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

Titan America SA (NYSE:TTAM)’s share price gapped up prior to trading 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.

The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The business had revenue of $392.44 million for the quarter, compared to the consensus estimate of $391.96 million. The company’s revenue for the quarter was down 1.9% on a year-over-year basis.

Titan America Announces Dividend

The company also recently disclosed a dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, April 7th were paid a $0.38 dividend. The ex-dividend date of this dividend was Friday, April 4th. This represents a yield of 5.73%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on TTAM shares. Jefferies Financial Group initiated coverage on shares of Titan America in a report on Wednesday, March 5th. They set a “buy” rating and a $19.00 price objective on the stock. HSBC initiated coverage on shares of Titan America in a research note on Wednesday, March 12th. They set a “buy” rating and a $19.00 price target on the stock. The Goldman Sachs Group reduced their price objective on shares of Titan America from $19.00 to $16.50 and set a “neutral” rating for the company in a research note on Friday, March 28th. Citigroup initiated coverage on Titan America in a research report on Tuesday, March 4th. They set a “buy” rating and a $19.00 target price on the stock. Finally, Sanford C. Bernstein began coverage on Titan America in a research report on Tuesday, March 4th. They issued a “market perform” rating and a $17.00 price target for the company. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $17.29.

Institutional Investors Weigh In On Titan America

Institutional investors and hedge funds have recently made changes to their positions in the business. Diamond Hill Capital Management Inc. bought a new position in Titan America in the 1st quarter worth about $1,990,000. Victory Capital Management Inc. bought a new position in shares of Titan America in the first quarter worth approximately $42,625,000. Teacher Retirement System of Texas purchased a new stake in Titan America in the first quarter valued at approximately $3,718,000. Finally, Cannon Global Investment Management LLC bought a new stake in Titan America during the first quarter valued at approximately $160,000.

Titan America Trading Up 6.6 %

The company has a fifty day simple moving average of $13.16.

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.