 after buying an additional 20,157 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Titan International by 141.2% in the third quarter. JPMorgan Chase & Co. now owns 280,343 shares of the industrial products company’s stock valued at $2,080,000 after buying an additional 164,128 shares during the period. 83.70% of the stock is owned by institutional investors and hedge funds.
Several brokerages have issued reports on TWI. ValuEngine upgraded Titan International from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 17th. Zacks Investment Research upgraded Titan International from a “hold” rating to a “buy” rating and set a $6.75 price target for the company in a research report on Saturday, January 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. Titan International currently has a consensus rating of “Hold” and a consensus target price of $12.08.
Titan International (NYSE:TWI) last announced its quarterly earnings results on Friday, November 2nd. The industrial products company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.03. The company had revenue of $384.70 million during the quarter, compared to analysts’ expectations of $398.71 million. Titan International had a positive return on equity of 4.56% and a negative net margin of 1.06%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.09) earnings per share. As a group, equities research analysts predict that Titan International Inc will post 0.25 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st were given a $0.005 dividend. This represents a $0.02 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Friday, December 28th. Titan International’s dividend payout ratio (DPR) is presently -4.08%.
Titan International Profile
Titan International, Inc, together with its subsidiaries, manufactures and sells wheels, tires, wheel and tire assemblies, and undercarriage systems and components for off-highway vehicles in the United States and internationally. It operates in three segments: Agricultural, Earthmoving/Construction, and Consumer.
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