Short Interest in Titan International, Inc. (NYSE:TWI) Grows By 112.9%

Key Points

• Short interest in Titan International, Inc. (NYSE:TWI) surged by 112.9% in July, reaching a total of 2,470,000 shares, which is about 5.2% of the company's shares.
• The company's recent earnings report showed a loss of ($0.02) per share, missing analysts' estimates, with revenue of $460.83 million compared to an expected $483.84 million.
• Institutional investors have shown increased interest, with significant stakes being modified; 80.39% of Titan International's stock is now owned by institutional investors.

Titan International, Inc. (NYSE:TWI - Get Free Report) was the target of a large increase in short interest in July. As of July 15th, there was short interest totaling 2,470,000 shares, anincreaseof112.9% from the June 30th total of 1,160,000 shares. Based on an average daily trading volume, of 572,700 shares, the short-interest ratio is presently 4.3 days. Approximately5.2% of the shares of the stock are short sold. Approximately5.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 572,700 shares, the short-interest ratio is presently 4.3 days.

Analysts Set New Price Targets

TWI has been the topic of several research analyst reports. DA Davidson raised their price objective on Titan International from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Noble Financial initiated coverage on Titan International in a research note on Wednesday, June 4th. They set an "outperform" rating and a $11.00 price objective on the stock. Finally, Wall Street Zen raised Titan International from a "sell" rating to a "hold" rating in a research note on Thursday, May 8th.

Insider Buying and Selling

In other news, Director Richard M. Cashin, Jr. sold 212,398 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 176,461 shares of the company's stock, valued at approximately $1,824,606.74. This represents a 54.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Anthony Eheli sold 25,000 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.24, for a total value of $231,000.00. Following the completion of the transaction, the chief accounting officer directly owned 45,276 shares of the company's stock, valued at approximately $418,350.24. The trade was a 35.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 301,348 shares of company stock valued at $3,086,520. 25.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Titan International

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC grew its holdings in Titan International by 1.0% during the fourth quarter. Renaissance Technologies LLC now owns 2,743,587 shares of the industrial products company's stock worth $18,629,000 after purchasing an additional 27,616 shares during the period. Fishman Jay A Ltd. MI grew its holdings in Titan International by 1.0% during the second quarter. Fishman Jay A Ltd. MI now owns 2,220,684 shares of the industrial products company's stock worth $22,806,000 after purchasing an additional 22,677 shares during the period. Geode Capital Management LLC grew its holdings in Titan International by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,138,329 shares of the industrial products company's stock worth $7,732,000 after purchasing an additional 5,940 shares during the period. EVR Research LP bought a new position in Titan International during the first quarter worth about $9,229,000. Finally, Royce & Associates LP grew its holdings in Titan International by 1,059.1% during the first quarter. Royce & Associates LP now owns 918,114 shares of the industrial products company's stock worth $7,703,000 after purchasing an additional 838,902 shares during the period. Institutional investors own 80.39% of the company's stock.

Titan International Stock Down 4.7%

Shares of TWI traded down $0.41 during midday trading on Friday, hitting $8.21. The stock had a trading volume of 509,310 shares, compared to its average volume of 504,475. The firm has a market cap of $524.30 million, a price-to-earnings ratio of -26.47 and a beta of 2.05. The company has a 50 day simple moving average of $9.28 and a two-hundred day simple moving average of $8.37. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.35 and a quick ratio of 1.27. Titan International has a twelve month low of $5.93 and a twelve month high of $10.94.

Titan International (NYSE:TWI - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The industrial products company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $460.83 million during the quarter, compared to the consensus estimate of $483.84 million. Titan International had a negative net margin of 1.24% and a negative return on equity of 1.62%. On average, analysts anticipate that Titan International will post 0.03 EPS for the current year.

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.