Granahan Investment Management Inc. MA Has $9.69 Million Stake in Titan Machinery Inc. (TITN)

Granahan Investment Management Inc. MA cut its stake in Titan Machinery Inc. (NASDAQ:TITN) by 34.0% during the first quarter, Holdings Channel reports. The institutional investor owned 631,676 shares of the company’s stock after selling 324,840 shares during the period. Granahan Investment Management Inc. MA’s holdings in Titan Machinery were worth $9,690,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the company. American International Group Inc. raised its position in shares of Titan Machinery by 7.2% in the first quarter. American International Group Inc. now owns 10,919 shares of the company’s stock valued at $167,000 after buying an additional 729 shares in the last quarter. Oxford Asset Management bought a new position in shares of Titan Machinery during the first quarter valued at approximately $168,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Titan Machinery during the fourth quarter valued at approximately $174,000. A.R.T. Advisors LLC bought a new position in shares of Titan Machinery during the fourth quarter valued at approximately $186,000. Finally, Hancock Holding Co. bought a new position in shares of Titan Machinery during the first quarter valued at approximately $199,000. Hedge funds and other institutional investors own 80.92% of the company’s stock.

Institutional Ownership by Quarter for Titan Machinery (NASDAQ:TITN)

Shares of Titan Machinery Inc. (TITN) traded up 0.38% during midday trading on Monday, reaching $18.52. 138,221 shares of the company traded hands. The company’s 50 day moving average is $16.50 and its 200-day moving average is $14.94. Titan Machinery Inc. has a 12 month low of $8.68 and a 12 month high of $19.22. The stock’s market capitalization is $395.81 million.

Titan Machinery (NASDAQ:TITN) last released its earnings results on Thursday, May 25th. The company reported ($0.19) earnings per share (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 analyst estimates of $257 million. Titan Machinery had a negative return on equity of 4.11% and a negative net margin of 1.37%. Titan Machinery’s revenue was down 7.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.21) earnings per share. Equities research analysts forecast that Titan Machinery Inc. will post $0.04 earnings per share for the current fiscal year.

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TITN has been the topic of several recent analyst reports. TheStreet upgraded shares of Titan Machinery from a “d+” rating to a “c-” rating in a report on Monday, April 10th. ValuEngine raised shares of Titan Machinery from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research downgraded shares of Titan Machinery from a “buy” rating to a “hold” rating in a research note on Thursday, April 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $16.50.

In other Titan Machinery news, Chairman David Joseph Meyer sold 44,950 shares of Titan Machinery stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $17.25, for a total transaction of $775,387.50. Following the transaction, the chairman now directly owns 724,660 shares of the company’s stock, valued at $12,500,385. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 16.08% of the company’s stock.

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.

Want to see what other hedge funds are holding TITN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Titan Machinery Inc. (NASDAQ:TITN).

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