Titan Machinery (NASDAQ:TITN) Issues Earnings Results, Beats Estimates By $0.19 EPS

Posted by admin on May 26th, 2023

Titan Machinery (NASDAQ:TITN – Get Rating) released its earnings results on Thursday. The company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.19, Briefing.com reports. The business had revenue of $569.60 million during the quarter, compared to the consensus estimate of $595.52 million. Titan Machinery had a net margin of 4.61% and a return on equity of 20.81%. The firm’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.79 earnings per share. Titan Machinery updated its FY25 guidance to $4.50-5.10 EPS.

Titan Machinery Trading Down 3.1 %

NASDAQ:TITN traded down $0.89 during mid-day trading on Friday, hitting $27.41. 100,656 shares of the company’s stock were exchanged, compared to its average volume of 304,321. The firm has a market capitalization of $621.11 million, a P/E ratio of 6.29 and a beta of 1.63. Titan Machinery has a fifty-two week low of $21.50 and a fifty-two week high of $47.87. The company has a current ratio of 1.75, a quick ratio of 0.33 and a debt-to-equity ratio of 0.17. The company has a 50 day simple moving average of $30.85 and a 200-day simple moving average of $37.37.

Wall Street Analysts Forecast Growth

A number of analysts have commented on TITN shares. Robert W. Baird cut their price target on shares of Titan Machinery from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, March 16th. StockNews.com started coverage on shares of Titan Machinery in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $43.67.

Insider Activity at Titan Machinery

In related news, Director Stan K. Erickson bought 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 21st. The shares were bought at an average price of $29.67 per share, for a total transaction of $89,010.00. Following the transaction, the director now directly owns 39,031 shares of the company’s stock, valued at $1,158,049.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.04% of the stock is owned by corporate insiders.

Institutional Trading of Titan Machinery

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ameriprise Financial Inc. grew its stake in shares of Titan Machinery by 21.5% in the 1st quarter. Ameriprise Financial Inc. now owns 35,009 shares of the company’s stock worth $1,066,000 after acquiring an additional 6,195 shares in the last quarter. State Street Corp grew its position in Titan Machinery by 3.9% during the first quarter. State Street Corp now owns 448,961 shares of the company’s stock valued at $13,671,000 after buying an additional 16,841 shares during the period. First Trust Advisors LP grew its position in Titan Machinery by 9.5% during the first quarter. First Trust Advisors LP now owns 54,080 shares of the company’s stock valued at $1,647,000 after buying an additional 4,683 shares during the period. Geode Capital Management LLC grew its position in Titan Machinery by 3.8% during the first quarter. Geode Capital Management LLC now owns 394,141 shares of the company’s stock valued at $12,002,000 after buying an additional 14,440 shares during the period. Finally, Graham Capital Management L.P. lifted its holdings in Titan Machinery by 33.6% during the first quarter. Graham Capital Management L.P. now owns 30,400 shares of the company’s stock valued at $926,000 after purchasing an additional 7,643 shares during the last quarter. Institutional investors 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.