Titan Machinery Inc. (NASDAQ:TITN) Short Interest Down 23.4% in August

Titan Machinery Inc. (NASDAQ:TITN) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 394,200 shares, a decline of 23.4% from the July 31st total of 514,900 shares. Based on an average daily volume of 169,200 shares, the short-interest ratio is currently 2.3 days. Currently, 2.1% of the company’s stock are sold short.

NASDAQ:TITN traded down $0.14 during trading hours on Wednesday, reaching $15.01. 118,300 shares of the stock were exchanged, compared to its average volume of 177,008. Titan Machinery has a twelve month low of $11.99 and a twelve month high of $21.88. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.40 and a quick ratio of 0.26. The firm has a 50 day moving average of $17.87 and a 200 day moving average of $17.89. The stock has a market cap of $327.48 million, a PE ratio of 22.40 and a beta of 2.32.

Titan Machinery (NASDAQ:TITN) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.02). Titan Machinery had a return on equity of 5.20% and a net margin of 1.04%. The business had revenue of $315.00 million for the quarter, compared to the consensus estimate of $315.40 million. During the same period in the prior year, the business earned $0.28 earnings per share. Titan Machinery’s revenue was up 6.0% compared to the same quarter last year. Equities research analysts anticipate that Titan Machinery will post 0.87 earnings per share for the current year.

In related news, Director Tony Christianson sold 22,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $19.63, for a total transaction of $431,860.00. Following the completion of the sale, the director now directly owns 42,076 shares of the company’s stock, valued at approximately $825,951.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Bryan J. Knutson sold 3,711 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $19.71, for a total transaction of $73,143.81. Following the sale, the chief operating officer now owns 28,315 shares in the company, valued at $558,088.65. The disclosure for this sale can be found here. Insiders own 15.37% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in TITN. Aperio Group LLC bought a new position in shares of Titan Machinery in the 2nd quarter valued at about $29,000. Point72 Hong Kong Ltd bought a new stake in Titan Machinery during the second quarter worth about $36,000. Quantamental Technologies LLC bought a new stake in Titan Machinery during the second quarter worth about $45,000. BNP Paribas Arbitrage SA boosted its position in Titan Machinery by 108.0% during the first quarter. BNP Paribas Arbitrage SA now owns 4,143 shares of the company’s stock valued at $64,000 after purchasing an additional 2,151 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in Titan Machinery by 3,997.7% during the first quarter. Bank of Montreal Can now owns 10,490 shares of the company’s stock valued at $164,000 after purchasing an additional 10,234 shares during the last quarter. Institutional investors and hedge funds own 78.24% of the company’s stock.

Several brokerages have recently issued reports on TITN. Robert W. Baird raised shares of Titan Machinery from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $18.00 to $24.00 in a research report on Sunday, June 16th. BidaskClub lowered shares of Titan Machinery from a “sell” rating to a “strong sell” rating in a report on Friday, September 6th. Zacks Investment Research cut shares of Titan Machinery from a “hold” rating to a “sell” rating in a research report on Tuesday, September 3rd. Finally, ValuEngine lowered shares of Titan Machinery from a “hold” rating to a “sell” rating in a research note on Thursday, September 5th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $21.50.

About Titan Machinery

Titan Machinery Inc owns and operates a network of full-service agricultural and construction equipment stores. It operates through three segments: Agriculture, Construction, and International. The company sells new and used equipment, including agricultural and construction equipment manufactured under the CNH Industrial family of brands, as well as equipment from various other manufacturers.

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