Titan Machinery Inc. (TITN) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Titan Machinery Inc. (NASDAQ:TITN) from a buy rating to a hold rating in a research report sent to investors on Wednesday.
According to Zacks, “Titan Machinery represents a diversified mix of agricultural, construction, and consumer products dealerships located in the upper Midwest. Their Shared Resource Headquarters is located in the heart of the Red River Valley in Fargo, ND. Titan Machinery is a dealer for Case IH, Case Construction, New Holland, and New Holland Construction. Titan Machinery also represents shortline equipment to meet specialized customer demand and niche product needs. “
A number of other equities research analysts also recently weighed in on TITN. BidaskClub downgraded Titan Machinery from a strong-buy rating to a buy rating in a report on Wednesday, July 12th. TheStreet upgraded Titan Machinery from a d+ rating to a c- rating in a report on Monday, April 10th. Finally, ValuEngine upgraded Titan Machinery from a sell rating to a hold rating in a report on Friday, June 2nd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Titan Machinery has a consensus rating of Hold and a consensus target price of $19.00.
Shares of Titan Machinery (TITN) opened at 17.92 on Wednesday. The company’s market capitalization is $382.99 million. The company’s 50-day moving average price is $18.01 and its 200-day moving average price is $15.59. Titan Machinery has a 1-year low of $8.68 and a 1-year high of $19.22.
Titan Machinery (NASDAQ:TITN) last issued its earnings results on Thursday, May 25th. The company reported ($0.19) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.13) by $0.06. The business had revenue of $264.10 million during the quarter, compared to the consensus estimate of $257 million. Titan Machinery had a negative return on equity of 4.11% and a negative net margin of 1.37%. The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. On average, equities analysts expect that Titan Machinery will post $0.03 earnings per share for the current fiscal year.
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In other Titan Machinery news, Chairman David Joseph Meyer sold 44,950 shares of Titan Machinery stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $17.25, for a total value of $775,387.50. Following the completion of the sale, the chairman now directly owns 724,660 shares in the company, valued at $12,500,385. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 16.08% of the company’s stock.
Large investors have recently modified their holdings of the company. American International Group Inc. increased its stake in shares of Titan Machinery by 7.2% in the first quarter. American International Group Inc. now owns 10,919 shares of the company’s stock worth $167,000 after buying an additional 729 shares during the last quarter. Oxford Asset Management acquired a new stake in shares of Titan Machinery during the first quarter worth $168,000. Hancock Holding Co. acquired a new stake in shares of Titan Machinery during the first quarter worth $199,000. Sei Investments Co. increased its stake in shares of Titan Machinery by 195.0% in the first quarter. Sei Investments Co. now owns 16,746 shares of the company’s stock worth $257,000 after buying an additional 11,070 shares during the last quarter. Finally, Eagle Global Advisors LLC increased its stake in shares of Titan Machinery by 49.0% in the first quarter. Eagle Global Advisors LLC now owns 23,175 shares of the company’s stock worth $356,000 after buying an additional 7,620 shares during the last quarter. Institutional investors and hedge funds own 80.72% of the company’s stock.
Titan Machinery Company Profile
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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