Titan Machinery (NASDAQ:TITN) Announces Quarterly Earnings Results, Misses Expectations By $0.26 EPS

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

Several brokerages have recently commented on TITN. StockNews.com began coverage on Titan Machinery in a research note on Thursday. They set a “buy” rating for the company. Stephens lifted their price objective on shares of Titan Machinery to $53.00 in a research report on Friday, December 2nd. Robert W. Baird dropped their price objective on shares of Titan Machinery from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, B. Riley initiated coverage on shares of Titan Machinery in a research note on Tuesday, December 13th. They set a “buy” rating and a $48.00 target price for the company. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.67.

About Titan Machinery

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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.