Titan Machinery (NASDAQ:TITN) Issues Quarterly Earnings Results, Beats Estimates By $0.28 EPS

Titan Machinery (NASDAQ:TITN) released its quarterly earnings results on Tuesday. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.28, MarketWatch Earnings reports. Titan Machinery had a net margin of 2.10% and a return on equity of 11.04%. The business had revenue of $454.00 million for the quarter, compared to analysts’ expectations of $429.88 million. During the same period in the previous year, the company earned $0.58 earnings per share. The firm’s revenue for the quarter was up 25.8% compared to the same quarter last year. Titan Machinery updated its FY 2022 guidance to $2.400-$2.600 EPS and its FY22 guidance to $2.40-2.60 EPS.

NASDAQ TITN opened at $38.29 on Wednesday. The company has a 50 day simple moving average of $28.71. Titan Machinery has a 12-month low of $17.92 and a 12-month high of $38.58. The company has a current ratio of 1.92, a quick ratio of 0.54 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $865.20 million, a price-to-earnings ratio of 26.59 and a beta of 1.74.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA increased its holdings in Titan Machinery by 74.5% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 5,197 shares of the company’s stock worth $135,000 after acquiring an additional 2,219 shares during the period. UBS Group AG increased its holdings in Titan Machinery by 755.3% during the 3rd quarter. UBS Group AG now owns 5,397 shares of the company’s stock worth $139,000 after acquiring an additional 4,766 shares during the period. Royal Bank of Canada increased its holdings in Titan Machinery by 56.9% during the 3rd quarter. Royal Bank of Canada now owns 18,757 shares of the company’s stock worth $486,000 after acquiring an additional 6,805 shares during the period. Morgan Stanley increased its holdings in Titan Machinery by 3.3% during the 3rd quarter. Morgan Stanley now owns 354,678 shares of the company’s stock worth $9,191,000 after acquiring an additional 11,415 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Titan Machinery by 5.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 724,911 shares of the company’s stock worth $18,783,000 after acquiring an additional 37,896 shares during the period. 78.76% of the stock is currently owned by institutional investors.

TITN has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Titan Machinery from a “hold” rating to a “strong-buy” rating and set a $33.00 price target on the stock in a report on Wednesday, September 1st. Robert W. Baird cut shares of Titan Machinery from an “outperform” rating to a “neutral” rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $33.25.

Titan Machinery Company Profile

Titan Machinery, Inc engages in the management of agricultural and construction equipment stores. It operates through the following segments: Agriculture, Construction and International. The Agriculture segment sells services and rents machinery and related parts and attachments, for uses from large-scale farming to home and garden use in North America.

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Earnings History for Titan Machinery (NASDAQ:TITN)

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