Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Titan Machinery Inc. (NASDAQ:TITN) by 84.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 276,943 shares of the company’s stock after acquiring an additional 126,625 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 1.23% of Titan Machinery worth $7,062,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. BlackRock Inc. boosted its position in Titan Machinery by 2.5% in the first quarter. BlackRock Inc. now owns 1,428,061 shares of the company’s stock valued at $36,416,000 after buying an additional 34,904 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in Titan Machinery in the first quarter valued at approximately $15,458,000. Morgan Stanley boosted its position in Titan Machinery by 37.7% in the fourth quarter. Morgan Stanley now owns 458,801 shares of the company’s stock valued at $8,970,000 after buying an additional 125,570 shares during the last quarter. Kennedy Capital Management Inc. boosted its position in Titan Machinery by 31.9% in the fourth quarter. Kennedy Capital Management Inc. now owns 407,868 shares of the company’s stock valued at $7,974,000 after buying an additional 98,670 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in Titan Machinery by 28.2% in the first quarter. Acadian Asset Management LLC now owns 398,974 shares of the company’s stock valued at $10,176,000 after buying an additional 87,644 shares during the last quarter. Institutional investors and hedge funds own 73.60% of the company’s stock.
Shares of NASDAQ:TITN opened at $31.98 on Friday. Titan Machinery Inc. has a 12-month low of $9.80 and a 12-month high of $35.24. The firm has a market capitalization of $720.22 million, a P/E ratio of 26.21 and a beta of 1.78. The firm has a 50 day moving average of $28.07. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.90 and a quick ratio of 0.51.
TITN has been the topic of a number of recent research reports. Robert W. Baird upped their target price on Titan Machinery from $31.00 to $37.00 and gave the company an “outperform” rating in a research report on Thursday, May 27th. Zacks Investment Research raised Titan Machinery from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a report on Thursday, May 27th. Finally, Stephens raised Titan Machinery from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $26.00 to $40.00 in a report on Friday, May 28th. Five equities research analysts have rated the stock with a buy rating, Titan Machinery has a consensus rating of “Buy” and a consensus target price of $31.75.
In other news, CEO David Joseph Meyer sold 23,777 shares of the company’s stock in a transaction that occurred on Wednesday, April 14th. The stock was sold at an average price of $26.49, for a total transaction of $629,852.73. Following the completion of the transaction, the chief executive officer now directly owns 376,364 shares of the company’s stock, valued at approximately $9,969,882.36. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Tony Christianson sold 10,401 shares of the company’s stock in a transaction that occurred on Tuesday, June 8th. The stock was sold at an average price of $32.78, for a total value of $340,944.78. Following the transaction, the director now directly owns 50,325 shares of the company’s stock, valued at $1,649,653.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 381,459 shares of company stock valued at $11,305,765. Corporate insiders own 15.37% of the company’s stock.
Titan Machinery Company Profile
Titan Machinery Inc owns and operates a network of full-service agricultural and construction equipment stores in the United States and Europe. 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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