Titan Machinery (NASDAQ:TITN) Posts Quarterly Earnings Results, Beats Expectations By $0.28 EPS

Titan Machinery (NASDAQ:TITN) released its quarterly earnings data on Tuesday. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.28, MarketWatch Earnings reports. The company had revenue of $454.00 million during the quarter, compared to analyst estimates of $429.88 million. Titan Machinery had a net margin of 2.10% and a return on equity of 11.04%. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.58 earnings per share. 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 TITN opened at $34.94 on Thursday. The stock has a 50 day simple moving average of $28.85. The firm has a market cap of $789.50 million, a PE ratio of 24.26 and a beta of 1.74. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 0.54. Titan Machinery has a 12-month low of $17.92 and a 12-month high of $38.58.

Several institutional investors and hedge funds have recently made changes to their positions in TITN. BNP Paribas Arbitrage SA grew its stake in shares of Titan Machinery by 74.5% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 5,197 shares of the company’s stock worth $135,000 after purchasing an additional 2,219 shares during the last quarter. UBS Group AG grew its stake in shares of Titan Machinery by 755.3% in the 3rd quarter. UBS Group AG now owns 5,397 shares of the company’s stock worth $139,000 after purchasing an additional 4,766 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Titan Machinery by 56.9% in the 3rd quarter. Royal Bank of Canada now owns 18,757 shares of the company’s stock worth $486,000 after purchasing an additional 6,805 shares during the last quarter. Morgan Stanley increased its position in shares of Titan Machinery by 3.3% in the third quarter. Morgan Stanley now owns 354,678 shares of the company’s stock worth $9,191,000 after acquiring an additional 11,415 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Titan Machinery by 5.5% in 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 in the last quarter. 78.76% of the stock is currently owned by institutional investors.

Several research analysts have weighed in on TITN shares. Zacks Investment Research raised shares of Titan Machinery from a “hold” rating to a “strong-buy” rating and set a $33.00 price objective for the company in a report on Wednesday, September 1st. Craig Hallum lifted their price objective on shares of Titan Machinery from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Robert W. Baird downgraded shares of Titan Machinery from an “outperform” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $41.00 in a research report on Wednesday. One analyst has rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $38.50.

Titan Machinery Company Profile

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.

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Earnings History for Titan Machinery (NASDAQ:TITN)

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