Titan Machinery Inc. (NASDAQ:TITN) Shares Sold by Granite Investment Partners LLC
Granite Investment Partners LLC lowered its position in Titan Machinery Inc. (NASDAQ:TITN) by 4.6% during the second quarter, Holdings Channel reports. The institutional investor owned 182,208 shares of the company’s stock after selling 8,785 shares during the period. Granite Investment Partners LLC’s holdings in Titan Machinery were worth $3,277,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in TITN. State Street Corp increased its stake in Titan Machinery by 6.8% in the fourth quarter. State Street Corp now owns 297,767 shares of the company’s stock worth $4,339,000 after buying an additional 18,839 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Titan Machinery by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 759,168 shares of the company’s stock worth $11,061,000 after buying an additional 20,115 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Titan Machinery during the fourth quarter worth approximately $1,187,000. Teachers Advisors LLC increased its stake in Titan Machinery by 6.9% in the fourth quarter. Teachers Advisors LLC now owns 31,879 shares of the company’s stock worth $464,000 after buying an additional 2,050 shares in the last quarter. Finally, Sanders Morris Harris Inc. bought a new stake in Titan Machinery during the first quarter worth approximately $661,000. 81.19% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Titan Machinery Inc. (NASDAQ TITN) opened at 16.65 on Friday. Titan Machinery Inc. has a one year low of $8.68 and a one year high of $19.22. The firm has a 50 day moving average of $17.66 and a 200 day moving average of $15.81. The stock’s market cap is $355.84 million.
Titan Machinery (NASDAQ:TITN) last released its earnings results on Thursday, May 25th. The company reported ($0.19) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by $0.06. The company had revenue of $264.10 million for the quarter, compared to analyst estimates of $257 million. Titan Machinery had a negative net margin of 1.37% and a negative return on equity of 4.11%. The firm’s quarterly revenue was down 7.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.21) EPS. On average, equities research analysts predict that Titan Machinery Inc. will post $0.03 EPS for the current fiscal year.
A number of analysts recently commented on TITN shares. ValuEngine raised shares of Titan Machinery from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research raised shares of Titan Machinery from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a report on Friday, June 30th. BidaskClub downgraded shares of Titan Machinery from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Piper Jaffray Companies set a $18.00 price objective on shares of Titan Machinery and gave the stock a “hold” rating in a report on Friday, August 4th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $18.67.
In other 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 transaction of $775,387.50. Following the completion of the transaction, the chairman now owns 724,660 shares in the company, valued at approximately $12,500,385. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 16.08% of the stock is currently owned by company insiders.
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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