Titan Machinery (NASDAQ:TITN) Issues Earnings Results

Titan Machinery (NASDAQ:TITNGet Rating) released its earnings results on Thursday. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.26, MarketWatch Earnings reports. The firm had revenue of $461.10 million for the quarter, compared to analysts’ expectations of $409.00 million. Titan Machinery had a net margin of 3.86% and a return on equity of 16.68%. The company’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.46 earnings per share. Titan Machinery updated its FY 2023 guidance to $2.85-$3.15 EPS and its FY23 guidance to $2.85-3.15 EPS.

NASDAQ TITN traded up $0.63 on Friday, hitting $27.44. The stock had a trading volume of 233,833 shares, compared to its average volume of 167,844. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.72 and a current ratio of 1.84. The company has a market capitalization of $619.32 million, a price-to-earnings ratio of 9.37 and a beta of 1.65. Titan Machinery has a 52-week low of $22.01 and a 52-week high of $38.58. The firm has a 50-day moving average of $25.87 and a 200-day moving average of $29.60.

Institutional investors have recently bought and sold shares of the business. Point72 Hong Kong Ltd acquired a new stake in Titan Machinery in the first quarter valued at $54,000. BNP Paribas Arbitrage SA lifted its position in shares of Titan Machinery by 74.5% in the third quarter. BNP Paribas Arbitrage SA now owns 5,197 shares of the company’s stock valued at $135,000 after acquiring an additional 2,219 shares in the last quarter. UBS Group AG lifted its position in shares of Titan Machinery by 755.3% in the third quarter. UBS Group AG now owns 5,397 shares of the company’s stock valued at $139,000 after acquiring an additional 4,766 shares in the last quarter. Metropolitan Life Insurance Co NY lifted its position in shares of Titan Machinery by 14.9% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 5,174 shares of the company’s stock valued at $174,000 after acquiring an additional 671 shares in the last quarter. Finally, Citigroup Inc. lifted its position in shares of Titan Machinery by 88.6% in the fourth quarter. Citigroup Inc. now owns 6,505 shares of the company’s stock valued at $219,000 after acquiring an additional 3,056 shares in the last quarter. 78.45% of the stock is currently owned by institutional investors.

A number of analysts recently commented on TITN shares. TheStreet cut shares of Titan Machinery from a “b” rating to a “c+” rating in a research note on Thursday. Robert W. Baird upped their price target on shares of Titan Machinery from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday. Zacks Investment Research upgraded shares of Titan Machinery from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Thursday. Stephens dropped their price target on shares of Titan Machinery from $44.00 to $41.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, StockNews.com started coverage on shares of Titan Machinery in a research note on Thursday, March 31st. They set a “strong-buy” rating on the stock. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Titan Machinery has an average rating of “Buy” and a consensus target price of $34.75.

About Titan Machinery (Get Rating)

Titan Machinery Inc owns and operates a network of full-service agricultural and construction equipment stores in the United States and Europe. It operates through three segments: Agriculture, Construction, and International. The company sells new and used equipment, including agricultural and construction equipment manufactured under the CNH Industrial family of brands, as well as equipment from various other manufacturers.

See Also

Earnings History for Titan Machinery (NASDAQ:TITN)

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