Titan Machinery (NASDAQ:TITN) Issues Earnings Results, Beats Estimates By $0.26 EPS

Titan Machinery (NASDAQ:TITNGet Rating) posted its earnings results on Thursday. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.53 by $0.26, MarketWatch Earnings reports. Titan Machinery had a net margin of 3.86% and a return on equity of 16.68%. The company had revenue of $461.10 million during the quarter, compared to the consensus estimate of $409.00 million. During the same period in the previous year, the firm posted $0.46 earnings per share. The company’s revenue for the quarter was up 23.7% compared to the same quarter last year. Titan Machinery updated its FY 2023 guidance to $2.85-$3.15 EPS and its FY23 guidance to $2.85-3.15 EPS.

Shares of NASDAQ:TITN traded up $0.84 during mid-day trading on Thursday, reaching $25.74. The stock had a trading volume of 1,370 shares, compared to its average volume of 166,774. The firm has a market cap of $580.95 million, a PE ratio of 8.50 and a beta of 1.65. The firm has a 50 day simple moving average of $26.03 and a two-hundred day simple moving average of $29.66. The company has a current ratio of 1.84, a quick ratio of 0.72 and a debt-to-equity ratio of 0.17. Titan Machinery has a twelve month low of $22.01 and a twelve month high of $38.58.

Several large investors have recently made changes to their positions in TITN. Morgan Stanley raised its position in shares of Titan Machinery by 8.6% in the 2nd quarter. Morgan Stanley now owns 343,263 shares of the company’s stock valued at $10,621,000 after acquiring an additional 27,266 shares during the period. Royal Bank of Canada raised its position in shares of Titan Machinery by 56.9% in the 3rd quarter. Royal Bank of Canada now owns 18,757 shares of the company’s stock valued at $486,000 after acquiring an additional 6,805 shares during the period. UBS Group AG raised its position in shares of Titan Machinery by 755.3% in the 3rd quarter. UBS Group AG now owns 5,397 shares of the company’s stock valued at $139,000 after acquiring an additional 4,766 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Titan Machinery by 74.5% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 5,197 shares of the company’s stock valued at $135,000 after acquiring an additional 2,219 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Titan Machinery by 65.8% in the 4th quarter. Bank of America Corp DE now owns 21,604 shares of the company’s stock valued at $727,000 after acquiring an additional 8,577 shares during the period. Institutional investors and hedge funds own 78.45% of the company’s stock.

A number of brokerages have recently issued reports on TITN. StockNews.com began coverage on shares of Titan Machinery in a research note on Thursday, March 31st. They issued a “strong-buy” rating for the company. Zacks Investment Research raised shares of Titan Machinery from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a report on Thursday. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Titan Machinery has a consensus rating of “Buy” and a consensus target price of $36.75.

Titan Machinery Company Profile (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.

Further Reading

Earnings History for Titan Machinery (NASDAQ:TITN)

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