Victory Capital Management Inc. Raises Stock Position in Titan Machinery Inc. (NASDAQ:TITN)

Key Points

• Victory Capital Management Inc. increased its stake in Titan Machinery Inc. by 8.0%, owning 382,431 shares valued at approximately $6.5 million after purchasing an additional 28,320 shares.
• Analysts have raised their price targets for Titan Machinery, with B. Riley boosting it from $19.00 to $22.00 while other firms have upgraded their ratings, indicating a generally positive outlook on the stock.
• Titan Machinery reported a loss of $0.58 EPS for the latest quarter, but exceeded revenue expectations with $594.34 million, significantly above the estimates of $445.76 million.

Victory Capital Management Inc. grew its position in Titan Machinery Inc. (NASDAQ:TITN - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 382,431 shares of the company's stock after purchasing an additional 28,320 shares during the period. Victory Capital Management Inc. owned about 1.66% of Titan Machinery worth $6,517,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Russell Investments Group Ltd. increased its holdings in 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 last quarter. New York State Common Retirement Fund boosted its position in 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 purchasing an additional 1,400 shares during the period. Wells Fargo & Company MN boosted its position in 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 purchasing an additional 2,808 shares during the period. LPL Financial LLC bought a new position in Titan Machinery during the fourth quarter worth about $175,000. Finally, Granahan Investment Management LLC bought a new position in Titan Machinery during the fourth quarter worth about $195,000. Hedge funds and other institutional investors own 78.38% of the company's stock.

Wall Street Analysts Forecast Growth

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

Titan Machinery Price Performance

Titan Machinery stock traded up $0.31 during mid-day trading on Friday, hitting $20.12. 91,666 shares of the company traded hands, compared to its average volume of 154,599. Titan Machinery Inc. has a one year low of $12.30 and a one year high of $23.41. The stock has a market cap of $464.37 million, a price-to-earnings ratio of -7.65 and a beta of 1.35. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.18 and a current ratio of 1.33. The stock has a fifty day moving average price of $19.81 and a 200-day moving average price of $17.88.

Titan Machinery (NASDAQ:TITN - Get Free Report) last announced its earnings results on Thursday, May 22nd. The company reported ($0.58) earnings per share (EPS) 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 business had revenue of $594.34 million during the quarter, compared to analyst estimates of $445.76 million.

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.