Titan International Inc. (NYSE:TWI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $11.00 price objective on the stock. Zacks Investment Research’s price target indicates a potential upside of 12.47% from the stock’s previous close.
According to Zacks, “Titan International, Inc. is a global manufacturer of off-highway steel wheels and tires in the agricultural, earthmoving/construction and consumer markets. Titan generally manufactures both wheels and tires for these markets and provides the value-added service of assembling the completed wheel-tire system. They offer a broad range of different products that are manufactured in relatively short production runs to meet original equipment manufacturers’ specifications and/or aftermarket customer requirements. “
Separately, Jefferies Group lifted their price objective on Titan International from $6.00 to $8.00 and gave the stock a “hold” rating in a research report on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Titan International presently has a consensus rating of “Buy” and an average target price of $9.43.
Titan International (NYSE:TWI) opened at 9.78 on Thursday. Titan International has a one year low of $2.50 and a one year high of $10.36. The stock has a 50 day moving average price of $9.39 and a 200-day moving average price of $7.24. The firm’s market cap is $528.57 million.
Titan International (NYSE:TWI) last announced its quarterly earnings data on Thursday, August 4th. The company reported ($0.04) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.04). The firm earned $330.20 million during the quarter, compared to analyst estimates of $330.92 million. Titan International had a negative return on equity of 17.71% and a negative net margin of 8.44%. The company’s revenue was down 12.2% on a year-over-year basis. During the same period last year, the company earned $0.02 earnings per share. Analysts predict that Titan International will post ($0.48) EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.005 per share. This represents a $0.02 dividend on an annualized basis and a yield of 0.20%. The ex-dividend date is Wednesday, September 28th. Titan International’s dividend payout ratio (DPR) is currently -0.91%.
Institutional investors have recently modified their holdings of the company. BlackRock Fund Advisors boosted its position in shares of Titan International by 4.7% in the second quarter. BlackRock Fund Advisors now owns 2,953,421 shares of the company’s stock worth $18,311,000 after buying an additional 133,183 shares during the period. Fishman Jay A Ltd. MI boosted its position in shares of Titan International by 4.5% in the second quarter. Fishman Jay A Ltd. MI now owns 2,718,597 shares of the company’s stock worth $16,855,000 after buying an additional 117,750 shares during the period. Vanguard Group Inc. boosted its position in shares of Titan International by 10.7% in the second quarter. Vanguard Group Inc. now owns 2,584,899 shares of the company’s stock worth $16,027,000 after buying an additional 249,015 shares during the period. Pekin Singer Strauss Asset Management IL boosted its position in shares of Titan International by 5.4% in the second quarter. Pekin Singer Strauss Asset Management IL now owns 1,533,905 shares of the company’s stock worth $9,510,000 after buying an additional 79,201 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its position in shares of Titan International by 2.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,188,217 shares of the company’s stock worth $7,367,000 after buying an additional 24,140 shares during the period. Hedge funds and other institutional investors own 77.10% of the company’s stock.
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.