Bank of America Corp DE Decreases Stake in Titan America SA $TTAM

Key Points

• Bank of America reduced its Titan America stake by 23% in the first quarter, selling 75,311 shares and retaining 251,834 shares valued at approximately $3.77 million.
• Analysts remain cautious, with a consensus “Hold” rating and a $19.30 price target. Recent ratings included Citigroup upgrading its target to $22 while HSBC downgraded the stock to “Hold.”
• Titan America’s latest quarterly EPS of $0.23 missed estimates of $0.29, although revenue rose 9.6% year over year to $470.63 million. The company also declared a quarterly dividend of $0.04 per share, representing a 1.1% yield.

Bank of America Corp DE cut its stake in shares of Titan America SA (NYSE:TTAM - Free Report) by 23.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 251,834 shares of the company's stock after selling 75,311 shares during the quarter. Bank of America Corp DE owned about 0.14% of Titan America worth $3,772,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. BNP Paribas Financial Markets purchased a new stake in Titan America in the second quarter valued at $28,000. Kemnay Advisory Services Inc. purchased a new stake in Titan America during the fourth quarter worth $30,000. Caitong International Asset Management Co. Ltd boosted its position in Titan America by 633.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,170 shares of the company's stock worth $36,000 after purchasing an additional 1,874 shares in the last quarter. New York State Common Retirement Fund acquired a new stake in Titan America in the second quarter valued at approximately $96,000. Finally, JPMorgan Chase & Co. acquired a new stake in Titan America in the second quarter valued at approximately $149,000.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TTAM. Zacks Research raised shares of Titan America from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 21st. HSBC lowered shares of Titan America from a "buy" rating to a "hold" rating and set a $18.50 price target on the stock. in a research note on Thursday, May 7th. Stifel Nicolaus boosted their price objective on Titan America from $18.00 to $19.00 and gave the stock a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings lowered Titan America from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, August 18th. Finally, Citigroup lifted their target price on shares of Titan America from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $19.30.

Titan America Trading Up 0.3%

Shares of Titan America stock opened at $15.03 on Friday. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 0.96 and a beta of 1.07. Titan America SA has a fifty-two week low of $13.89 and a fifty-two week high of $19.57. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 2.08. The stock has a 50 day moving average of $16.74 and a 200 day moving average of $16.54.

Titan America (NYSE:TTAM - Get Free Report) last posted its earnings results on Tuesday, July 28th. The company reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.06). The business had revenue of $470.63 million during the quarter. Titan America had a net margin of 10.35% and a return on equity of 17.03%. The firm's revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.28 EPS. As a group, research analysts predict that Titan America SA will post 1.09 earnings per share for the current year.

Titan America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, October 1st. Titan America's dividend payout ratio (DPR) is 16.67%.

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. We are a leading provider of heavy building materials in Florida, the New York and New Jersey Metropolitan area (“Metro New York”), Virginia, North Carolina and South Carolina (Virginia and the Carolinas, together with Metro New York and their adjacent areas, the “Mid-Atlantic”).

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