Massachusetts Financial Services Co. MA raised its holdings in Titan Machinery Inc. (NASDAQ:TITN) by 13.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 56,323 shares of the company’s stock after purchasing an additional 6,724 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Titan Machinery were worth $1,327,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Prudential Financial Inc. raised its position in shares of Titan Machinery by 238.9% in the 1st quarter. Prudential Financial Inc. now owns 60,479 shares of the company’s stock valued at $1,424,000 after purchasing an additional 42,635 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of Titan Machinery in the 1st quarter valued at approximately $554,000. Mackay Shields LLC acquired a new position in shares of Titan Machinery in the 1st quarter valued at approximately $4,227,000. Algert Global LLC raised its position in shares of Titan Machinery by 72.2% in the 1st quarter. Algert Global LLC now owns 63,531 shares of the company’s stock valued at $1,497,000 after purchasing an additional 26,641 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new position in shares of Titan Machinery in the 1st quarter valued at approximately $4,681,000. 83.74% of the stock is currently owned by institutional investors.
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In related news, COO Bryan J. Knutson sold 2,374 shares of the company’s stock in a transaction that occurred on Tuesday, April 3rd. The stock was sold at an average price of $23.91, for a total transaction of $56,762.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 15.46% of the company’s stock.
TITN stock opened at $21.04 on Thursday. The company has a current ratio of 1.83, a quick ratio of 0.39 and a debt-to-equity ratio of 0.30. The company has a market cap of $472.07 million, a P/E ratio of -175.33 and a beta of 1.51. Titan Machinery Inc. has a 12-month low of $11.68 and a 12-month high of $25.09.
Titan Machinery (NASDAQ:TITN) last posted its quarterly earnings results on Thursday, March 29th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.04. The business had revenue of $339.61 million for the quarter, compared to analyst estimates of $315.08 million. Titan Machinery had a negative return on equity of 0.89% and a negative net margin of 0.59%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.31) EPS. sell-side analysts expect that Titan Machinery Inc. will post 0.32 earnings per share for the current year.
A number of equities analysts have issued reports on the company. BidaskClub raised Titan Machinery from a “hold” rating to a “buy” rating in a research report on Wednesday, April 4th. Craig Hallum reaffirmed a “buy” rating and issued a $26.00 target price on shares of Titan Machinery in a research report on Thursday, March 29th. Robert W. Baird set a $26.00 target price on Titan Machinery and gave the company a “buy” rating in a research report on Thursday, March 29th. William Blair reaffirmed a “hold” rating on shares of Titan Machinery in a research report on Wednesday, April 4th. Finally, Zacks Investment Research lowered Titan Machinery from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $24.00.
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 family of brands, as well as equipment from various other manufacturers.
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