Zacks Investment Research Downgrades Titan Machinery (NASDAQ:TITN) to Hold

Zacks Investment Research downgraded shares of Titan Machinery (NASDAQ:TITN) from a strong-buy rating to a hold rating in a research report released on Saturday morning, 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. “

A number of other equities research analysts have also recently weighed in on TITN. BidaskClub cut Titan Machinery from a hold rating to a sell rating in a research note on Friday, August 16th. ValuEngine cut Titan Machinery from a buy rating to a hold rating in a research note on Tuesday, August 6th. Finally, Robert W. Baird upgraded Titan Machinery from a neutral rating to an outperform rating and increased their price target for the company from $18.00 to $24.00 in a research note on Sunday, June 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $21.50.



TITN opened at $17.94 on Friday. Titan Machinery has a 1-year low of $11.99 and a 1-year high of $21.88. The stock’s fifty day simple moving average is $19.79 and its 200 day simple moving average is $18.29. The company has a current ratio of 1.39, a quick ratio of 0.31 and a debt-to-equity ratio of 0.36. The stock has a market cap of $398.42 million, a PE ratio of 26.78 and a beta of 2.13.

Titan Machinery (NASDAQ:TITN) last posted its quarterly earnings results on Thursday, May 30th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.07. Titan Machinery had a return on equity of 5.06% and a net margin of 1.03%. The business had revenue of $278.29 million for the quarter, compared to analysts’ expectations of $250.38 million. During the same quarter in the prior year, the business earned ($0.07) EPS. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. Equities analysts forecast that Titan Machinery will post 0.89 earnings per share for the current year.

In other Titan Machinery news, COO Bryan J. Knutson sold 3,711 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $19.71, for a total value of $73,143.81. Following the transaction, the chief operating officer now directly owns 28,315 shares of the company’s stock, valued at approximately $558,088.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Tony Christianson sold 22,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $19.63, for a total value of $431,860.00. Following the completion of the transaction, the director now directly owns 42,076 shares in the company, valued at $825,951.88. The disclosure for this sale can be found here. 15.37% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Northern Trust Corp raised its position in Titan Machinery by 3.1% during the fourth quarter. Northern Trust Corp now owns 230,975 shares of the company’s stock worth $3,037,000 after acquiring an additional 6,915 shares during the last quarter. Geode Capital Management LLC raised its position in Titan Machinery by 5.9% during the fourth quarter. Geode Capital Management LLC now owns 207,190 shares of the company’s stock worth $2,724,000 after acquiring an additional 11,517 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its position in Titan Machinery by 425.5% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,453 shares of the company’s stock worth $85,000 after acquiring an additional 5,225 shares during the last quarter. Legal & General Group Plc raised its position in Titan Machinery by 51.7% during the fourth quarter. Legal & General Group Plc now owns 4,110 shares of the company’s stock worth $55,000 after acquiring an additional 1,400 shares during the last quarter. Finally, Macquarie Group Ltd. raised its position in Titan Machinery by 33.3% during the fourth quarter. Macquarie Group Ltd. now owns 3,199 shares of the company’s stock worth $42,000 after acquiring an additional 800 shares during the last quarter. 77.44% of the stock is currently owned by hedge funds and other institutional investors.

About Titan Machinery

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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