Titan Machinery Inc. (TITN) Expected to Post Quarterly Sales of $261.13 Million
Wall Street analysts predict that Titan Machinery Inc. (NASDAQ:TITN) will report $261.13 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Titan Machinery’s earnings, with the highest sales estimate coming in at $262.90 million and the lowest estimate coming in at $259.90 million. Titan Machinery posted sales of $278.33 million during the same quarter last year, which suggests a negative year over year growth rate of 6.2%. The firm is scheduled to announce its next quarterly earnings report on Thursday, August 24th.
According to Zacks, analysts expect that Titan Machinery will report full year sales of $261.13 million for the current financial year, with estimates ranging from $1.12 billion to $1.15 billion. For the next year, analysts expect that the company will post sales of $1.15 billion per share, with estimates ranging from $1.12 billion to $1.19 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Titan Machinery.
Titan Machinery (NASDAQ:TITN) last issued its quarterly earnings data on Thursday, May 25th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by $0.06. Titan Machinery had a negative return on equity of 4.11% and a negative net margin of 1.37%. The company had revenue of $264.10 million for the quarter, compared to analyst estimates of $257 million. During the same quarter in the previous year, the business earned ($0.21) earnings per share. The company’s revenue was down 7.3% on a year-over-year basis.
TITN has been the topic of several research analyst reports. Zacks Investment Research raised shares of Titan Machinery from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Friday, June 30th. BidaskClub lowered shares of Titan Machinery from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 12th. TheStreet raised shares of Titan Machinery from a “d+” rating to a “c-” rating in a research note on Monday, April 10th. Finally, ValuEngine raised shares of Titan Machinery from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Titan Machinery presently has a consensus rating of “Hold” and an average price target of $19.00.
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In other news, Chairman David Joseph Meyer sold 44,950 shares of the stock in a transaction dated 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 in the company, valued at $12,500,385. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 16.08% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Strs Ohio increased its stake in Titan Machinery by 20.3% in the second quarter. Strs Ohio now owns 33,200 shares of the company’s stock worth $596,000 after buying an additional 5,600 shares during the period. Acadian Asset Management LLC increased 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. Goldman Sachs Group Inc. increased 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. Driehaus Capital Management LLC acquired a new position in Titan Machinery during the first quarter valued at $2,458,000. Finally, Barings LLC acquired a new position in Titan Machinery during the first quarter valued at $538,000. Institutional investors and hedge funds own 80.72% of the company’s stock.
Shares of Titan Machinery (NASDAQ TITN) traded down 0.06% during midday trading on Wednesday, hitting $18.14. 42,614 shares of the company were exchanged. The firm’s market capitalization is $387.69 million. Titan Machinery has a one year low of $8.68 and a one year high of $19.22. The firm’s 50 day moving average price is $18.01 and its 200 day moving average price is $15.50.
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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