Brokerages Expect Titan Machinery Inc. (TITN) Will Announce Quarterly Sales of $259.83 Million

Wall Street analysts forecast that Titan Machinery Inc. (NASDAQ:TITN) will post $259.83 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Titan Machinery’s earnings. The lowest sales estimate is $255.90 million and the highest is $262.90 million. Titan Machinery reported sales of $278.33 million during the same quarter last year, which indicates a negative year over year growth rate of 6.6%. The company is expected to announce its next quarterly earnings report on Thursday, August 24th.

According to Zacks, analysts expect that Titan Machinery will report full-year sales of $259.83 million for the current fiscal year, with estimates ranging from $1.12 billion to $1.15 billion. For the next year, analysts forecast that the firm will post sales of $1.15 billion per share, with estimates ranging from $1.12 billion to $1.19 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Titan Machinery.

Titan Machinery (NASDAQ:TITN) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $257 million. Titan Machinery had a negative return on equity of 10.64% and a negative net margin of 3.33%. The firm’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.21) EPS.

A number of brokerages recently commented on TITN. ValuEngine raised shares of Titan Machinery from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. TheStreet raised shares of Titan Machinery from a “d+” rating to a “c-” rating in a report on Monday, April 10th. Finally, Zacks Investment Research downgraded shares of Titan Machinery from a “hold” rating to a “sell” rating in a report on Wednesday, April 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Titan Machinery has a consensus rating of “Hold” and a consensus price target of $16.50.

In related news, Chairman David Joseph Meyer sold 44,950 shares of the stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $17.25, for a total value of $775,387.50. Following the sale, the chairman now directly owns 724,660 shares of the company’s stock, valued at approximately $12,500,385. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 19.36% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. American International Group Inc. raised its stake in Titan Machinery by 7.2% in the first quarter. American International Group Inc. now owns 10,919 shares of the company’s stock worth $167,000 after buying an additional 729 shares during the period. Oxford Asset Management purchased a new stake in Titan Machinery during the first quarter worth $168,000. Dynamic Technology Lab Private Ltd purchased a new stake in Titan Machinery during the fourth quarter worth $174,000. A.R.T. Advisors LLC purchased a new stake in Titan Machinery during the fourth quarter worth $186,000. Finally, Hancock Holding Co. purchased a new stake in Titan Machinery during the first quarter worth $199,000. 85.40% of the stock is currently owned by institutional investors.

Titan Machinery (NASDAQ:TITN) traded up 1.03% on Friday, hitting $18.55. The stock had a trading volume of 181,022 shares. Titan Machinery has a 52-week low of $8.68 and a 52-week high of $18.81. The firm’s market cap is $396.45 million. The company’s 50 day moving average price is $16.14 and its 200 day moving average price is $14.73.

TRADEMARK VIOLATION WARNING: “Brokerages Expect Titan Machinery Inc. (TITN) Will Announce Quarterly Sales of $259.83 Million” was first posted by sleekmoney and is the sole property of of sleekmoney. If you are viewing this news story on another publication, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright legislation. The correct version of this news story can be read at https://sleekmoney.com/brokerages-expect-titan-machinery-inc-titn-will-announce-quarterly-sales-of-259-83-million/1898698.html.

Titan Machinery Company Profile

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.

Get a free copy of the Zacks research report on Titan Machinery (TITN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

This story was originally published by sleekmoney (https://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at https://sleekmoney.com/brokerages-expect-titan-machinery-inc-titn-will-announce-quarterly-sales-of-259-83-million/1898698.html

Receive News & Ratings for Titan Machinery Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Titan Machinery Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

 

Leave a Reply

Your email address will not be published. Required fields are marked *