Zimmer Partners LP Takes Position in Titan America SA $TTAM

Key Points

• Zimmer Partners LP acquired 2,278,043 shares of Titan America SA, valued at approximately $30.8 million, representing a 1.24% ownership stake as of their latest SEC filing.
• Titan America reported Q2 earnings of $0.28 per share, missing estimates by $0.03, with revenue of $429.24 million, down 0.9% year-over-year.
• The company announced a $0.04 quarterly dividend to be paid on October 15, 2023, with a yield of 1.0% based on the annualized dividend.

Zimmer Partners LP bought a new stake in Titan America SA (NYSE:TTAM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,278,043 shares of the company's stock, valued at approximately $30,799,000. Zimmer Partners LP owned approximately 1.24% of Titan America as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. PNC Financial Services Group Inc. acquired a new stake in shares of Titan America in the first quarter valued at $135,000. Cannon Global Investment Management LLC acquired a new stake in shares of Titan America in the first quarter valued at $160,000. Venator Management LLC acquired a new stake in shares of Titan America in the first quarter valued at $773,000. Seven Grand Managers LLC acquired a new stake in shares of Titan America in the first quarter valued at $946,000. Finally, Eisler Capital Management Ltd. acquired a new stake in Titan America in the first quarter worth about $1,011,000.

Titan America Trading Down 1.9%

TTAM traded down $0.31 during midday trading on Friday, reaching $15.75. 123,762 shares of the company were exchanged, compared to its average volume of 299,721. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.30 and a quick ratio of 1.36. Titan America SA has a one year low of $10.80 and a one year high of $17.78. The stock's 50-day simple moving average is $14.82 and its 200 day simple moving average is $13.88.

Titan America (NYSE:TTAM - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.31 by ($0.03). The business had revenue of $429.24 million during the quarter, compared to analysts' expectations of $436.95 million. The company's revenue was down .9% on a year-over-year basis.

Titan America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Friday, October 3rd will be issued a dividend of $0.04 per share. The ex-dividend date is Friday, October 3rd. This represents a $0.16 dividend on an annualized basis and a yield of 1.0%.

Wall Street Analysts Forecast Growth

TTAM has been the subject of a number of research reports. Bank of America reiterated an "underperform" rating and issued a $14.00 price objective on shares of Titan America in a research report on Thursday, July 24th. Stifel Nicolaus reiterated a "hold" rating and issued a $15.00 price objective (down from $17.00) on shares of Titan America in a research report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $17.07.

About Titan America

Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services operating primarily on the Eastern Seaboard of the United States (the “Eastern Seaboard”). We are a leading provider of materials that contribute to lower carbon emissions than traditional building materials and/or beneficial reuse of waste materials.