Titan International (NYSE:TWI) Shares Gap Down After Earnings Miss

Titan International, Inc. (NYSE:TWI)’s share price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $11.17, but opened at $10.07. Titan International shares last traded at $10.06, with a volume of 258,258 shares.

The industrial products company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.15). The company had revenue of $482.21 million for the quarter, compared to analysts’ expectations of $537.32 million. Titan International had a net margin of 4.32% and a return on equity of 22.57%. During the same period in the prior year, the firm posted $0.53 earnings per share.

Analysts Set New Price Targets

Separately, TheStreet downgraded shares of Titan International from a “b-” rating to a “c” rating in a research note on Thursday, February 29th.

Insiders Place Their Bets

In other news, CAO Anthony Eheli sold 2,500 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $12.42, for a total value of $31,050.00. Following the transaction, the chief accounting officer now directly owns 52,918 shares of the company’s stock, valued at $657,241.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 18.30% of the company’s stock.

Institutional Investors Weigh In On Titan International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its stake in shares of Titan International by 6.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,407,435 shares of the industrial products company’s stock worth $50,703,000 after purchasing an additional 215,637 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Titan International by 38.1% in the fourth quarter. Pacer Advisors Inc. now owns 2,310,404 shares of the industrial products company’s stock valued at $34,379,000 after buying an additional 637,123 shares during the last quarter. LSV Asset Management lifted its stake in shares of Titan International by 0.8% in the fourth quarter. LSV Asset Management now owns 754,759 shares of the industrial products company’s stock worth $11,231,000 after buying an additional 6,059 shares in the last quarter. American Century Companies Inc. grew its stake in Titan International by 15.6% during the 3rd quarter. American Century Companies Inc. now owns 700,683 shares of the industrial products company’s stock valued at $9,410,000 after acquiring an additional 94,797 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Titan International by 55.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 582,950 shares of the industrial products company’s stock valued at $7,829,000 after acquiring an additional 206,984 shares during the last quarter. 80.39% of the stock is owned by institutional investors and hedge funds.

Titan International Stock Performance

The firm has a fifty day moving average of $12.36 and a 200 day moving average of $13.25. The stock has a market cap of $774.61 million, a price-to-earnings ratio of 7.76 and a beta of 2.09. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.35 and a quick ratio of 1.37.

About Titan International

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.