Titan Machinery (NASDAQ:TITN) Updates FY 2023 Earnings Guidance

Titan Machinery (NASDAQ:TITN – Get Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.550-$2.850 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.820. The company issued revenue guidance of -.

Shares of Titan Machinery stock opened at $26.01 on Thursday. The company has a current ratio of 1.84, a quick ratio of 0.72 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $587.49 million, a P/E ratio of 8.88 and a beta of 1.63. The business has a fifty day simple moving average of $28.82 and a two-hundred day simple moving average of $30.32. Titan Machinery has a 12 month low of $23.83 and a 12 month high of $38.58.

Titan Machinery (NASDAQ:TITN – Get Rating) last announced its quarterly earnings data on Thursday, March 24th. The company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.54 by $0.45. The business had revenue of $507.60 million during the quarter, compared to analyst estimates of $524.60 million. Titan Machinery had a return on equity of 16.68% and a net margin of 3.86%. The company’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 earnings per share. Analysts predict that Titan Machinery will post 2.88 earnings per share for the current year.

Several equities analysts have recently weighed in on TITN shares. StockNews.com started coverage on Titan Machinery in a report on Thursday, March 31st. They set a strong-buy rating for the company. Zacks Investment Research downgraded Titan Machinery from a strong-buy rating to a hold rating in a report on Wednesday, February 2nd. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $38.50.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Metropolitan Life Insurance Co NY increased its holdings in Titan Machinery by 14.9% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 5,174 shares of the company’s stock worth $174,000 after buying an additional 671 shares in the last quarter. BNP Paribas Arbitrage SA increased its holdings in Titan Machinery by 74.5% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 5,197 shares of the company’s stock worth $135,000 after buying an additional 2,219 shares in the last quarter. Citigroup Inc. increased its holdings in Titan Machinery by 88.6% in the 4th quarter. Citigroup Inc. now owns 6,505 shares of the company’s stock worth $219,000 after buying an additional 3,056 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Titan Machinery by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 173,290 shares of the company’s stock valued at $5,839,000 after purchasing an additional 3,076 shares during the period. Finally, Sei Investments Co. grew its stake in shares of Titan Machinery by 2.1% during the 4th quarter. Sei Investments Co. now owns 178,791 shares of the company’s stock valued at $6,025,000 after purchasing an additional 3,697 shares during the period. Institutional investors own 76.41% of the company’s stock.

About Titan Machinery (Get Rating)

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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