Renaissance Technologies LLC Buys 235,632 Shares of Titan International, Inc. $TWI

Key Points

• Renaissance Technologies increased its Titan International stake by 10.5%, purchasing 235,632 additional shares to hold 2.48 million shares valued at approximately $17.1 million. Institutional investors collectively own 80.39% of the company.
• Titan International reported quarterly revenue of $484.77 million and earnings per share of $0.10, beating the consensus estimate of a $0.04 loss, though it continues to post negative net margins and return on equity.
• Shares opened at $7.32, well below the 52-week high of $11.70. Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $13.00.

Renaissance Technologies LLC increased its position in Titan International, Inc. (NYSE:TWI - Free Report) by 10.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,477,119 shares of the industrial products company's stock after buying an additional 235,632 shares during the period. Renaissance Technologies LLC owned 3.85% of Titan International worth $17,117,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Gabelli Funds LLC bought a new position in shares of Titan International in the 1st quarter worth $107,000. Sei Investments Co. boosted its holdings in Titan International by 99.4% during the first quarter. Sei Investments Co. now owns 369,535 shares of the industrial products company's stock worth $2,553,000 after purchasing an additional 184,176 shares during the last quarter. State of Wyoming boosted its stake in shares of Titan International by 45.2% in the 1st quarter. State of Wyoming now owns 4,758 shares of the industrial products company's stock worth $33,000 after buying an additional 1,482 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Titan International by 6.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,426,873 shares of the industrial products company's stock worth $23,678,000 after purchasing an additional 204,589 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Titan International by 2.0% in the 1st quarter. Principal Financial Group Inc. now owns 233,158 shares of the industrial products company's stock worth $1,611,000 after buying an additional 4,599 shares during the last quarter. 80.39% of the stock is owned by institutional investors.

Titan International Price Performance

NYSE TWI opened at $7.32 on Friday. The company has a quick ratio of 1.22, a current ratio of 2.19 and a debt-to-equity ratio of 1.15. The company has a market cap of $471.14 million, a PE ratio of -5.34 and a beta of 1.45. Titan International, Inc. has a 52 week low of $6.43 and a 52 week high of $11.70. The firm's 50-day simple moving average is $7.53 and its two-hundred day simple moving average is $8.25.

Titan International (NYSE:TWI - Get Free Report) last posted its earnings results on Thursday, July 30th. The industrial products company reported $0.10 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.14. Titan International had a negative net margin of 4.72% and a negative return on equity of 3.00%. The firm had revenue of $484.77 million during the quarter, compared to the consensus estimate of $480.06 million. Research analysts predict that Titan International, Inc. will post -0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Titan International from a "sell" rating to a "hold" rating in a research note on Sunday, May 10th. DA Davidson reiterated a "buy" rating and issued a $13.00 price objective on shares of Titan International in a research note on Friday, June 12th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Titan International in a research report on Monday, July 20th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $13.00.

Titan International Company Profile

Titan International, Inc is a leading global manufacturer of wheels, tires and undercarriage systems designed for off-highway vehicles. The company serves a diverse range of markets including agricultural, construction, earthmoving and consumer segments. Titan's product portfolio encompasses a variety of tire sizes and tread designs, steel and cast centers, wheels, tracks and complete wheel‐and‐tire assemblies tailored to meet the needs of tractors, combines, skid steers, loaders, haul trucks and other specialized equipment.

In addition to original equipment manufacturing, Titan provides extensive aftermarket support through its network of distributors and sales offices.

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