Swiss National Bank raised its stake in shares of Titan International, Inc. (NYSE:TWI) by 14.4% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 84,800 shares of the industrial products company’s stock after buying an additional 10,700 shares during the period. Swiss National Bank owned about 142,043.55% of Titan International worth $861,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its holdings in Titan International by 70.3% in the 2nd quarter. Franklin Resources Inc. now owns 3,157,500 shares of the industrial products company’s stock worth $37,922,000 after buying an additional 1,303,200 shares during the last quarter. Monarch Partners Asset Management LLC purchased a new stake in shares of Titan International during the second quarter worth $4,233,000. Vanguard Group Inc. increased its position in shares of Titan International by 9.5% during the second quarter. Vanguard Group Inc. now owns 3,349,303 shares of the industrial products company’s stock worth $40,224,000 after acquiring an additional 290,653 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Titan International by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,922,553 shares of the industrial products company’s stock worth $47,110,000 after acquiring an additional 208,779 shares during the period. Finally, Fishman Jay A Ltd. MI increased its position in shares of Titan International by 3.7% during the second quarter. Fishman Jay A Ltd. MI now owns 2,833,032 shares of the industrial products company’s stock worth $34,025,000 after acquiring an additional 102,150 shares during the period. Institutional investors and hedge funds own 87.15% of the company’s stock.
In other news, CEO Paul G. Reitz sold 22,000 shares of the business’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $10.82, for a total value of $238,040.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 17.80% of the company’s stock.
Titan International (NYSE:TWI) last announced its quarterly earnings results on Thursday, November 2nd. The industrial products company reported ($0.09) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.03. The company had revenue of $370.99 million for the quarter, compared to analyst estimates of $331.30 million. Titan International had a negative net margin of 3.19% and a negative return on equity of 9.22%. Titan International’s revenue for the quarter was up 21.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.15) EPS. sell-side analysts anticipate that Titan International, Inc. will post -0.62 earnings per share for the current year.
Several equities analysts recently commented on TWI shares. Zacks Investment Research downgraded shares of Titan International from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. BidaskClub downgraded shares of Titan International from a “buy” rating to a “hold” rating in a research note on Thursday, August 10th. ValuEngine cut shares of Titan International from a “hold” rating to a “sell” rating in a report on Wednesday, August 16th. Jefferies Group reissued a “hold” rating and set a $10.50 price target on shares of Titan International in a report on Friday, October 6th. Finally, TheStreet raised shares of Titan International from a “d+” rating to a “c-” rating in a report on Monday, November 6th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $13.50.
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About Titan International
Titan International, Inc is a wheel, tire, and undercarriage industrial manufacturer and supplier. The Company’s segments are agricultural, earthmoving/construction, and consumer. The Company produces a range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets.
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