Titan Machinery Inc. (TITN) Issues Quarterly Earnings Results
Titan Machinery Inc. (NASDAQ:TITN) issued its earnings results on Thursday. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.01) by $0.03, Bloomberg Earnings reports. Titan Machinery had a negative return on equity of 4.11% and a negative net margin of 1.37%. The company had revenue of $268.87 million for the quarter, compared to analyst estimates of $260.08 million. During the same quarter in the previous year, the company posted ($0.12) earnings per share. The company’s quarterly revenue was down 3.4% compared to the same quarter last year.
Shares of Titan Machinery (NASDAQ:TITN) opened at 15.54 on Thursday. The firm has a 50 day moving average of $17.22 and a 200 day moving average of $15.98. The stock’s market cap is $332.12 million. Titan Machinery has a one year low of $8.68 and a one year high of $19.22.
Hedge funds have recently bought and sold shares of the company. Alambic Investment Management L.P. boosted its stake in Titan Machinery by 79.2% in the first quarter. Alambic Investment Management L.P. now owns 54,181 shares of the company’s stock worth $831,000 after buying an additional 23,946 shares during the last quarter. Oxford Asset Management acquired a new stake in Titan Machinery during the first quarter worth about $168,000. Eagle Global Advisors LLC boosted its stake in 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. Eagle Boston Investment Management Inc. boosted its stake in Titan Machinery by 5.6% in the first quarter. Eagle Boston Investment Management Inc. now owns 149,987 shares of the company’s stock worth $2,300,000 after buying an additional 8,013 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in 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. 77.45% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on TITN shares. Robert W. Baird set a $18.00 target price on shares of Titan Machinery and gave the stock a “buy” rating in a research report on Thursday, August 24th. Zacks Investment Research raised shares of Titan Machinery from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Friday, June 30th. BidaskClub downgraded shares of Titan Machinery from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 12th. ValuEngine raised shares of Titan Machinery from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Piper Jaffray Companies set a $18.00 price target on shares of Titan Machinery and gave the company a “hold” rating in a report on Friday, August 4th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Titan Machinery presently has a consensus rating of “Hold” and a consensus price target of $18.50.
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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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