Titan Machinery (NASDAQ:TITN) Shares Gap Up on Strong Earnings

Titan Machinery Inc. (NASDAQ:TITN) shares gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $35.26, but opened at $37.40. Titan Machinery shares last traded at $35.00, with a volume of 1,927 shares.

The company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.68 by $0.28. Titan Machinery had a return on equity of 11.04% and a net margin of 2.10%. The company had revenue of $454.00 million for the quarter, compared to analysts’ expectations of $429.88 million. During the same period last year, the firm posted $0.58 earnings per share. Titan Machinery’s revenue was up 25.8% compared to the same quarter last year.

Several equities research analysts recently commented on TITN shares. Craig Hallum increased their price objective on Titan Machinery from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday. Zacks Investment Research raised Titan Machinery from a “hold” rating to a “strong-buy” rating and set a $33.00 price objective on the stock in a research report on Wednesday, September 1st. Finally, Robert W. Baird cut Titan Machinery from an “outperform” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $41.00 in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $38.50.

A number of large investors have recently made changes to their positions in TITN. Nuveen Asset Management LLC boosted its position in Titan Machinery by 79.2% in the first quarter. Nuveen Asset Management LLC now owns 236,817 shares of the company’s stock worth $6,038,000 after purchasing an additional 104,667 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in shares of Titan Machinery during the 1st quarter valued at about $346,000. Royal Bank of Canada lifted its position in shares of Titan Machinery by 158.6% during the 1st quarter. Royal Bank of Canada now owns 24,829 shares of the company’s stock valued at $633,000 after buying an additional 15,229 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Titan Machinery by 10.6% during the 1st quarter. Cubist Systematic Strategies LLC now owns 31,292 shares of the company’s stock valued at $798,000 after buying an additional 3,004 shares in the last quarter. Finally, Millennium Management LLC purchased a new position in shares of Titan Machinery during the 1st quarter valued at about $237,000. 78.76% of the stock is currently owned by institutional investors and hedge funds.

The company has a quick ratio of 0.54, a current ratio of 1.92 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $789.50 million, a PE ratio of 24.26 and a beta of 1.74. The company’s 50-day moving average price is $28.85.

Titan Machinery Company Profile (NASDAQ:TITN)

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.

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