Titan Machinery (TITN) Releases Quarterly Earnings Results

Titan Machinery (NASDAQ:TITN) released its quarterly earnings results on Thursday. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.04, Bloomberg Earnings reports. Titan Machinery had a negative return on equity of 0.89% and a negative net margin of 0.59%. The firm had revenue of $339.61 million for the quarter, compared to the consensus estimate of $315.08 million. During the same quarter last year, the business posted ($0.31) EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis.

Shares of NASDAQ TITN opened at $23.56 on Friday. The stock has a market capitalization of $520.55, a PE ratio of -196.33 and a beta of 1.60. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.70 and a quick ratio of 0.33. Titan Machinery has a fifty-two week low of $11.68 and a fifty-two week high of $25.09.

In other news, CEO David Joseph Meyer sold 61,796 shares of the firm’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $21.85, for a total value of $1,350,242.60. Following the completion of the transaction, the chief executive officer now owns 715,864 shares in the company, valued at approximately $15,641,628.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 16.08% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in TITN. State Street Corp grew its holdings in shares of Titan Machinery by 10.1% in the 2nd quarter. State Street Corp now owns 328,539 shares of the company’s stock valued at $5,910,000 after acquiring an additional 30,139 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Titan Machinery by 14.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 16,622 shares of the company’s stock valued at $298,000 after acquiring an additional 2,054 shares in the last quarter. Prudential Financial Inc. bought a new position in shares of Titan Machinery in the 3rd quarter valued at about $211,000. New York State Common Retirement Fund grew its holdings in shares of Titan Machinery by 174.0% in the 3rd quarter. New York State Common Retirement Fund now owns 58,085 shares of the company’s stock valued at $902,000 after acquiring an additional 36,885 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Titan Machinery by 20.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 246,481 shares of the company’s stock valued at $3,827,000 after acquiring an additional 42,407 shares in the last quarter. Institutional investors own 78.64% of the company’s stock.

Several analysts have issued reports on TITN shares. BidaskClub raised Titan Machinery from a “sell” rating to a “hold” rating in a research note on Friday, February 23rd. Zacks Investment Research downgraded Titan Machinery from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Robert W. Baird set a $26.00 price target on Titan Machinery and gave the company a “buy” rating in a research note on Thursday. William Blair raised Titan Machinery from an “underperform” rating to a “market perform” rating in a research note on Tuesday, January 2nd. Finally, Craig Hallum reissued a “buy” rating and issued a $26.00 price target on shares of Titan Machinery in a research note on Thursday. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Titan Machinery has a consensus rating of “Hold” and a consensus price target of $24.00.

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About Titan Machinery

Titan Machinery Inc owns and operates a network of service agricultural and construction equipment stores in the United States and Europe. The Company engages in four principal business activities: new and used equipment sales; parts sales; repair and maintenance services, and equipment rental and other activities.

Earnings History for Titan Machinery (NASDAQ:TITN)

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