Richard Snow (Trades, Portfolio), founder of Snow Capital Management L.P., reduced his stake in Titan International Inc. (TWI, Financial) by more than 71% on Sept. 14.
Snow sold 2,354,455 shares for an average price of $7.55 per share, leaving him with 951,649 shares in his portfolio. The stock sold for $7.34 per share when the market closed Wednesday. The transaction had a -0.52% impact on Snow’s portfolio.
Titan International is the Quincy, Ill.-based parent company of Titan Tire Corp., manufacturer of off-road tires. Titan Tire is the third-largest in North America. In 2005, Titan International acquired Goodyear’s (GT, Financial) farm tire business. The deal included Goodyear’s plant in Freeport, Ill.
Titan International has a market cap of $394.94 million and an enterprise value of $753.29 million. It has a forward P/E of 92.6, a P/B of 0.8 and a P/S of 0.3.
Even with the sale, Snow is Titan’s leading shareholder among the gurus. Jim Simons (Trades, Portfolio), Private Capital (Trades, Portfolio), Robert Bruce (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) have shares of Titan in their portfolios.
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