Shares of Titan Machinery Inc. (NASDAQ:TITN) dropped 17% during trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $12.24 and last traded at $12.90, with a volume of 704,853 shares. The stock had previously closed at $15.54.

The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by $0.03. Titan Machinery had a negative net margin of 1.37% and a negative return on equity of 4.11%. The business had revenue of $268.87 million for the quarter, compared to analysts’ expectations of $260.08 million. During the same quarter last year, the business earned ($0.12) EPS. The company’s quarterly revenue was down 3.4% on a year-over-year basis.

TITN has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Titan Machinery from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Friday, June 30th. BidaskClub lowered Titan Machinery from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 12th. Robert W. Baird set a $18.00 price objective on Titan Machinery and gave the company a “buy” rating in a report on Thursday, August 24th. Piper Jaffray Companies set a $18.00 price objective on Titan Machinery and gave the company a “hold” rating in a report on Friday, August 4th. Finally, ValuEngine upgraded Titan Machinery from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $18.50.

A number of hedge funds and other institutional investors have recently made changes to their positions in TITN. JPMorgan Chase & Co. raised its position in shares of Titan Machinery by 35.5% in the first quarter. JPMorgan Chase & Co. now owns 1,214,699 shares of the company’s stock worth $18,634,000 after buying an additional 318,205 shares during the last quarter. Rutabaga Capital Management LLC MA raised its position in shares of Titan Machinery by 42.4% in the first quarter. Rutabaga Capital Management LLC MA now owns 740,338 shares of the company’s stock worth $11,357,000 after buying an additional 220,588 shares during the last quarter. Driehaus Capital Management LLC purchased a new position in shares of Titan Machinery during the first quarter worth $2,458,000. Federated Investors Inc. PA raised its position in shares of Titan Machinery by 58.5% in the second quarter. Federated Investors Inc. PA now owns 416,032 shares of the company’s stock worth $7,480,000 after buying an additional 153,596 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Titan Machinery by 16.3% in the second quarter. Dimensional Fund Advisors LP now owns 977,624 shares of the company’s stock worth $17,577,000 after buying an additional 136,914 shares during the last quarter. Institutional investors own 77.45% of the company’s stock.

The stock’s market cap is $275.70 million. The firm’s 50-day moving average price is $16.93 and its 200 day moving average price is $16.03.

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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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