New York State Common Retirement Fund Cuts Position in Titan International, Inc. (NYSE:TWI)

Key Points

• The New York State Common Retirement Fund has reduced its holdings in Titan International, Inc. (NYSE:TWI) by 85.8%, selling 46,700 shares in the first quarter and ending with a total of 7,734 shares valued at approximately $65,000.
• Insider sales have totaled 301,348 shares valued at about $3.1 million over the last 90 days, indicating a significant decrease in positions held by corporate insiders, including a 54.62% decrease by Director Richard M. Cashin, Jr.
• Analyst ratings for Titan International have improved, with DA Davidson raising the price objective from $10.00 to $12.00 and assigning a "buy" rating, while Wall Street Zen upgraded its rating from "sell" to "hold."

New York State Common Retirement Fund reduced its holdings in shares of Titan International, Inc. (NYSE:TWI - Free Report) by 85.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,734 shares of the industrial products company's stock after selling 46,700 shares during the quarter. New York State Common Retirement Fund's holdings in Titan International were worth $65,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP Paribas Financial Markets lifted its holdings in shares of Titan International by 90.6% during the fourth quarter. BNP Paribas Financial Markets now owns 67,380 shares of the industrial products company's stock valued at $458,000 after purchasing an additional 32,023 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in shares of Titan International during the fourth quarter valued at $236,000. Jump Financial LLC bought a new position in shares of Titan International during the fourth quarter valued at $116,000. Mariner LLC lifted its holdings in shares of Titan International by 24.2% during the fourth quarter. Mariner LLC now owns 29,020 shares of the industrial products company's stock valued at $197,000 after purchasing an additional 5,655 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in shares of Titan International by 14.1% during the fourth quarter. MetLife Investment Management LLC now owns 26,763 shares of the industrial products company's stock valued at $182,000 after purchasing an additional 3,310 shares in the last quarter. 80.39% of the stock is owned by institutional investors.

Titan International Stock Performance

Titan International stock traded down $0.89 during mid-day trading on Thursday, reaching $8.18. 406,115 shares of the stock traded hands, compared to its average volume of 683,568. The stock has a market capitalization of $521.32 million, a PE ratio of -38.81 and a beta of 2.03. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.26 and a quick ratio of 1.25. Titan International, Inc. has a 12-month low of $5.93 and a 12-month high of $10.94. The business's 50-day moving average is $9.10 and its 200-day moving average is $8.30.

Titan International (NYSE:TWI - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The industrial products company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.02 by ($0.04). Titan International had a negative return on equity of 0.05% and a negative net margin of 0.83%. As a group, sell-side analysts predict that Titan International, Inc. will post 0.03 EPS for the current fiscal year.

Insider Activity

In related news, CAO Anthony Eheli sold 25,000 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.24, for a total transaction of $231,000.00. Following the completion of the sale, the chief accounting officer owned 45,276 shares in the company, valued at approximately $418,350.24. This trade represents a 35.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard M. Cashin, Jr. sold 212,398 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $10.34, for a total value of $2,196,195.32. Following the sale, the director owned 176,461 shares of the company's stock, valued at $1,824,606.74. This represents a 54.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 301,348 shares of company stock valued at $3,086,520 in the last quarter. 25.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the company. DA Davidson upped their price objective on Titan International from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Noble Financial assumed coverage on Titan International in a research report on Wednesday, June 4th. They set an "outperform" rating and a $11.00 price objective for the company. Finally, Wall Street Zen upgraded Titan International from a "sell" rating to a "hold" rating in a research report on Thursday, May 8th.

Titan International Company Profile

Titan International, Inc, together with its subsidiaries, manufactures and sells wheels, tires, and undercarriage systems and components for off-highway vehicles in the United States and internationally. The company operates in Agricultural, Earthmoving/Construction, and Consumer segments. It offers wheels, tires, and undercarriage systems and components for various agricultural equipment, including tractors, combines, skidders, plows, planters, and irrigation equipment.