Titan Machinery (NASDAQ:TITN) Updates FY22 Earnings Guidance

Titan Machinery (NASDAQ:TITN) updated its FY22 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.40-2.60 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.15. Titan Machinery also updated its FY 2022 guidance to $2.400-$2.600 EPS.

A number of research firms have commented on TITN. Craig Hallum increased their price target on Titan Machinery from $35.00 to $40.00 and gave the company a buy rating in a research note on Wednesday. Robert W. Baird cut Titan Machinery from an outperform rating to a neutral rating and increased their price target for the company from $37.00 to $41.00 in a research note on Wednesday. Finally, 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 report on Wednesday, September 1st. One analyst has rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Buy and a consensus target price of $38.50.

Shares of TITN stock traded down $3.35 during mid-day trading on Thursday, reaching $34.94. The stock had a trading volume of 524,369 shares, compared to its average volume of 197,660. The business has a fifty day moving average of $28.85. The company has a current ratio of 1.92, a quick ratio of 0.54 and a debt-to-equity ratio of 0.16. The company has a market cap of $789.50 million, a price-to-earnings ratio of 24.26 and a beta of 1.74. Titan Machinery has a 1-year low of $17.92 and a 1-year high of $38.58.

Titan Machinery (NASDAQ:TITN) last announced its quarterly earnings data on Tuesday, November 23rd. The company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.28. The business had revenue of $454.00 million for the quarter, compared to analyst estimates of $429.88 million. Titan Machinery had a return on equity of 11.04% and a net margin of 2.10%. The company’s revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.58 earnings per share. Analysts forecast that Titan Machinery will post 2.13 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its holdings in Titan Machinery by 5.5% during the third quarter. Bank of New York Mellon Corp now owns 724,911 shares of the company’s stock worth $18,783,000 after acquiring an additional 37,896 shares during the period. Morgan Stanley grew its holdings in Titan Machinery by 8.6% during the second quarter. Morgan Stanley now owns 343,263 shares of the company’s stock worth $10,621,000 after acquiring an additional 27,266 shares during the period. Royal Bank of Canada grew its holdings in Titan Machinery by 56.9% during the third quarter. Royal Bank of Canada now owns 18,757 shares of the company’s stock worth $486,000 after acquiring an additional 6,805 shares during the period. UBS Group AG grew its holdings in Titan Machinery by 755.3% during the third quarter. UBS Group AG now owns 5,397 shares of the company’s stock worth $139,000 after acquiring an additional 4,766 shares during the period. Finally, BNP Paribas Arbitrage SA grew its holdings in Titan Machinery by 74.5% during the third quarter. BNP Paribas Arbitrage SA now owns 5,197 shares of the company’s stock worth $135,000 after acquiring an additional 2,219 shares during the period. 78.76% of the stock is currently owned by hedge funds and other institutional investors.

Titan Machinery Company Profile

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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Earnings History and Estimates for Titan Machinery (NASDAQ:TITN)

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