Titan Machinery Inc. (TITN) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Titan Machinery Inc. (NASDAQ:TITN) from a buy rating to a hold rating in a report released on Thursday morning.

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. “

Separately, Aegis began coverage on shares of Titan Machinery in a research note on Tuesday, January 10th. They set a buy rating and a $18.00 target price for the company.

Titan Machinery (NASDAQ:TITN) opened at 15.44 on Thursday. The firm’s 50-day moving average price is $14.39 and its 200 day moving average price is $13.15. Titan Machinery has a 1-year low of $8.68 and a 1-year high of $15.95. The firm’s market capitalization is $329.27 million.

Titan Machinery (NASDAQ:TITN) last announced its earnings results on Thursday, March 30th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by $0.10. The company had revenue of $317.60 million for the quarter, compared to analysts’ expectations of $311.80 million. Titan Machinery had a negative net margin of 3.33% and a negative return on equity of 10.64%. Titan Machinery’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.31) earnings per share. On average, analysts predict that Titan Machinery will post $0.02 EPS for the current year.

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A number of large investors have recently made changes to their positions in TITN. Teachers Advisors LLC raised its stake in shares of Titan Machinery by 6.9% in the fourth quarter. Teachers Advisors LLC now owns 31,879 shares of the company’s stock worth $464,000 after buying an additional 2,050 shares in the last quarter. Alambic Investment Management L.P. raised its stake in Titan Machinery by 20.9% in the third quarter. Alambic Investment Management L.P. now owns 20,235 shares of the company’s stock valued at $210,000 after buying an additional 3,500 shares during the period. US Bancorp DE raised its stake in Titan Machinery by 142.0% in the third quarter. US Bancorp DE now owns 11,236 shares of the company’s stock valued at $117,000 after buying an additional 6,593 shares during the period. California Public Employees Retirement System raised its stake in Titan Machinery by 14.9% in the third quarter. California Public Employees Retirement System now owns 79,600 shares of the company’s stock valued at $828,000 after buying an additional 10,300 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Titan Machinery by 1.3% in the third quarter. JPMorgan Chase & Co. now owns 871,875 shares of the company’s stock valued at $9,067,000 after buying an additional 11,419 shares during the period. Institutional investors and hedge funds own 85.40% of the company’s stock.

Titan Machinery Company Profile

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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