Royce & Associates LP Grows Stock Holdings in Titan Machinery Inc. (NASDAQ:TITN)

Key Points

• Royce & Associates LP increased its stake in Titan Machinery by 500.2% in Q1, owning 452,570 shares worth approximately $7.7 million after acquiring an additional 377,170 shares.
• Titan Machinery's stock has a current price of $20.12 and a market capitalization of $464.37 million, with a PE ratio of -7.65.
• Analysts have rated the stock with a consensus of "Moderate Buy," with target prices ranging from $18.00 to $25.00 from various research firms.

Royce & Associates LP boosted its holdings in Titan Machinery Inc. (NASDAQ:TITN - Free Report) by 500.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 452,570 shares of the company's stock after acquiring an additional 377,170 shares during the period. Royce & Associates LP owned 1.96% of Titan Machinery worth $7,712,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its position 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 worth $37,000 after buying an additional 882 shares during the period. New York State Common Retirement Fund boosted its position in shares of Titan Machinery by 42.8% during the first quarter. New York State Common Retirement Fund now owns 4,674 shares of the company's stock worth $80,000 after buying an additional 1,400 shares during the period. Wells Fargo & Company MN boosted its position in shares of Titan Machinery by 29.3% during the fourth quarter. Wells Fargo & Company MN now owns 12,397 shares of the company's stock worth $175,000 after buying an additional 2,808 shares during the period. LPL Financial LLC purchased a new position in shares of Titan Machinery during the fourth quarter worth $175,000. Finally, Granahan Investment Management LLC purchased a new position in shares of Titan Machinery during the fourth quarter worth $195,000. 78.38% of the stock is currently owned by institutional investors and hedge funds.

Titan Machinery Stock Up 0.2%

Titan Machinery stock traded up $0.03 during midday trading on Wednesday, reaching $19.74. The company's stock had a trading volume of 8,468 shares, compared to its average volume of 261,544. 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 quick ratio of 0.18, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. The company has a market cap of $455.60 million, a P/E ratio of -7.52 and a beta of 1.35. The business has a 50-day simple moving average of $19.78 and a 200-day simple moving average of $17.97.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TITN. Lake Street Capital reiterated a "hold" rating and issued a $18.00 price objective (up from $15.00) on shares of Titan Machinery in a research note on Friday, May 23rd. B. Riley increased their price objective on Titan Machinery from $19.00 to $22.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Wall Street Zen upgraded Titan Machinery from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Northland Securities upgraded Titan Machinery from a "market perform" rating to an "outperform" rating and set a $25.00 price objective on the stock in a research note on Friday, April 11th. Finally, Northland Capmk upgraded Titan Machinery from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 11th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $21.00.

About Titan Machinery

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.