Titan Machinery (NASDAQ:TITN) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a report issued on Tuesday, Zacks.com reports.
According to Zacks, "Titan Machinery represents a diversified mix of agricultural, construction, and consumer products dealerships located in the upper Midwest. Their Shared Resource Headquarters is located in the heart of the Red River Valley in Fargo, ND. Titan Machinery is a dealer for Case IH, Case Construction, New Holland, and New Holland Construction. Titan Machinery also represents shortline equipment to meet specialized customer demand and niche product needs. "
TITN has been the subject of several other research reports. Robert W. Baird increased their price objective on shares of Titan Machinery from $21.00 to $25.00 in a research report on Wednesday, November 25th. Craig Hallum increased their price objective on shares of Titan Machinery from $17.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, November 25th. Finally, TheStreet raised shares of Titan Machinery from a "c+" rating to a "b-" rating in a research report on Friday, January 22nd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of "Buy" and a consensus price target of $22.25.
NASDAQ:TITN opened at $26.13 on Tuesday. The company has a quick ratio of 0.33, a current ratio of 1.72 and a debt-to-equity ratio of 0.15. The company has a market cap of $589.39 million, a P/E ratio of 30.74 and a beta of 1.92. Titan Machinery has a fifty-two week low of $6.96 and a fifty-two week high of $30.00. The firm's 50 day moving average is $22.61 and its two-hundred day moving average is $17.38.
Titan Machinery (NASDAQ:TITN) last posted its quarterly earnings results on Monday, November 23rd. The company reported $0.58 earnings per share for the quarter, topping the Zacks' consensus estimate of $0.35 by $0.23. The company had revenue of $360.87 million for the quarter, compared to the consensus estimate of $336.60 million. Titan Machinery had a net margin of 1.45% and a return on equity of 6.64%. Research analysts forecast that Titan Machinery will post 1.15 earnings per share for the current fiscal year.
In related news, CEO David Joseph Meyer sold 94,574 shares of the firm's stock in a transaction on Wednesday, January 6th. The shares were sold at an average price of $20.99, for a total transaction of $1,985,108.26. Following the completion of the sale, the chief executive officer now directly owns 512,864 shares of the company's stock, valued at approximately $10,765,015.36. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Bryan J. Knutson sold 4,500 shares of the firm's stock in a transaction on Wednesday, January 13th. The shares were sold at an average price of $22.01, for a total transaction of $99,045.00. Following the sale, the chief operating officer now directly owns 59,149 shares of the company's stock, valued at $1,301,869.49. The disclosure for this sale can be found here. Insiders sold 166,340 shares of company stock valued at $3,458,849 in the last three months. Company insiders own 15.37% of the company's stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Truist Financial Corp acquired a new stake in Titan Machinery during the 4th quarter valued at $380,000. Canada Pension Plan Investment Board acquired a new position in Titan Machinery during the 4th quarter worth $2,792,000. Morgan Stanley grew its holdings in Titan Machinery by 37.7% during the 4th quarter. Morgan Stanley now owns 458,801 shares of the company's stock worth $8,970,000 after acquiring an additional 125,570 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in Titan Machinery by 51.5% during the 4th quarter. Nuveen Asset Management LLC now owns 132,150 shares of the company's stock worth $2,584,000 after acquiring an additional 44,910 shares in the last quarter. Finally, Engineers Gate Manager LP grew its holdings in Titan Machinery by 90.6% during the 4th quarter. Engineers Gate Manager LP now owns 32,015 shares of the company's stock worth $626,000 after acquiring an additional 15,219 shares in the last quarter. 73.26% of the stock is owned by institutional investors and hedge funds.
Titan Machinery Company Profile
Titan Machinery Inc owns and operates a network of full-service agricultural and construction equipment stores. It operates through three segments: Agriculture, Construction, and International. 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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