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Assenagon Asset Management S.A. Lowers Stock Position in Titan Machinery Inc. (NASDAQ:TITN)

Titan Machinery logo with Retail/Wholesale background

Assenagon Asset Management S.A. cut its stake in shares of Titan Machinery Inc. (NASDAQ:TITN - Free Report) by 33.2% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 122,756 shares of the company's stock after selling 60,889 shares during the period. Assenagon Asset Management S.A. owned about 0.53% of Titan Machinery worth $2,092,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. US Bancorp DE raised its position in shares of Titan Machinery by 23.8% during the 4th quarter. US Bancorp DE now owns 3,861 shares of the company's stock worth $55,000 after purchasing an additional 741 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Titan Machinery by 51.2% in the 4th quarter. Russell Investments Group Ltd. now owns 2,605 shares of the company's stock worth $37,000 after buying an additional 882 shares during the last quarter. Empowered Funds LLC increased its stake in Titan Machinery by 5.1% during the 4th quarter. Empowered Funds LLC now owns 20,000 shares of the company's stock worth $283,000 after buying an additional 962 shares in the last quarter. Bridgeway Capital Management LLC raised its holdings in shares of Titan Machinery by 5.1% during the fourth quarter. Bridgeway Capital Management LLC now owns 20,000 shares of the company's stock valued at $283,000 after acquiring an additional 962 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Titan Machinery by 8.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,655 shares of the company's stock valued at $208,000 after acquiring an additional 1,197 shares during the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

Titan Machinery Trading Down 1.8%

NASDAQ:TITN traded down $0.34 during trading hours on Friday, hitting $18.85. The company had a trading volume of 104,880 shares, compared to its average volume of 260,223. Titan Machinery Inc. has a 1 year low of $12.30 and a 1 year high of $23.41. The company has a market cap of $435.06 million, a P/E ratio of -7.18 and a beta of 1.35. The company has a 50-day moving average of $18.64 and a 200 day moving average of $16.84. The company has a current ratio of 1.33, a quick ratio of 0.18 and a debt-to-equity ratio of 0.33.

Titan Machinery (NASDAQ:TITN - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The company reported ($0.58) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.21. Titan Machinery had a negative net margin of 2.23% and a negative return on equity of 8.22%. The firm had revenue of $594.34 million for the quarter, compared to analysts' expectations of $445.76 million.

Wall Street Analysts Forecast Growth

TITN has been the topic of a number of research analyst reports. Northland Securities raised Titan Machinery from a "market perform" rating to an "outperform" rating and set a $25.00 price target on the stock in a research note on Friday, April 11th. Northland Capmk raised shares of Titan Machinery from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 11th. B. Riley upped their target price on shares of Titan Machinery from $19.00 to $22.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Robert W. Baird decreased their price target on shares of Titan Machinery from $25.00 to $24.00 and set an "outperform" rating on the stock in a research note on Friday, March 21st. Finally, Lake Street Capital restated a "hold" rating and set a $18.00 price target (up from $15.00) on shares of Titan Machinery in a research report on Friday, May 23rd. Two research analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $21.00.

Read Our Latest Analysis on Titan Machinery

Insider Activity

In other Titan Machinery news, Chairman David Joseph Meyer bought 3,000 shares of Titan Machinery stock in a transaction on Monday, March 24th. The shares were bought at an average price of $16.86 per share, for a total transaction of $50,580.00. Following the completion of the transaction, the chairman now directly owns 138,388 shares of the company's stock, valued at $2,333,221.68. This trade represents a 2.22% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 10.84% of the company's stock.

Titan Machinery Profile

(Free Report)

Titan Machinery Inc owns and operates a network of full service agricultural and construction equipment stores in the United States, Europe, and Australia. It operates through four segments: Agriculture, Construction, Europe, and Australia. The company sells new and used equipment, including agricultural and construction equipment manufactured under the CNH Industrial family of brands, as well as equipment from various other manufacturers.

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Institutional Ownership by Quarter for Titan Machinery (NASDAQ:TITN)

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