Tata Motors Ltd. (NYSE:TTM) was the recipient of a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 5,794,896 shares, a decline of 26.0% from the August 31st total of 7,831,970 shares. Based on an average trading volume of 1,822,328 shares, the short-interest ratio is currently 3.2 days.
A number of research analysts have issued reports on the company. Sanford C. Bernstein cut Tata Motors from an “outperform” rating to a “market perform” rating in a research note on Friday, September 9th. Zacks Investment Research raised Tata Motors from a “hold” rating to a “strong-buy” rating and set a $47.00 target price for the company in a research note on Thursday, September 1st. Finally, Credit Suisse Group AG cut Tata Motors from an “outperform” rating to a “neutral” rating in a research note on Monday, June 27th. Four research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Tata Motors presently has a consensus rating of “Buy” and an average target price of $37.99.
Institutional investors have recently made changes to their positions in the company. Coronation Fund Managers Ltd. acquired a new position in shares of Tata Motors during the second quarter worth $178,841,000. American Century Companies Inc. acquired a new position in shares of Tata Motors during the second quarter worth $84,448,000. FIL Ltd increased its position in shares of Tata Motors by 146.5% in the second quarter. FIL Ltd now owns 3,960,084 shares of the company’s stock worth $137,296,000 after buying an additional 2,353,677 shares during the last quarter. Principal Financial Group Inc. acquired a new position in shares of Tata Motors during the second quarter worth $32,171,000. Finally, Bessemer Group Inc. increased its position in shares of Tata Motors by 50.6% in the first quarter. Bessemer Group Inc. now owns 2,605,927 shares of the company’s stock worth $75,702,000 after buying an additional 875,907 shares during the last quarter. Hedge funds and other institutional investors own 12.18% of the company’s stock.
Tata Motors (NYSE:TTM) opened at 42.09 on Thursday. Tata Motors has a 52-week low of $20.00 and a 52-week high of $44.79. The stock’s 50 day moving average price is $40.66 and its 200 day moving average price is $34.80. The firm has a market capitalization of $28.58 billion, a PE ratio of 23.65 and a beta of 2.90.
About Tata Motors
Tata Motors Limited is an automobile company. The Company is engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. Its operating segments include automotive operations and all other operations.
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