Titan America (NYSE:TTAM) Shares Gap Up on Earnings Beat

Titan America SA (NYSE:TTAM - Get Free Report)'s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. 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 for the quarter, compared to the consensus estimate of $391.96 million. The firm's revenue was down 1.9% on a year-over-year basis.

Titan America Announces Dividend

The firm also recently announced 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 is Wednesday, June 4th.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TTAM shares. Bank of America decreased their price objective on shares of Titan America from $16.50 to $15.50 and set a "neutral" rating for the company in a research note on Thursday, March 27th. HSBC began coverage on shares of Titan America in a research note on Wednesday, March 12th. They issued a "buy" rating and a $19.00 price target on the stock. Sanford C. Bernstein started coverage on shares of Titan America in a research note on Tuesday, March 4th. They issued a "market perform" rating and a $17.00 target price on the stock. Hsbc Global Res raised shares of Titan America to a "strong-buy" rating in a research report on Wednesday, March 12th. Finally, BNP Paribas upgraded Titan America to a "hold" rating in a report on Tuesday, March 4th. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $17.29.

Hedge Funds Weigh In On Titan America

Institutional investors have recently bought and sold shares of the business. Cannon Global Investment Management LLC bought a new stake in Titan America during the 1st quarter valued at $160,000. Teacher Retirement System of Texas bought a new stake in Titan America during the first quarter valued at about $3,718,000. Victory Capital Management Inc. bought a new stake in Titan America during the first quarter valued at about $42,625,000. Diamond Hill Capital Management Inc. bought a new position in Titan America in the first quarter worth about $1,990,000. Finally, PNC Financial Services Group Inc. bought a new position in Titan America in the first quarter worth about $135,000.

Titan America Stock Performance

The firm's 50-day moving average price is $13.07.

Titan America Company Profile

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.