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.
TRADEMARK VIOLATION NOTICE: This piece was first posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this piece on another publication, it was illegally copied and reposted in violation of U.S. & international trademark & copyright law. The legal version of this piece can be viewed at https://www.dispatchtribunal.com/2018/04/07/314-97-million-in-sales-expected-for-titan-machinery-inc-titn-this-quarter-2.html.
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.
Get a free copy of the Zacks research report on Titan Machinery (TITN)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Titan Machinery Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Titan Machinery and related companies with MarketBeat.com's FREE daily email newsletter.