JPMorgan Chase & Co. reduced its stake in Titan Machinery Inc. (NASDAQ:TITN) by 3.9% during the first quarter, Holdings Channel reports. The fund owned 1,141,292 shares of the company’s stock after selling 46,616 shares during the period. JPMorgan Chase & Co. owned about 0.05% of Titan Machinery worth $26,889,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TITN. Systematic Financial Management LP purchased a new stake in shares of Titan Machinery in the fourth quarter worth $14,904,000. Renaissance Technologies LLC grew its stake in shares of Titan Machinery by 839.2% in the fourth quarter. Renaissance Technologies LLC now owns 379,447 shares of the company’s stock worth $8,033,000 after acquiring an additional 339,047 shares during the last quarter. Millennium Management LLC grew its stake in shares of Titan Machinery by 2,466.1% in the fourth quarter. Millennium Management LLC now owns 269,570 shares of the company’s stock worth $5,707,000 after acquiring an additional 259,065 shares during the last quarter. Hennessy Advisors Inc. purchased a new stake in shares of Titan Machinery in the first quarter worth $4,681,000. Finally, Mackay Shields LLC purchased a new stake in shares of Titan Machinery in the first quarter worth $4,227,000. 84.00% of the stock is currently owned by hedge funds and other institutional investors.
Titan Machinery opened at $17.44 on Wednesday, MarketBeat Ratings reports. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.34 and a current ratio of 1.66. Titan Machinery Inc. has a one year low of $11.68 and a one year high of $25.09. The firm has a market cap of $386.17 million, a P/E ratio of -145.33 and a beta of 1.52.
In other Titan Machinery news, Director Stan K. Erickson acquired 3,000 shares of the company’s stock in a transaction that occurred on Friday, June 1st. The shares were bought at an average cost of $18.06 per share, with a total value of $54,180.00. Following the completion of the transaction, the director now directly owns 16,495 shares of the company’s stock, valued at approximately $297,899.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Bryan J. Knutson sold 2,374 shares of the stock in a transaction on Tuesday, April 3rd. The shares were sold at an average price of $23.91, for a total value of $56,762.34. The disclosure for this sale can be found here. Company insiders own 15.46% of the company’s stock.
A number of research firms have recently commented on TITN. BidaskClub cut Titan Machinery from a “hold” rating to a “sell” rating in a research note on Monday, May 14th. Craig Hallum reissued a “buy” rating and issued a $26.00 target price on shares of Titan Machinery in a research note on Thursday, March 29th. ValuEngine raised Titan Machinery from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. William Blair reissued a “hold” rating on shares of Titan Machinery in a research note on Wednesday, April 4th. Finally, Zacks Investment Research cut Titan Machinery from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 5th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $23.75.
Titan Machinery 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 family of brands, as well as equipment from various other manufacturers.
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