Titan Machinery Inc. (NASDAQ:TITN) Stake Held by Spark Investment Management LLC
Spark Investment Management LLC held its position in Titan Machinery Inc. (NASDAQ:TITN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,400 shares of the company’s stock at the end of the second quarter. Spark Investment Management LLC’s holdings in Titan Machinery were worth $1,247,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the stock. Eagle Global Advisors LLC raised its position in Titan Machinery by 24.3% in the second quarter. Eagle Global Advisors LLC now owns 28,805 shares of the company’s stock valued at $518,000 after buying an additional 5,630 shares during the last quarter. Municipal Employees Retirement System of Michigan bought a new position in Titan Machinery during the second quarter valued at $931,000. Strs Ohio raised its position in Titan Machinery by 20.3% in the second quarter. Strs Ohio now owns 33,200 shares of the company’s stock valued at $596,000 after buying an additional 5,600 shares during the last quarter. Acadian Asset Management LLC raised its position in Titan Machinery by 16.8% in the second quarter. Acadian Asset Management LLC now owns 404,349 shares of the company’s stock valued at $7,270,000 after buying an additional 58,232 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Titan Machinery by 4.8% in the first quarter. Goldman Sachs Group Inc. now owns 71,486 shares of the company’s stock valued at $1,096,000 after buying an additional 3,244 shares during the last quarter. Institutional investors own 81.19% of the company’s stock.
Titan Machinery Inc. (NASDAQ:TITN) opened at 16.85 on Thursday. The firm’s 50-day moving average is $17.77 and its 200-day moving average is $15.78. Titan Machinery Inc. has a 12 month low of $8.68 and a 12 month high of $19.22. The company’s market cap is $360.12 million.
Titan Machinery (NASDAQ:TITN) last released its quarterly earnings results on Thursday, May 25th. The company reported ($0.19) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by $0.06. Titan Machinery had a negative net margin of 1.37% and a negative return on equity of 4.11%. The business had revenue of $264.10 million for the quarter, compared to analysts’ expectations of $257 million. During the same period in the previous year, the company earned ($0.21) EPS. Titan Machinery’s revenue for the quarter was down 7.3% compared to the same quarter last year. On average, analysts anticipate that Titan Machinery Inc. will post $0.03 EPS for the current fiscal year.
Several research firms recently weighed in on TITN. Piper Jaffray Companies set a $18.00 price target on shares of Titan Machinery and gave the company a “hold” rating in a research report on Friday, August 4th. BidaskClub lowered shares of Titan Machinery from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. Zacks Investment Research lowered shares of Titan Machinery from a “buy” rating to a “hold” rating in a research report on Wednesday, July 26th. Finally, ValuEngine upgraded shares of Titan Machinery from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $18.67.
In other news, Chairman David Joseph Meyer sold 44,950 shares of the company’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $17.25, for a total transaction of $775,387.50. Following the completion of the sale, the chairman now owns 724,660 shares of the company’s stock, valued at approximately $12,500,385. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 16.08% of the stock is owned by corporate insiders.
About Titan Machinery
Titan Machinery Inc owns and operates a network of service agricultural and construction equipment stores in the United States and Europe. The Company engages in four principal business activities: new and used equipment sales; parts sales; repair and maintenance services, and equipment rental and other activities.
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