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

Titan Machinery (NASDAQ:TITN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Saturday, 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. “

Other equities analysts have also issued reports about the stock. Robert W. Baird raised shares of Titan Machinery from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $18.00 to $24.00 in a research report on Sunday, June 16th. ValuEngine lowered shares of Titan Machinery from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, BidaskClub lowered shares of Titan Machinery from a “hold” rating to a “sell” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $21.50.

Shares of TITN opened at $17.96 on Friday. The firm has a market capitalization of $394.65 million, a PE ratio of 26.81 and a beta of 2.13. The company’s 50-day moving average is $19.99 and its 200-day moving average is $18.30. Titan Machinery has a fifty-two week low of $11.99 and a fifty-two week high of $21.88. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.39 and a quick ratio of 0.31.

Titan Machinery (NASDAQ:TITN) last issued its quarterly earnings data on Thursday, May 30th. The company reported $0.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.07. The company had revenue of $278.29 million for the quarter, compared to analyst estimates of $250.38 million. Titan Machinery had a net margin of 1.03% and a return on equity of 5.06%. The company’s revenue was up 14.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.07) earnings per share. Analysts predict that Titan Machinery will post 0.89 earnings per share for the current fiscal year.

In related news, COO Bryan J. Knutson sold 3,711 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $19.71, for a total transaction of $73,143.81. Following the transaction, the chief operating officer now directly owns 28,315 shares of the company’s stock, valued at $558,088.65. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Tony Christianson sold 22,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $19.63, for a total transaction of $431,860.00. Following 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 company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Aperio Group LLC acquired a new stake in Titan Machinery during the second quarter worth about $29,000. Public Employees Retirement System of Ohio grew its stake in Titan Machinery by 51.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,534 shares of the company’s stock worth $33,000 after buying an additional 866 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Titan Machinery during the second quarter worth about $36,000. Macquarie Group Ltd. grew its stake 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 buying an additional 800 shares in the last quarter. Finally, Quantamental Technologies LLC acquired a new stake in Titan Machinery during the second quarter worth about $45,000. 78.95% of the stock is currently owned by institutional investors and hedge funds.

Titan Machinery Company Profile

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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