Equities analysts forecast that Titan Machinery Inc. (NASDAQ:TITN) will post sales of $314.97 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Titan Machinery’s earnings, with the highest sales estimate coming in at $318.70 million and the lowest estimate coming in at $310.80 million. Titan Machinery reported sales of $317.62 million during the same quarter last year, which indicates a negative year over year growth rate of 0.8%. The company is scheduled to report its next quarterly earnings results on Thursday, March 29th.
According to Zacks, analysts expect that Titan Machinery will report full-year sales of $314.97 million for the current year, with estimates ranging from $1.13 billion to $1.18 billion. For the next year, analysts forecast that the company will post sales of $1.22 billion per share, with estimates ranging from $1.18 billion to $1.25 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Titan Machinery.
A number of equities research analysts have issued reports on TITN shares. Zacks Investment Research cut shares of Titan Machinery from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Robert W. Baird reissued an “outperform” rating and set a $25.00 target price (up previously from $18.00) on shares of Titan Machinery in a report on Friday, December 1st. BidaskClub cut shares of Titan Machinery from a “hold” rating to a “sell” rating in a report on Monday, February 5th. Piper Jaffray Companies set a $19.00 target price on shares of Titan Machinery and gave the company a “hold” rating in a report on Friday, December 1st. Finally, William Blair raised shares of Titan Machinery from an “underperform” rating to a “market perform” rating in a report on Tuesday, January 2nd. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $23.00.
Shares of Titan Machinery (TITN) opened at $20.30 on Friday. The company has a current ratio of 1.70, a quick ratio of 0.33 and a debt-to-equity ratio of 0.31. Titan Machinery has a 1-year low of $11.68 and a 1-year high of $24.19. The stock has a market cap of $464.21, a price-to-earnings ratio of -26.03, a price-to-earnings-growth ratio of 4.91 and a beta of 1.60.
In other Titan Machinery news, CEO David Joseph Meyer sold 61,796 shares of the business’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $21.85, for a total transaction of $1,350,242.60. Following the sale, the chief executive officer now owns 715,864 shares of the company’s stock, valued at approximately $15,641,628.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 16.08% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. MetLife Investment Advisors LLC bought a new position in shares of Titan Machinery in the fourth quarter worth $197,000. Municipal Employees Retirement System of Michigan increased its stake in Titan Machinery by 11.3% in the fourth quarter. Municipal Employees Retirement System of Michigan now owns 57,620 shares of the company’s stock valued at $1,220,000 after acquiring an additional 5,840 shares during the last quarter. Jane Street Group LLC bought a new position in Titan Machinery in the fourth quarter valued at $251,000. Millennium Management LLC increased its stake in Titan Machinery by 2,466.1% in the fourth quarter. Millennium Management LLC now owns 269,570 shares of the company’s stock valued at $5,707,000 after acquiring an additional 259,065 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. increased its stake in Titan Machinery by 15.5% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 115,204 shares of the company’s stock valued at $2,438,000 after acquiring an additional 15,500 shares during the last quarter. 78.69% of the stock is currently owned by hedge funds and other institutional investors.
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About Titan Machinery
Titan Machinery Inc owns and operates a network of service agricultural and construction equipment stores in the United States and Europe. The Company engages in four principal business activities: new and used equipment sales; parts sales; repair and maintenance services, and equipment rental and other activities.
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