Bank of New York Mellon Corp lifted its stake in shares of Titan Machinery Inc. (NASDAQ:TITN – Free Report) by 59.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 382,677 shares of the company’s stock after acquiring an additional 142,750 shares during the period. Bank of New York Mellon Corp owned 1.69% of Titan Machinery worth $11,289,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of TITN. Allspring Global Investments Holdings LLC grew its stake in Titan Machinery by 733.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 99,368 shares of the company’s stock valued at $2,931,000 after acquiring an additional 87,449 shares during the period. Peregrine Capital Management LLC bought a new stake in Titan Machinery during the 2nd quarter valued at $9,602,000. Victory Capital Management Inc. raised its holdings in Titan Machinery by 466.5% during the second quarter. Victory Capital Management Inc. now owns 271,786 shares of the company’s stock worth $8,018,000 after buying an additional 223,811 shares during the last quarter. Brandywine Global Investment Management LLC lifted its stake in shares of Titan Machinery by 40.9% in the first quarter. Brandywine Global Investment Management LLC now owns 54,337 shares of the company’s stock valued at $1,655,000 after buying an additional 15,773 shares in the last quarter. Finally, Ascendant Capital Management LLC acquired a new position in shares of Titan Machinery during the first quarter valued at about $274,000. 82.83% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on TITN. Lake Street Capital started coverage on shares of Titan Machinery in a research report on Tuesday, July 25th. They issued a “buy” rating and a $50.00 price target on the stock. Stephens restated an “overweight” rating and issued a $46.00 target price on shares of Titan Machinery in a report on Thursday, August 31st. StockNews.com began coverage on Titan Machinery in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, B. Riley reissued a “buy” rating and issued a $44.00 price target on shares of Titan Machinery in a research report on Friday, September 1st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.50.
Titan Machinery Price Performance
Shares of NASDAQ TITN opened at $26.12 on Friday. The company has a quick ratio of 0.24, a current ratio of 1.50 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $597.10 million, a PE ratio of 5.03 and a beta of 1.70. The stock’s 50 day moving average price is $25.82 and its 200-day moving average price is $28.65. Titan Machinery Inc. has a twelve month low of $23.04 and a twelve month high of $47.87.
Titan Machinery (NASDAQ:TITN – Get Free Report) last posted its quarterly earnings data on Thursday, August 31st. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.21. Titan Machinery had a return on equity of 21.40% and a net margin of 4.78%. The business had revenue of $642.60 million for the quarter, compared to analysts’ expectations of $599.86 million. During the same quarter in the previous year, the firm earned $1.10 earnings per share. The business’s revenue was up 29.4% on a year-over-year basis. On average, equities analysts anticipate that Titan Machinery Inc. will post 5.06 EPS for the current year.
About Titan Machinery
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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