Titan Machinery (NASDAQ:TITN) Posts 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 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.26), Briefing.com reports. The firm had revenue of $583.00 million for the quarter, compared to analysts’ expectations of $692.90 million. Titan Machinery had a return on equity of 22.81% and a net margin of 4.98%. The firm’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period last year, the business earned $0.99 earnings per share. 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

TITN opened at $31.86 on Friday. The firm has a market capitalization of $723.54 million, a P/E ratio of 6.79 and a beta of 1.66. The stock’s 50 day moving average price is $43.58 and its two-hundred day moving average price is $37.38. The company has a quick ratio of 0.37, a current ratio of 1.74 and a debt-to-equity ratio of 0.18. Titan Machinery has a 12-month low of $21.50 and a 12-month high of $47.87.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Robert W. Baird lowered their price objective on Titan Machinery from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday. B. Riley assumed coverage on Titan Machinery in a report on Tuesday, December 13th. They set a “buy” rating and a $48.00 price objective on the stock. Stephens increased their price objective on Titan Machinery to $53.00 in a report on Friday, December 2nd. Finally, StockNews.com assumed coverage on Titan Machinery in a report on Thursday. They set a “buy” rating on the stock. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.67.

Institutional Trading of Titan Machinery

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TITN. Millennium Management LLC grew its holdings in Titan Machinery by 129.8% in the 4th quarter. Millennium Management LLC now owns 270,632 shares of the company’s stock valued at $10,752,000 after buying an additional 152,849 shares during the last quarter. Prudential Financial Inc. grew its holdings in Titan Machinery by 89.1% in the 1st quarter. Prudential Financial Inc. now owns 258,894 shares of the company’s stock valued at $7,316,000 after buying an additional 122,000 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Titan Machinery by 73.1% in the 2nd quarter. Renaissance Technologies LLC now owns 288,200 shares of the company’s stock valued at $6,459,000 after buying an additional 121,700 shares during the last quarter. State Street Corp grew its holdings in Titan Machinery by 32.7% in the 2nd quarter. State Street Corp now owns 470,579 shares of the company’s stock valued at $10,546,000 after buying an additional 115,876 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Titan Machinery by 65.8% during the 1st quarter. JPMorgan Chase & Co. now owns 282,713 shares of the company’s stock worth $7,990,000 after purchasing an additional 112,210 shares in the last quarter. Institutional investors and hedge funds own 81.30% of the company’s stock.

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.