Alliancebernstein L.P. Makes New $33.02 Million Investment in Titan America SA $TTAM

Key Points

• AllianceBernstein L.P. has made a new investment of approximately $33.02 million in Titan America SA, acquiring 2,442,079 shares.
• Despite this investment, the consensus rating for Titan America stock is a "Hold" with a price target of $17.07.
• Titan America has announced a quarterly dividend of $0.04 per share, payable on October 15th, representing an annual yield of 1.0%.

Alliancebernstein L.P. bought a new stake in Titan America SA (NYSE:TTAM - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,442,079 shares of the company's stock, valued at approximately $33,017,000. Alliancebernstein L.P. owned about 1.32% of Titan America as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of TTAM. PNC Financial Services Group Inc. acquired a new stake in Titan America during the first quarter worth approximately $135,000. Cannon Global Investment Management LLC acquired a new stake in Titan America during the first quarter worth approximately $160,000. Venator Management LLC acquired a new stake in Titan America during the first quarter worth approximately $773,000. Seven Grand Managers LLC acquired a new stake in Titan America during the first quarter worth approximately $946,000. Finally, Eisler Capital Management Ltd. acquired a new stake in Titan America during the first quarter worth approximately $1,011,000.

Wall Street Analyst Weigh In

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

Titan America Stock Performance

Shares of TTAM traded down $0.31 during mid-day trading on Friday, hitting $15.75. 123,762 shares of the company's stock were exchanged, compared to its average volume of 299,721. The stock's 50-day simple moving average is $14.82 and its 200-day simple moving average is $13.88. The company has a quick ratio of 1.36, a current ratio of 2.30 and a debt-to-equity ratio of 0.45. Titan America SA has a 52 week low of $10.80 and a 52 week high of $17.78.

Titan America (NYSE:TTAM - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $429.24 million for the quarter, compared to analyst estimates of $436.95 million. The company's revenue was down .9% compared to the same quarter last year.

Titan America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Friday, October 3rd will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, October 3rd.

Titan America Profile

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.