Titan Machinery Inc. (NASDAQ:TITN) Given Average Recommendation of “Buy” by Brokerages

Shares of Titan Machinery Inc. (NASDAQ:TITN) have been assigned a consensus rating of “Buy” from the six analysts that are presently covering the company, MarketBeat reports. Five research analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $31.75.

A number of analysts have issued reports on the company. Robert W. Baird lifted their price target on Titan Machinery from $31.00 to $37.00 and gave the stock an “outperform” rating in a report on Thursday, May 27th. Stephens raised Titan Machinery from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $26.00 to $40.00 in a report on Friday, May 28th. Finally, Zacks Investment Research raised Titan Machinery from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a report on Thursday, May 27th.

NASDAQ:TITN traded down $0.81 during midday trading on Friday, reaching $28.76. The company had a trading volume of 1,884 shares, compared to its average volume of 191,181. The firm has a market cap of $647.68 million, a price-to-earnings ratio of 24.24 and a beta of 1.78. The business’s fifty day simple moving average is $29.53. Titan Machinery has a 12-month low of $10.44 and a 12-month high of $35.24. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.90 and a quick ratio of 0.56.

Titan Machinery (NASDAQ:TITN) last announced its quarterly earnings results on Wednesday, May 26th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.30. The company had revenue of $372.70 million during the quarter, compared to the consensus estimate of $337.65 million. Titan Machinery had a return on equity of 9.58% and a net margin of 1.88%. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. As a group, equities research analysts predict that Titan Machinery will post 1.77 earnings per share for the current fiscal year.

In other news, Director Tony Christianson sold 10,781 shares of the business’s stock in a transaction dated Thursday, June 10th. The stock was sold at an average price of $31.38, for a total value of $338,307.78. Following the completion of the sale, the director now directly owns 50,325 shares of the company’s stock, valued at approximately $1,579,198.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Joseph Meyer sold 100,000 shares of the business’s stock in a transaction dated Tuesday, June 1st. The shares were sold at an average price of $32.02, for a total value of $3,202,000.00. Following the completion of the sale, the chief executive officer now directly owns 212,864 shares of the company’s stock, valued at $6,815,905.28. The disclosure for this sale can be found here. Insiders sold a total of 221,182 shares of company stock valued at $7,012,253 over the last three months. Company insiders own 15.37% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Dorsey Wright & Associates increased its position in Titan Machinery by 135.0% in the 1st quarter. Dorsey Wright & Associates now owns 1,551 shares of the company’s stock valued at $40,000 after acquiring an additional 891 shares during the period. Lazard Asset Management LLC acquired a new position in Titan Machinery in the 1st quarter valued at about $81,000. Capital Asset Advisory Services LLC acquired a new position in Titan Machinery in the 4th quarter valued at about $68,000. Citigroup Inc. increased its position in Titan Machinery by 297.6% in the 4th quarter. Citigroup Inc. now owns 3,638 shares of the company’s stock valued at $71,000 after acquiring an additional 2,723 shares during the period. Finally, BNP Paribas Arbitrage SA increased its position in Titan Machinery by 79.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 9,070 shares of the company’s stock valued at $231,000 after acquiring an additional 4,010 shares during the period. Hedge funds and other institutional investors own 73.66% of the company’s stock.

About Titan Machinery

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.

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