Titan Machinery Inc. (NASDAQ:TITN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $15.00 price objective on the stock. Zacks Investment Research’s price target indicates a potential upside of 10.54% from the stock’s previous close.
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. “
A number of other equities research analysts have also issued reports on the company. Aegis initiated coverage on Titan Machinery in a research report on Tuesday, January 10th. They issued a “buy” rating and a $18.00 price target for the company. Standpoint Research lowered Titan Machinery from a “buy” rating to a “hold” rating in a research report on Friday, December 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Titan Machinery currently has an average rating of “Hold” and a consensus price target of $14.50.
Shares of Titan Machinery (NASDAQ:TITN) opened at 13.57 on Wednesday. The firm’s 50-day moving average price is $14.03 and its 200-day moving average price is $12.03. Titan Machinery has a 12 month low of $7.87 and a 12 month high of $15.93. The company’s market capitalization is $287.93 million.
Titan Machinery (NASDAQ:TITN) last posted its quarterly earnings results on Wednesday, November 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by $0.06. The company earned $332.30 million during the quarter, compared to analysts’ expectations of $305.11 million. Titan Machinery had a negative net margin of 3.33% and a negative return on equity of 10.64%. Titan Machinery’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter last year, the company earned $0.20 earnings per share. Equities research analysts expect that Titan Machinery will post ($0.54) EPS for the current year.
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A number of hedge funds and other institutional investors have recently modified their holdings of the company. Ellington Management Group LLC purchased a new position in Titan Machinery during the fourth quarter worth approximately $200,000. Wexford Capital LP purchased a new position in Titan Machinery during the fourth quarter worth approximately $239,000. Two Sigma Investments LP boosted its position in Titan Machinery by 197.4% in the fourth quarter. Two Sigma Investments LP now owns 132,728 shares of the company’s stock worth $1,934,000 after buying an additional 88,096 shares during the period. Franklin Resources Inc. purchased a new position in Titan Machinery during the fourth quarter worth approximately $1,457,000. Finally, A.R.T. Advisors LLC purchased a new position in Titan Machinery during the fourth quarter worth approximately $186,000. Institutional investors own 85.40% 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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