Titan Machinery Inc. (NASDAQ:TITN)’s stock price gapped up prior to trading on Tuesday following a stronger than expected earnings report. 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 earnings per share (EPS) for the quarter, beating the Zacks’ 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 during the quarter, compared to analysts’ expectations of $429.88 million. During the same quarter in the previous year, the business earned $0.58 EPS. Titan Machinery’s revenue was up 25.8% compared to the same quarter last year.
A number of research firms recently issued reports on TITN. Craig Hallum boosted their price objective on Titan Machinery from $35.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday. Zacks Investment Research upgraded Titan Machinery from a “hold” rating to a “strong-buy” rating and set a $33.00 target price for the company in a report on Wednesday, September 1st. Finally, Robert W. Baird cut Titan Machinery from an “outperform” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $41.00 in a report on Wednesday. One research analyst has rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $38.50.
The company has a 50-day simple moving average of $28.85. The company has a market capitalization of $789.50 million, a PE ratio of 24.26 and a beta of 1.74. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 0.54.
About Titan Machinery (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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