Titan Machinery (NASDAQ:TITN – Get Rating) posted its quarterly earnings results on Thursday. The company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.26), Briefing.com reports. The business had revenue of $583.00 million for the quarter, compared to the consensus estimate of $692.90 million. Titan Machinery had a return on equity of 22.81% and a net margin of 4.98%. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.99 EPS. Titan Machinery updated its FY24 guidance to $4.50-5.10 EPS and its FY 2024 guidance to $4.50-$5.10 EPS.
Titan Machinery Stock Performance
NASDAQ:TITN opened at $31.86 on Friday. The stock has a 50 day simple moving average of $43.58 and a 200 day simple moving average of $37.38. The stock has a market cap of $723.54 million, a P/E ratio of 6.79 and a beta of 1.66. Titan Machinery has a 1-year low of $21.50 and a 1-year high of $47.87. The company has a current ratio of 1.74, a quick ratio of 0.37 and a debt-to-equity ratio of 0.18.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in TITN. Coppell Advisory Solutions Corp. bought a new stake in shares of Titan Machinery in the fourth quarter valued at about $41,000. ICA Group Wealth Management LLC acquired a new stake in Titan Machinery in the 4th quarter worth about $49,000. Point72 Hong Kong Ltd bought a new stake in Titan Machinery in the 1st quarter valued at about $54,000. Quantbot Technologies LP acquired a new position in shares of Titan Machinery during the 2nd quarter worth approximately $161,000. Finally, Legal & General Group Plc increased its holdings in shares of Titan Machinery by 251.2% during the second quarter. Legal & General Group Plc now owns 7,273 shares of the company’s stock worth $163,000 after purchasing an additional 5,202 shares during the period. 81.30% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
About Titan Machinery
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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