Titan America (NYSE:TTAM) Shares Gap Up on Better-Than-Expected Earnings

Titan America SA (NYSE:TTAM - Get Free Report) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $12.90, but opened at $13.75. Titan America shares last traded at $13.72, with a volume of 27,844 shares changing hands.

The company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. The company had revenue of $392.44 million during the quarter, compared to analysts' expectations of $391.96 million. The firm's revenue was down 1.9% on a year-over-year basis.

Titan America Dividend Announcement

The company also recently declared a -- dividend, which will be paid on Wednesday, June 25th. Investors of record on Wednesday, June 4th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, June 4th.

Analysts Set New Price Targets

TTAM has been the topic of several recent research reports. Citigroup began coverage on shares of Titan America in a research note on Tuesday, March 4th. They set a "buy" rating and a $19.00 target price on the stock. Hsbc Global Res upgraded shares of Titan America to a "strong-buy" rating in a research report on Wednesday, March 12th. Jefferies Financial Group assumed coverage on shares of Titan America in a report on Wednesday, March 5th. They issued a "buy" rating and a $19.00 price objective for the company. Bank of America lowered their target price on Titan America from $16.50 to $15.50 and set a "neutral" rating on the stock in a report on Thursday, March 27th. Finally, The Goldman Sachs Group cut their price target on Titan America from $19.00 to $16.50 and set a "neutral" rating for the company in a report on Friday, March 28th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Titan America presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.29.

Institutional Investors Weigh In On Titan America

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TTAM. PNC Financial Services Group Inc. acquired a new stake in shares of Titan America during the 1st quarter worth about $135,000. Cannon Global Investment Management LLC purchased a new position in Titan America during the first quarter worth about $160,000. Diamond Hill Capital Management Inc. purchased a new stake in shares of Titan America in the 1st quarter valued at approximately $1,990,000. Teacher Retirement System of Texas acquired a new position in shares of Titan America in the 1st quarter worth approximately $3,718,000. Finally, Victory Capital Management Inc. purchased a new position in shares of Titan America during the 1st quarter worth approximately $42,625,000.

Titan America Stock Performance

The business's fifty day moving average is $13.07.

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.