Titan Machinery (NASDAQ:TITN) Issues Quarterly Earnings Results

Titan Machinery (NASDAQ:TITN) posted its quarterly earnings data on Tuesday. The company reported $0.96 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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 firm had revenue of $454.00 million during the quarter, compared to the consensus estimate of $429.88 million. During the same period in the prior year, the business earned $0.58 EPS. The firm’s revenue was up 25.8% compared to the same quarter last year. 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 traded down $3.35 on Thursday, reaching $34.94. The stock had a trading volume of 524,369 shares, compared to its average volume of 197,660. The stock has a market cap of $789.50 million, a price-to-earnings 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. The company’s 50-day moving average is $28.85. Titan Machinery has a twelve month low of $17.92 and a twelve month high of $38.58.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its holdings in shares of Titan Machinery by 5.5% in the 3rd 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 period. BNP Paribas Arbitrage SA grew its holdings in Titan Machinery by 74.5% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 5,197 shares of the company’s stock valued at $135,000 after buying an additional 2,219 shares during the last quarter. UBS Group AG grew its holdings in Titan Machinery by 755.3% during the 3rd quarter. UBS Group AG now owns 5,397 shares of the company’s stock valued at $139,000 after buying an additional 4,766 shares during the last quarter. Royal Bank of Canada grew its holdings in Titan Machinery by 56.9% during the 3rd quarter. Royal Bank of Canada now owns 18,757 shares of the company’s stock valued at $486,000 after buying an additional 6,805 shares during the last quarter. Finally, Morgan Stanley grew its holdings in Titan Machinery by 3.3% during the 3rd quarter. Morgan Stanley now owns 354,678 shares of the company’s stock valued at $9,191,000 after buying an additional 11,415 shares during the last quarter. Institutional investors and hedge funds own 78.76% of the company’s stock.

TITN has been the topic of several recent analyst reports. Robert W. Baird cut Titan Machinery from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $41.00 in a research report on Wednesday. Craig Hallum boosted their target price on Titan Machinery from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Zacks Investment Research upgraded Titan Machinery from a “hold” rating to a “strong-buy” rating and set a $33.00 target price on the stock in a research report on Wednesday, September 1st. One analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target 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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