Titan Machinery Inc. (TITN) Downgraded by Zacks Investment Research
Titan Machinery Inc. (NASDAQ:TITN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued 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. “
Several other equities research analysts also recently weighed in on TITN. TheStreet raised shares of Titan Machinery from a “d+” rating to a “c-” rating in a research report on Monday, April 10th. ValuEngine raised shares of Titan Machinery from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, BidaskClub downgraded shares of Titan Machinery from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 12th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Titan Machinery currently has a consensus rating of “Hold” and a consensus price target of $19.00.
Shares of Titan Machinery (NASDAQ:TITN) traded down 1.019% during trading on Wednesday, hitting $17.965. The stock had a trading volume of 2,333 shares. The firm’s market cap is $383.95 million. The stock has a 50 day moving average of $18.01 and a 200 day moving average of $15.50. Titan Machinery has a 52-week low of $8.68 and a 52-week high of $19.22.
Titan Machinery (NASDAQ:TITN) last announced its quarterly earnings results on Thursday, May 25th. The company reported ($0.19) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by $0.06. The firm had revenue of $264.10 million for the quarter, compared to the consensus estimate of $257 million. Titan Machinery had a negative net margin of 1.37% and a negative return on equity of 4.11%. Titan Machinery’s revenue was down 7.3% on a year-over-year basis. During the same period last year, the business earned ($0.21) EPS. On average, equities analysts anticipate that Titan Machinery will post $0.03 EPS for the current year.
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 shares were 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 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 SEC, which is available at the SEC website. Insiders own 16.08% of the company’s stock.
Large investors have recently bought and sold shares of the company. American International Group Inc. increased its stake in 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 period. Oxford Asset Management bought a new stake in Titan Machinery during the first quarter worth approximately $168,000. Hancock Holding Co. bought a new stake in Titan Machinery during the first quarter worth approximately $199,000. Sei Investments Co. increased 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 period. Finally, Eagle Global Advisors LLC increased 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 period. 80.72% of the stock is owned by institutional investors and hedge funds.
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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