Titan International Inc (NYSE:TWI) Sees Large Drop in Short Interest

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Titan International Inc (NYSE:TWI) saw a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 2,770,000 shares, a decline of 10.1% from the August 31st total of 3,080,000 shares. Approximately 4.8% of the shares of the company are sold short. Based on an average trading volume of 586,700 shares, the short-interest ratio is presently 4.7 days.

A number of large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its holdings in Titan International by 17.3% during the second quarter. Bank of America Corp DE now owns 44,285 shares of the industrial products company’s stock valued at $64,000 after purchasing an additional 6,523 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Titan International by 1.7% in the first quarter. Bank of New York Mellon Corp now owns 575,814 shares of the industrial products company’s stock worth $893,000 after acquiring an additional 9,518 shares during the period. Royal Bank of Canada bought a new position in shares of Titan International in the first quarter worth about $30,000. Cordasco Financial Network bought a new position in shares of Titan International in the second quarter worth about $28,000. Finally, First Heartland Consultants Inc. bought a new position in shares of Titan International in the second quarter worth about $30,000. 68.91% of the stock is owned by institutional investors and hedge funds.

NYSE:TWI traded up $0.02 during mid-day trading on Friday, hitting $2.85. 490,125 shares of the company traded hands, compared to its average volume of 583,448. The stock’s fifty day moving average price is $2.73 and its 200-day moving average price is $1.78. Titan International has a one year low of $1.05 and a one year high of $4.01. The company has a quick ratio of 1.16, a current ratio of 2.15 and a debt-to-equity ratio of 2.62. The firm has a market cap of $173.63 million, a price-to-earnings ratio of -2.30 and a beta of 2.18.

Titan International (NYSE:TWI) last released its quarterly earnings results on Thursday, August 6th. The industrial products company reported ($0.17) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.36) by $0.19. Titan International had a negative return on equity of 29.60% and a negative net margin of 5.88%. The business had revenue of $286.13 million during the quarter, compared to analyst estimates of $275.47 million. Equities analysts predict that Titan International will post -0.6 EPS for the current year.

Several analysts recently commented on TWI shares. William Blair reaffirmed a “market perform” rating on shares of Titan International in a report on Thursday, August 6th. ValuEngine lowered Titan International from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Zacks Investment Research raised Titan International from a “hold” rating to a “buy” rating and set a $3.75 price objective for the company in a report on Tuesday, September 22nd.

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 North America, Europe, Latin America, the Commonwealth of Independent States region, and internationally. The company operates in three segments: Agricultural, Earthmoving/Construction, and Consumer.

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