Titan Machinery Inc. (TITN) Earns “Hold” Rating from Piper Jaffray Companies
Titan Machinery Inc. (NASDAQ:TITN)‘s stock had its “hold” rating restated by investment analysts at Piper Jaffray Companies in a note issued to investors on Friday. They presently have a $18.00 price objective on the stock. Piper Jaffray Companies’ price objective suggests a potential upside of 2.62% from the stock’s previous close.
TITN has been the subject of several other reports. Zacks Investment Research upgraded shares of Titan Machinery from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Friday, June 30th. BidaskClub downgraded shares of Titan Machinery from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 12th. TheStreet upgraded shares of Titan Machinery from a “d+” rating to a “c-” rating in a research note on Monday, April 10th. Finally, ValuEngine upgraded shares of Titan Machinery from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $18.67.
Titan Machinery (TITN) opened at 17.54 on Friday. The stock has a 50 day moving average price of $17.97 and a 200-day moving average price of $15.66. The company’s market capitalization is $374.86 million. Titan Machinery has a 1-year low of $8.68 and a 1-year high of $19.22.
Titan Machinery (NASDAQ:TITN) last posted its quarterly earnings data on Thursday, May 25th. The company reported ($0.19) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.13) by $0.06. Titan Machinery had a negative return on equity of 4.11% and a negative net margin of 1.37%. The business had revenue of $264.10 million for the quarter, compared to analyst estimates of $257 million. During the same quarter in the prior year, the company earned ($0.21) earnings per share. The company’s quarterly revenue was down 7.3% on a year-over-year basis. Equities analysts predict that Titan Machinery will post $0.03 earnings per share for the current year.
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In related news, Chairman David Joseph Meyer sold 44,950 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $17.25, for a total value of $775,387.50. Following the completion of the sale, the chairman now directly owns 724,660 shares in the company, valued at approximately $12,500,385. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 16.08% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Alambic Investment Management L.P. increased its stake in shares of Titan Machinery by 79.2% in the first quarter. Alambic Investment Management L.P. now owns 54,181 shares of the company’s stock valued at $831,000 after buying an additional 23,946 shares during the period. Hancock Holding Co. purchased a new stake in shares of Titan Machinery during the first quarter valued at about $199,000. Oxford Asset Management purchased a new stake in shares of Titan Machinery during the first quarter valued at about $168,000. JPMorgan Chase & Co. increased its stake in shares of Titan Machinery by 35.5% in the first quarter. JPMorgan Chase & Co. now owns 1,214,699 shares of the company’s stock valued at $18,634,000 after buying an additional 318,205 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Titan Machinery by 9.3% in the first quarter. Russell Investments Group Ltd. now owns 225,541 shares of the company’s stock valued at $3,460,000 after buying an additional 19,200 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.
About Titan Machinery
Titan Machinery Inc owns and operates a network of service agricultural and construction equipment stores in the United States and Europe. The Company engages in four principal business activities: new and used equipment sales; parts sales; repair and maintenance services, and equipment rental and other activities.
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