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 research note 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. “

TITN has been the topic of several other reports. BidaskClub downgraded shares of Titan Machinery from a “hold” rating to a “sell” rating in a research report on Friday. Robert W. Baird upgraded shares of Titan Machinery from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $18.00 to $24.00 in a research report on Sunday, June 16th. Finally, ValuEngine lowered shares of Titan Machinery from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $21.50.

NASDAQ:TITN opened at $17.96 on Friday. The firm’s 50 day simple moving average is $19.99 and its 200 day simple moving average is $18.30. 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 has a one year low of $11.99 and a one year high of $21.88. The company has a market cap of $394.65 million, a PE ratio of 26.81 and a beta of 2.13.

Titan Machinery (NASDAQ:TITN) last posted its earnings results on Thursday, May 30th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.07. Titan Machinery had a net margin of 1.03% and a return on equity of 5.06%. The business had revenue of $278.29 million for the quarter, compared to the consensus estimate of $250.38 million. During the same period last year, the company earned ($0.07) EPS. The firm’s revenue was up 14.2% compared to the same quarter last year. Equities research analysts expect that Titan Machinery will post 0.89 EPS for the current year.

In other Titan Machinery news, Director Tony Christianson sold 22,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $19.63, for a total transaction of $431,860.00. Following the completion of the transaction, the director now owns 42,076 shares in the company, valued at approximately $825,951.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Bryan J. Knutson sold 3,711 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $19.71, for a total transaction of $73,143.81. Following the transaction, the chief operating officer now owns 28,315 shares of the company’s stock, valued at approximately $558,088.65. The disclosure for this sale can be found here. 15.37% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Northern Trust Corp boosted its holdings in Titan Machinery by 3.1% during the fourth quarter. Northern Trust Corp now owns 230,975 shares of the company’s stock worth $3,037,000 after buying an additional 6,915 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Titan Machinery by 5.9% during the fourth quarter. Geode Capital Management LLC now owns 207,190 shares of the company’s stock worth $2,724,000 after buying an additional 11,517 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its holdings in Titan Machinery by 425.5% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,453 shares of the company’s stock worth $85,000 after buying an additional 5,225 shares in the last quarter. Legal & General Group Plc boosted its holdings in Titan Machinery by 51.7% during the fourth quarter. Legal & General Group Plc now owns 4,110 shares of the company’s stock worth $55,000 after buying an additional 1,400 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its holdings 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. Hedge funds and other institutional investors own 78.95% of the company’s stock.

About Titan Machinery

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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