American Century Companies Inc. Invests $67.60 Million in Titan America SA $TTAM

Key Points

• American Century Companies Inc. acquired approximately 4.99 million shares of Titan America SA, worth about $67.6 million, giving it a 2.71% ownership stake in the company.
• Recent analyst reports indicate a mixed outlook for Titan America, with a "hold" rating and a reduced price target of $15.00 from Stifel Nicolaus, while Bank of America issued an "underperform" rating with a $14.00 target.
• Titan America plans to pay a quarterly dividend of $0.04 per share on October 15th, which represents an annualized yield of 1.0% based on the current share price.

American Century Companies Inc. bought a new position in shares of Titan America SA (NYSE:TTAM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,999,747 shares of the company's stock, valued at approximately $67,597,000. American Century Companies Inc. owned about 2.71% of Titan America as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Seven Grand Managers LLC acquired a new stake in shares of Titan America in the first quarter valued at $946,000. Nuveen LLC acquired a new stake in shares of Titan America in the first quarter valued at $4,947,000. Burkehill Global Management LP acquired a new stake in shares of Titan America in the first quarter valued at $2,704,000. PNC Financial Services Group Inc. acquired a new stake in shares of Titan America in the first quarter valued at $135,000. Finally, Diamond Hill Capital Management Inc. acquired a new stake in shares of Titan America in the first quarter valued at $1,990,000.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Bank of America reaffirmed an "underperform" rating and issued a $14.00 price objective on shares of Titan America in a research note on Thursday, July 24th. Stifel Nicolaus reaffirmed a "hold" rating and issued a $15.00 price objective (down from $17.00) on shares of Titan America in a research note on Monday, July 28th. One 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 given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $17.07.

Titan America Trading Up 5.2%

TTAM traded up $0.79 on Friday, hitting $15.86. 365,274 shares of the company were exchanged, compared to its average volume of 398,040. Titan America SA has a twelve month low of $10.80 and a twelve month high of $17.78. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.30 and a quick ratio of 1.36. The business has a 50-day moving average price of $14.01.

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

Titan America Announces Dividend

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

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.