Titan Machinery (NASDAQ:TITN) Announces Earnings Results

Titan Machinery (NASDAQ:TITN) issued its quarterly earnings results on Tuesday. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.28, MarketWatch Earnings reports. Titan Machinery had a return on equity of 11.04% and a net margin of 2.10%. The company had revenue of $454.00 million for the quarter, compared to the consensus estimate of $429.88 million. During the same quarter in the prior year, the business posted $0.58 earnings per share. Titan Machinery’s revenue for the quarter was up 25.8% on a year-over-year basis. Titan Machinery updated its FY 2022 guidance to $2.400-$2.600 EPS and its FY22 guidance to $2.40-2.60 EPS.

Shares of NASDAQ:TITN traded down $3.35 during midday trading on Thursday, hitting $34.94. The company had a trading volume of 524,369 shares, compared to its average volume of 197,660. Titan Machinery has a twelve month low of $17.92 and a twelve month high of $38.58. The company has a current ratio of 1.92, a quick ratio of 0.54 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $789.50 million, a PE ratio of 24.26 and a beta of 1.74. The firm’s 50-day moving average is $28.85.

A number of equities analysts have commented on the company. Zacks Investment Research raised Titan Machinery from a “hold” rating to a “strong-buy” rating and set a $33.00 target price for the company in a report on Wednesday, September 1st. Robert W. Baird cut Titan Machinery from an “outperform” rating to a “neutral” rating and increased their target price for the company from $37.00 to $41.00 in a report on Wednesday. Finally, Craig Hallum increased their target price on Titan Machinery from $35.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday. One analyst has rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $38.50.

Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its stake in Titan Machinery by 5.5% during the third quarter. Bank of New York Mellon Corp now owns 724,911 shares of the company’s stock worth $18,783,000 after acquiring an additional 37,896 shares during the last quarter. Morgan Stanley boosted its position in shares of Titan Machinery by 8.6% during the second quarter. Morgan Stanley now owns 343,263 shares of the company’s stock worth $10,621,000 after buying an additional 27,266 shares during the period. Royal Bank of Canada boosted its position in shares of Titan Machinery by 56.9% during the third quarter. Royal Bank of Canada now owns 18,757 shares of the company’s stock worth $486,000 after buying an additional 6,805 shares during the period. UBS Group AG boosted its position in shares of Titan Machinery by 755.3% during the third quarter. UBS Group AG now owns 5,397 shares of the company’s stock worth $139,000 after buying an additional 4,766 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Titan Machinery by 74.5% during the third quarter. BNP Paribas Arbitrage SA now owns 5,197 shares of the company’s stock worth $135,000 after buying an additional 2,219 shares during the period. 78.76% of the stock is owned by hedge funds and other institutional investors.

About Titan Machinery

Titan Machinery, Inc engages in the management of agricultural and construction equipment stores. It operates through the following segments: Agriculture, Construction and International. The Agriculture segment sells services and rents machinery and related parts and attachments, for uses from large-scale farming to home and garden use in North America.

Featured Article: Asset Allocation Models, Which is Right For You?

Earnings History for Titan Machinery (NASDAQ:TITN)

Receive News & Ratings for Titan Machinery Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Titan Machinery and related companies with MarketBeat.com's FREE daily email newsletter.