Bank of America Corp DE Acquires New Position in Titan Machinery Inc. $TITN

Key Points

• Bank of America acquired 88,198 Titan Machinery shares in the second quarter, valued at approximately $1.86 million, representing about 0.38% of the company. Institutional investors collectively own 78.38% of TITN.
• Titan Machinery reported a quarterly loss of $0.40 per share, missing estimates by $0.04, although revenue of $496.38 million exceeded expectations. Analysts forecast a full-year loss of $1.67 per share.
• Analyst sentiment is mixed, with ratings ranging from “sell” to “outperform.” The stock has a consensus “Hold” rating and a $29 price target, compared with its recent price of $23.08.

Bank of America Corp DE acquired a new stake in shares of Titan Machinery Inc. (NASDAQ:TITN - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 88,198 shares of the company's stock, valued at approximately $1,863,000. Bank of America Corp DE owned about 0.38% of Titan Machinery as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. William Blair Investment Management LLC purchased a new position in Titan Machinery during the 2nd quarter worth approximately $12,297,000. Bank of New York Mellon Corp purchased a new stake in shares of Titan Machinery in the second quarter valued at $1,306,000. BlackRock Inc. acquired a new stake in shares of Titan Machinery in the second quarter worth $35,477,000. Deutsche Bank AG acquired a new stake in shares of Titan Machinery in the second quarter worth $12,914,000. Finally, Janus Henderson Group PLC boosted its position in shares of Titan Machinery by 137.9% in the first quarter. Janus Henderson Group PLC now owns 719,639 shares of the company's stock worth $12,032,000 after buying an additional 417,190 shares during the period. Hedge funds and other institutional investors own 78.38% of the company's stock.

Titan Machinery Price Performance

TITN opened at $23.08 on Thursday. The stock has a market cap of $543.07 million, a price-to-earnings ratio of -9.27 and a beta of 1.43. Titan Machinery Inc. has a 1 year low of $13.21 and a 1 year high of $26.90. The company has a current ratio of 1.35, a quick ratio of 0.21 and a debt-to-equity ratio of 0.33. The stock has a fifty day moving average price of $20.98 and a 200 day moving average price of $20.00.

Titan Machinery (NASDAQ:TITN - Get Free Report) last issued its earnings results on Thursday, August 27th. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.04). The firm had revenue of $496.38 million during the quarter, compared to analyst estimates of $483.78 million. Titan Machinery had a negative return on equity of 9.17% and a negative net margin of 2.46%.Titan Machinery has set its FY 2027 guidance at -1.750--1.250 EPS. Analysts forecast that Titan Machinery Inc. will post -1.67 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on TITN shares. Wall Street Zen lowered Titan Machinery from a "hold" rating to a "sell" rating in a research report on Sunday, September 6th. Robert W. Baird set a $29.00 price objective on Titan Machinery and gave the stock an "outperform" rating in a research report on Monday, August 31st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Titan Machinery in a research note on Friday, September 25th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $29.00.

Titan Machinery Profile

Titan Machinery Inc is an agricultural and construction equipment dealer headquartered in West Fargo, North Dakota. The company operates a network of dealerships that sells new and used equipment, replacement parts, and related products to farmers, construction contractors, and other commercial customers.

Its agricultural offerings include tractors, combines, planting and seeding equipment, sprayers, hay and forage machinery, and other farm equipment. Its construction business provides equipment such as excavators, wheel loaders, skid steers, dozers, and other machinery used in construction and infrastructure projects.

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