ClariVest Asset Management LLC boosted its stake in shares of Titan International Inc. (NYSE:TWI) by 105.9% during the second quarter, Holdings Channel reports. The institutional investor owned 221,478 shares of the company’s stock after buying an additional 113,919 shares during the period. ClariVest Asset Management LLC’s holdings in Titan International were worth $1,374,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Hartford Investment Management Co. purchased a new stake in shares of Titan International during the second quarter valued at $105,000. 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 in the last quarter. Metropolitan Life Insurance Co. NY bought a new position in Titan International during the first quarter valued at approximately $181,000. Capstone Asset Management Co. increased its position in Titan International by 1.3% in the second quarter. Capstone Asset Management Co. now owns 34,041 shares of the company’s stock valued at $211,000 after buying an additional 430 shares in the last quarter. Finally, Telemus Capital LLC increased its position in Titan International by 12.8% in the second quarter. Telemus Capital LLC now owns 84,363 shares of the company’s stock valued at $523,000 after buying an additional 9,600 shares in the last quarter. 77.10% of the stock is currently owned by institutional investors and hedge funds.
Titan International Inc. (NYSE:TWI) remained flat at $10.42 on Thursday. 345,051 shares of the stock were exchanged. Titan International Inc. has a one year low of $2.50 and a one year high of $10.51. The company’s 50 day moving average is $9.45 and its 200 day moving average is $7.34. The firm’s market cap is $563.16 million.
Titan International (NYSE:TWI) last announced its earnings results on Thursday, August 4th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.04). Titan International had a negative net margin of 8.44% and a negative return on equity of 17.71%. The company had revenue of $330.20 million for the quarter, compared to analysts’ expectations of $330.92 million. During the same quarter in the previous year, the company posted $0.02 EPS. The firm’s quarterly revenue was down 12.2% on a year-over-year basis. Equities research analysts expect that Titan International Inc. will post ($0.48) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.005 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.02 annualized dividend and a dividend yield of 0.19%. Titan International’s payout ratio is -0.91%.
Several research analysts recently commented on the stock. Jefferies Group raised their price target on shares of Titan International from $8.00 to $11.50 and gave the stock a “hold” rating in a research note on Tuesday. Zacks Investment Research raised shares of Titan International from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Thursday, October 6th. One analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Titan International presently has an average rating of “Buy” and a consensus price target of $10.13.
About Titan International
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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