Titan Machinery (NASDAQ:TITN) Shares Gap Down After Earnings Miss

Shares of Titan Machinery Inc. (NASDAQ:TITN – Get Rating) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $39.56, but opened at $31.01. Titan Machinery shares last traded at $30.41, with a volume of 408,298 shares traded.

The company reported $0.81 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.26). The business had revenue of $583.00 million for the quarter, compared to analyst estimates of $692.90 million. Titan Machinery had a return on equity of 22.81% and a net margin of 4.98%. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.99 EPS.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. StockNews.com began coverage on Titan Machinery in a research note on Thursday. They set a “buy” rating on the stock. Robert W. Baird lowered their target price on Titan Machinery from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Thursday. Stephens increased their target price on Titan Machinery to $53.00 in a report on Friday, December 2nd. Finally, B. Riley began coverage on Titan Machinery in a report on Tuesday, December 13th. They set a “buy” rating and a $48.00 target price for the company. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.67.

Hedge Funds Weigh In On Titan Machinery

Several hedge funds have recently modified their holdings of the stock. Assetmark Inc. grew its holdings in shares of Titan Machinery by 18.1% in the 4th quarter. Assetmark Inc. now owns 1,524 shares of the company’s stock valued at $61,000 after acquiring an additional 234 shares in the last quarter. State of Wyoming grew its holdings in Titan Machinery by 1.7% during the fourth quarter. State of Wyoming now owns 14,522 shares of the company’s stock worth $577,000 after purchasing an additional 247 shares during the period. MetLife Investment Management LLC grew its holdings in Titan Machinery by 3.1% during the third quarter. MetLife Investment Management LLC now owns 9,838 shares of the company’s stock worth $278,000 after purchasing an additional 299 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Titan Machinery by 3.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,415 shares of the company’s stock worth $414,000 after purchasing an additional 382 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in Titan Machinery by 3.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 12,200 shares of the company’s stock worth $485,000 after purchasing an additional 408 shares during the period. Institutional investors own 81.30% of the company’s stock.

Titan Machinery Price Performance

The company has a quick ratio of 0.37, a current ratio of 1.74 and a debt-to-equity ratio of 0.18. The firm has a market cap of $684.71 million, a P/E ratio of 6.43 and a beta of 1.66. The business has a fifty day moving average of $43.42 and a 200 day moving average of $37.34.

About Titan Machinery

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Titan Machinery, Inc engages in the management of agricultural and construction equipment stores. It operates through the following segments: Agriculture, Construction and International. The Agriculture segment sells services and rents machinery and related parts and attachments, for uses from large-scale farming to home and garden use in North America.