Titan Machinery (NASDAQ:TITN) Sets New 52-Week High – Here’s What Happened

Titan Machinery Inc. (NASDAQ:TITN) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $24.67 and last traded at $24.8370, with a volume of 100931 shares trading hands. The stock had previously closed at $23.18.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TITN. Wall Street Zen upgraded shares of Titan Machinery from a “sell” rating to a “hold” rating in a research note on Saturday. Robert W. Baird dropped their price objective on shares of Titan Machinery from $21.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $17.00.

Titan Machinery Trading Up 3.4%

The company has a quick ratio of 0.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.35. The stock’s 50 day moving average price is $20.00 and its 200-day moving average price is $18.05. The stock has a market capitalization of $558.93 million, a P/E ratio of -10.12 and a beta of 1.38.

Titan Machinery (NASDAQ:TITN) last announced its earnings results on Thursday, March 19th. The company reported ($1.43) earnings per share for the quarter, missing the consensus estimate of ($0.99) by ($0.44). The firm had revenue of $641.83 million during the quarter, compared to analyst estimates of $615.53 million. Titan Machinery had a negative net margin of 2.23% and a negative return on equity of 8.40%. As a group, equities research analysts expect that Titan Machinery Inc. will post -1.7 earnings per share for the current year.

Institutional Investors Weigh In On Titan Machinery

Institutional investors have recently bought and sold shares of the company. Teton Advisors LLC acquired a new stake in shares of Titan Machinery during the third quarter worth $1,440,000. Royce & Associates LP lifted its stake in shares of Titan Machinery by 12.8% during the third quarter. Royce & Associates LP now owns 626,067 shares of the company’s stock worth $10,480,000 after buying an additional 70,992 shares during the period. Stephens Investment Management Group LLC lifted its stake in shares of Titan Machinery by 30.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 559,589 shares of the company’s stock worth $8,416,000 after buying an additional 129,215 shares during the period. EVR Research LP lifted its stake in shares of Titan Machinery by 25.0% during the third quarter. EVR Research LP now owns 250,000 shares of the company’s stock worth $4,185,000 after buying an additional 50,000 shares during the period. Finally, ArrowMark Colorado Holdings LLC lifted its stake in shares of Titan Machinery by 16.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 419,450 shares of the company’s stock worth $7,022,000 after buying an additional 58,510 shares during the period. 78.38% of the stock is currently owned by institutional investors and hedge funds.

Titan Machinery Company Profile

Titan Machinery, Inc is a leading full-service dealer specializing in the sale, rental, and servicing of agricultural and construction equipment. The company represents major brands such as Caterpillar, Case IH and New Holland, offering new and pre-owned tractors, combines, excavators, loaders and other heavy machinery. In addition to equipment sales, Titan provides parts distribution, preventative maintenance and field service support to help customers maximize uptime and productivity.

Beyond equipment transactions, Titan Machinery offers a comprehensive suite of support services.