MHR Fund Management Increased its Stake in Titan International Inc (TWI)

For the fourth time in the past three months, Mark Rachesky‘s MHR Fund Management reveals an increased stake in Titan International Inc (NYSE:TWI). A recent filing with the Securities and Exchange Commission shows that the fund’s current position amounts to 7.00 million shares – 13.10% of the company’s common stock, up from the previously held 6.17 million.

Titan International Inc (NYSE:TWI)

Operating in the agricultural, earth moving/construction, and consumer applications segments, Titan International Inc (NYSE:TWI), is a leading world-wide supplier of complete wheel and tire assemblies for off-highway vehicles.  The company’s wheels, tires, and products for all-terrain vehicles and recreational/utility trailers are designed to meet specifications of both original equipment manufacturers and aftermarket customers. In 2012, Titan Tire Corporation acquired Goodyear’s Latin American farm tire business in Sao Paulo, Brazil. The next year,  Titan International, in partnership with the Russian Direct Investment Fund and One Equity Partners, the company closed a $94.00 million acquisition of 85.00% interest in Voltyre-Prom, a Russian producer of agricultural and industrial tires.

Exhibiting steady growth in sales revenues in the past 5 years, Titan International Inc (NYSE:TWI) generated net profits of $95.55 million  ($2.20 per share) in 2012 and $35.21 million ($0.66 per share) in 2013. The company currently trades at a price of around $17.40 per share, with a P/E ratio of 29.00, compared to the average ratio of 9.00 for the whole industry. In the first quarter of 2014, the company reported earnings per share of $0.07, a positive surprise of 16.70% compared to what markets predicted. Titan International is expected to produce EPS of $0.45 in 2014 and $0.70 in 2015. Currently, the mean analyst recommendation for the company’s shares is ‘Hold.’

Two other funds holding significant positions in Titan International Inc (NYSE:TWI) are Robert Rodriguez and Steven Romick‘s First Pacific Advisors Llc and Jay Petschek and Steven Major‘s Corsair Capital Management. The former owns nearly 850,000 shares, while the latter more than 480,000 of the company.

Mark Rachesky manages a $3.50 billion worth equity portfolio, of which around 80.00% is invested in the Services and Technology Sectors. Lions Gate Entertainment Corp. (USA) (NYSE:LGF) represents the largest proportion in the fund’s portfolio (more than 45.00%), with a position of almost 51.30 million shares.

Disclosure: none

Recommended reading:

MHR Fund’s Mark Rachesky Agrees To Serve On Titan International Inc (TWI)’s Board

MHR Fund Management Ups Its Stake In Navistar International Corp (NAV)

MHR Fund Management Discloses Huge Position in Emisphere Technologies, Inc. (EMIS)

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