Zacks Investment Research Downgrades Titan Machinery (NASDAQ:TITN) to Hold

Zacks Investment Research lowered shares of Titan Machinery (NASDAQ:TITN) from a strong-buy rating to a hold rating in a report issued on Saturday, Zacks.com reports.

According to Zacks, “Titan Machinery represents a diversified mix of agricultural, construction, and consumer products dealerships located in the upper Midwest. Their Shared Resource Headquarters is located in the heart of the Red River Valley in Fargo, ND. Titan Machinery is a dealer for Case IH, Case Construction, New Holland, and New Holland Construction. Titan Machinery also represents shortline equipment to meet specialized customer demand and niche product needs. “

Several other equities research analysts also recently issued reports on TITN. ValuEngine downgraded shares of Titan Machinery from a buy rating to a hold rating in a research note on Tuesday, August 6th. Robert W. Baird upgraded shares of Titan Machinery from a neutral rating to an outperform rating and boosted their price objective for the stock from $18.00 to $24.00 in a research note on Sunday, June 16th. Finally, BidaskClub downgraded shares of Titan Machinery from a hold rating to a sell rating in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $21.50.

TITN opened at $17.94 on Friday. The company has a quick ratio of 0.31, a current ratio of 1.39 and a debt-to-equity ratio of 0.36. Titan Machinery has a 52-week low of $11.99 and a 52-week high of $21.88. The company has a 50 day moving average of $19.79 and a two-hundred day moving average of $18.29. The company has a market cap of $398.42 million, a P/E ratio of 26.78 and a beta of 2.13.

Titan Machinery (NASDAQ:TITN) last released its quarterly earnings data on Thursday, May 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.07. Titan Machinery had a net margin of 1.03% and a return on equity of 5.06%. The company had revenue of $278.29 million during the quarter, compared to the consensus estimate of $250.38 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. Titan Machinery’s revenue for the quarter was up 14.2% on a year-over-year basis. Research analysts anticipate that Titan Machinery will post 0.89 earnings per share for the current year.

In other news, COO Bryan J. Knutson sold 3,711 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $19.71, for a total value of $73,143.81. Following the completion of the transaction, the chief operating officer now directly owns 28,315 shares in the company, valued at $558,088.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tony Christianson sold 22,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $19.63, for a total transaction of $431,860.00. Following the completion of the transaction, the director now owns 42,076 shares of the company’s stock, valued at $825,951.88. The disclosure for this sale can be found here. 15.37% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in TITN. Nuveen Asset Management LLC purchased a new position in shares of Titan Machinery in the second quarter valued at $8,449,000. IndexIQ Advisors LLC purchased a new position in shares of Titan Machinery in the first quarter valued at $1,575,000. Balter Liquid Alternatives LLC purchased a new position in shares of Titan Machinery in the second quarter valued at $1,715,000. Renaissance Technologies LLC boosted its stake in shares of Titan Machinery by 61.9% in the second quarter. Renaissance Technologies LLC now owns 176,023 shares of the company’s stock valued at $3,623,000 after purchasing an additional 67,323 shares during the period. Finally, Bogle Investment Management L P DE purchased a new position in shares of Titan Machinery in the second quarter valued at $955,000. Institutional investors and hedge funds own 77.44% 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. 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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