JPMorgan Chase & Co. reduced its stake in shares of Titan Machinery Inc. (NASDAQ:TITN) by 3.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,178,980 shares of the company’s stock after selling 42,313 shares during the quarter. JPMorgan Chase & Co. owned about 5.35% of Titan Machinery worth $18,652,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Rhumbline Advisers raised its position in Titan Machinery by 2.6% in the second quarter. Rhumbline Advisers now owns 21,909 shares of the company’s stock worth $394,000 after acquiring an additional 545 shares in the last quarter. Voya Investment Management LLC raised its position in Titan Machinery by 14.2% in the second quarter. Voya Investment Management LLC now owns 11,520 shares of the company’s stock worth $207,000 after acquiring an additional 1,429 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Titan Machinery by 14.1% in the second quarter. The Manufacturers Life Insurance Company now owns 16,622 shares of the company’s stock worth $298,000 after acquiring an additional 2,054 shares in the last quarter. Dynamic Technology Lab Private Ltd raised its position in Titan Machinery by 29.0% in the second quarter. Dynamic Technology Lab Private Ltd now owns 13,068 shares of the company’s stock worth $235,000 after acquiring an additional 2,939 shares in the last quarter. Finally, Kennedy Capital Management Inc. raised its position in Titan Machinery by 2.1% in the second quarter. Kennedy Capital Management Inc. now owns 165,386 shares of the company’s stock worth $2,974,000 after acquiring an additional 3,382 shares in the last quarter. Institutional investors and hedge funds own 76.41% of the company’s stock.
Several equities research analysts have commented on TITN shares. Robert W. Baird set a $18.00 price target on shares of Titan Machinery and gave the stock a “buy” rating in a research report on Thursday, August 24th. Piper Jaffray Companies reiterated a “hold” rating on shares of Titan Machinery in a research report on Thursday, September 28th. Zacks Investment Research cut shares of Titan Machinery from a “hold” rating to a “sell” rating in a research report on Thursday, September 7th. ValuEngine cut shares of Titan Machinery from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Finally, BidaskClub upgraded shares of Titan Machinery from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 5th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $21.75.
Titan Machinery (NASDAQ:TITN) last issued its quarterly earnings results on Thursday, November 30th. The company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.12. The firm had revenue of $330.34 million for the quarter, compared to analysts’ expectations of $306.74 million. Titan Machinery had a negative return on equity of 2.29% and a negative net margin of 1.44%. Titan Machinery’s revenue was down .6% on a year-over-year basis. During the same quarter last year, the business posted ($0.01) EPS. equities analysts anticipate that Titan Machinery Inc. will post -0.19 EPS for the current year.
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Titan Machinery 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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