Titan Machinery (NASDAQ:TITN) Releases FY24 Earnings Guidance

Titan Machinery (NASDAQ:TITN – Get Rating) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.50-5.10 for the period, compared to the consensus estimate of $4.94. Titan Machinery also updated its FY 2024 guidance to $4.50-$5.10 EPS.

Titan Machinery Price Performance

Shares of NASDAQ:TITN opened at $30.15 on Friday. The business’s fifty day moving average price is $43.42 and its two-hundred day moving average price is $37.34. The stock has a market cap of $684.62 million, a PE ratio of 6.70 and a beta of 1.66. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.37 and a current ratio of 1.74. Titan Machinery has a one year low of $21.50 and a one year high of $47.87.

Titan Machinery (NASDAQ:TITN – Get Rating) last issued its quarterly earnings results on Thursday, March 16th. The company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.26). Titan Machinery had a return on equity of 22.81% and a net margin of 4.98%. The business had revenue of $583.00 million for the quarter, compared to analysts’ expectations of $692.90 million. During the same period in the prior year, the company earned $0.99 EPS. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. On average, analysts forecast that Titan Machinery will post 4.82 EPS for the current fiscal year.

Analysts Set New Price Targets

TITN has been the topic of several research reports. Robert W. Baird cut their target price on Titan Machinery from $40.00 to $30.00 and set a neutral rating on the stock in a research report on Thursday. B. Riley assumed coverage on Titan Machinery in a report on Tuesday, December 13th. They issued a buy rating and a $48.00 price target for the company. Stephens increased their price target on Titan Machinery to $53.00 in a report on Friday, December 2nd. Finally, StockNews.com assumed coverage on Titan Machinery in a report on Thursday. They issued a buy rating for the company. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $43.67.

Institutional Trading of Titan Machinery

Several hedge funds and other institutional investors have recently bought and sold shares of TITN. Coppell Advisory Solutions Corp. acquired a new position in Titan Machinery in the fourth quarter valued at approximately $41,000. ICA Group Wealth Management LLC acquired a new position in Titan Machinery in the fourth quarter valued at approximately $49,000. Point72 Hong Kong Ltd acquired a new position in Titan Machinery in the first quarter valued at approximately $54,000. Quantbot Technologies LP acquired a new position in Titan Machinery in the second quarter valued at approximately $161,000. Finally, Legal & General Group Plc boosted its stake in Titan Machinery by 251.2% in the second quarter. Legal & General Group Plc now owns 7,273 shares of the company’s stock valued at $163,000 after acquiring an additional 5,202 shares during the period. 81.30% of the stock is owned by institutional investors.

Titan Machinery Company Profile

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Titan Machinery, Inc engages in the management of agricultural and construction equipment stores. It operates through the following segments: Agriculture, Construction and International. The Agriculture segment sells services and rents machinery and related parts and attachments, for uses from large-scale farming to home and garden use in North America.