Titan Machinery Inc. (NASDAQ:TITN) Stake Raised by Bank of America Corp DE

Bank of America Corp DE boosted its holdings in Titan Machinery Inc. (NASDAQ:TITN - Free Report) by 76.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 153,787 shares of the company's stock after purchasing an additional 66,853 shares during the quarter. Bank of America Corp DE owned approximately 0.66% of Titan Machinery worth $2,173,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. R Squared Ltd acquired a new position in shares of Titan Machinery during the fourth quarter valued at $26,000. Russell Investments Group Ltd. boosted its holdings in shares of Titan Machinery by 51.2% during the fourth quarter. Russell Investments Group Ltd. now owns 2,605 shares of the company's stock valued at $37,000 after acquiring an additional 882 shares during the period. US Bancorp DE boosted its holdings in shares of Titan Machinery by 23.8% during the fourth quarter. US Bancorp DE now owns 3,861 shares of the company's stock valued at $55,000 after acquiring an additional 741 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Titan Machinery by 91.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,611 shares of the company's stock valued at $122,000 after acquiring an additional 4,103 shares during the period. Finally, Meixler Investment Management Ltd. acquired a new position in shares of Titan Machinery during the fourth quarter valued at $142,000. Institutional investors and hedge funds own 78.38% of the company's stock.

Titan Machinery Price Performance

TITN stock traded up $0.23 during trading on Friday, hitting $18.78. The company had a trading volume of 235,393 shares, compared to its average volume of 260,333. The firm has a market capitalization of $433.56 million, a price-to-earnings ratio of 14.02 and a beta of 1.35. The business has a 50 day moving average of $17.86 and a 200 day moving average of $16.58. Titan Machinery Inc. has a fifty-two week low of $12.30 and a fifty-two week high of $23.41. The company has a current ratio of 1.32, a quick ratio of 0.15 and a debt-to-equity ratio of 0.20.

Titan Machinery (NASDAQ:TITN - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The company reported ($0.58) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.21. Titan Machinery had a net margin of 1.10% and a return on equity of 5.91%. The business had revenue of $594.34 million during the quarter, compared to the consensus estimate of $445.76 million.

Insiders Place Their Bets

In other Titan Machinery news, Chairman David Joseph Meyer purchased 3,000 shares of the company's stock in a transaction on Monday, March 24th. The shares were purchased at an average cost of $16.86 per share, for a total transaction of $50,580.00. Following the completion of the transaction, the chairman now owns 138,388 shares in the company, valued at $2,333,221.68. The trade was a 2.22% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have acquired 26,182 shares of company stock worth $439,661. 10.28% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

Titan Machinery Profile

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.