Titan America SA's Lock-Up Period Set To Expire on August 6th (NYSE:TTAM)

Key Points

• Titan America's lock-up period is set to expire on August 6th, allowing major shareholders and insiders to sell their shares.
• The company reported a quarterly earnings per share (EPS) of $0.28, which was below the consensus estimate of $0.31.
• A quarterly dividend of $0.04 per share will be paid on October 15th, representing a yield of 1.17%.

Titan America's (NYSE:TTAM - Get Free Report) lock-up period is set to end on Wednesday, August 6th. Titan America had issued 24,000,000 shares in its initial public offering on February 7th. The total size of the offering was $384,000,000 based on an initial share price of $16.00. After the end of the company's lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.

Wall Street Analyst Weigh In

TTAM has been the subject of several analyst reports. Bank of America reissued an "underperform" rating and set a $14.00 price target on shares of Titan America in a report on Thursday, July 24th. Stifel Nicolaus reissued a "hold" rating and set a $15.00 price objective (down from $17.00) on shares of Titan America in a research note on Monday, July 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $17.07.

Titan America Stock Down 3.9%

Shares of TTAM traded down $0.56 during mid-day trading on Friday, reaching $13.79. The company had a trading volume of 604,562 shares, compared to its average volume of 709,894. The company's fifty day simple moving average is $13.65. Titan America has a fifty-two week low of $10.80 and a fifty-two week high of $17.78. The company has a quick ratio of 1.36, a current ratio of 2.30 and a debt-to-equity ratio of 0.45.

Titan America (NYSE:TTAM - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.28 EPS for the quarter, missing analysts' consensus estimates of $0.31 by ($0.03). The firm had revenue of $429.24 million for the quarter, compared to analyst estimates of $436.95 million. The company's quarterly revenue was down .9% on a year-over-year basis.

Titan America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Friday, October 3rd will be issued a $0.04 dividend. The ex-dividend date is Friday, October 3rd. This represents a $0.16 dividend on an annualized basis and a yield of 1.2%.

Hedge Funds Weigh In On Titan America

A number of institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. bought a new stake in shares of Titan America in the 1st quarter worth about $67,597,000. Victory Capital Management Inc. acquired a new position in Titan America during the 1st quarter valued at about $42,625,000. Alliancebernstein L.P. acquired a new position in Titan America during the 1st quarter valued at about $33,017,000. Zimmer Partners LP acquired a new position in Titan America during the 1st quarter valued at about $30,799,000. Finally, Voss Capital LP acquired a new stake in shares of Titan America in the 1st quarter worth approximately $10,641,000.

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.