Bank of America Corp DE Purchases New Holdings in Titan International, Inc. $TWI

Key Points

• Bank of America purchased 570,272 Titan International shares in the second quarter, valued at approximately $4.4 million and representing about 0.88% of the company. Institutional investors collectively own 80.39% of TWI.
• Analyst sentiment remains mixed: DA Davidson maintained a “Buy” rating with a $13 price target, while Weiss Ratings reiterated a “Sell” rating. The overall consensus is “Hold,” with a $13 target price.
• Titan International shares opened at $6.98, near the lower end of their 52-week range. The company exceeded quarterly EPS and revenue expectations, but remains unprofitable, with analysts forecasting a full-year EPS loss of $0.12.

Bank of America Corp DE purchased a new position in shares of Titan International, Inc. (NYSE:TWI - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 570,272 shares of the industrial products company's stock, valued at approximately $4,397,000. Bank of America Corp DE owned about 0.88% of Titan International as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Hsbc Holdings PLC acquired a new position in shares of Titan International in the second quarter valued at $565,000. Legal & General Group Plc acquired a new stake in Titan International during the second quarter worth $40,000. The Manufacturers Life Insurance Company bought a new stake in Titan International in the 2nd quarter valued at $126,000. Sanctuary Advisors LLC bought a new stake in Titan International in the 2nd quarter valued at $97,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Titan International in the 2nd quarter valued at $234,000. 80.39% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Titan International in a research report on Monday, July 20th. DA Davidson reissued a "buy" rating and issued a $13.00 price target on shares of Titan International in a research report on Friday, June 12th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $13.00.

Titan International Stock Down 1.2%

TWI opened at $6.98 on Tuesday. The firm's 50-day simple moving average is $7.31 and its 200-day simple moving average is $7.48. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.15 and a current ratio of 2.11. Titan International, Inc. has a twelve month low of $6.37 and a twelve month high of $11.70. The firm has a market cap of $450.68 million, a price-to-earnings ratio of -5.77 and a beta of 1.46.

Titan International (NYSE:TWI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The industrial products company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.15. The firm had revenue of $484.77 million during the quarter, compared to the consensus estimate of $480.06 million. Titan International had a negative net margin of 4.11% and a negative return on equity of 1.56%. Equities research analysts anticipate that Titan International, Inc. will post -0.12 EPS for the current fiscal year.

Titan International Profile

Titan International, Inc is a manufacturer of off-highway wheels, tires, and undercarriage systems. The company serves the agricultural, construction, earthmoving, mining, and other specialty vehicle markets, supplying products designed for equipment that operates in demanding conditions.

Its product portfolio includes agricultural and off-the-road tires, wheel assemblies, tracks, and undercarriage components. Titan provides products for original equipment manufacturers as well as replacement and aftermarket customers, supporting tractors, combines, loaders, excavators, and other heavy equipment.

Based in Quincy, Illinois, Titan International serves customers through manufacturing, distribution, and sales operations in North America and international markets.

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