Bank of America Corp DE Boosts Stake in Titan Machinery Inc. (NASDAQ:TITN)

Bank of America Corp DE lifted its holdings in Titan Machinery Inc. (NASDAQ:TITN) by 76.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 153,787 shares of the company’s stock after buying an additional 66,853 shares during the quarter. Bank of America Corp DE owned 0.66% of Titan Machinery worth $2,173,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. PNC Financial Services Group Inc. raised its holdings in Titan Machinery by 91.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,611 shares of the company’s stock worth $122,000 after purchasing an additional 4,103 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Titan Machinery by 2.1% during the fourth quarter. JPMorgan Chase & Co. now owns 176,652 shares of the company’s stock worth $2,496,000 after purchasing an additional 3,626 shares during the last quarter. Empowered Funds LLC raised its holdings in Titan Machinery by 5.1% during the fourth quarter. Empowered Funds LLC now owns 20,000 shares of the company’s stock worth $283,000 after purchasing an additional 962 shares during the last quarter. US Bancorp DE raised its holdings in Titan Machinery by 23.8% during the fourth quarter. US Bancorp DE now owns 3,861 shares of the company’s stock worth $55,000 after purchasing an additional 741 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Titan Machinery by 8.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,655 shares of the company’s stock worth $208,000 after purchasing an additional 1,197 shares during the last quarter. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TITN has been the subject of several research reports. Northland Securities raised Titan Machinery from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a report on Friday, April 11th. Northland Capmk raised Titan Machinery from a “hold” rating to a “strong-buy” rating in a report on Friday, April 11th. B. Riley boosted their price target on Titan Machinery from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Tuesday, May 27th. Lake Street Capital restated a “hold” rating and issued a $18.00 price objective (up from $15.00) on shares of Titan Machinery in a research report on Friday, May 23rd. Finally, Robert W. Baird reduced their price objective on Titan Machinery from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, March 21st. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $21.00.

Titan Machinery Stock Down 0.9%

Shares of NASDAQ:TITN opened at $18.51 on Tuesday. The company has a quick ratio of 0.15, a current ratio of 1.32 and a debt-to-equity ratio of 0.20. Titan Machinery Inc. has a 52-week low of $12.30 and a 52-week high of $23.41. The stock’s fifty day simple moving average is $17.75 and its 200-day simple moving average is $16.49. The company has a market capitalization of $427.32 million, a P/E ratio of 13.81 and a beta of 1.35.

Titan Machinery (NASDAQ:TITN) last issued its quarterly earnings data on Thursday, May 22nd. The company reported ($0.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.21. The business had revenue of $594.34 million for the quarter, compared to the consensus estimate of $445.76 million. Titan Machinery had a return on equity of 5.91% and a net margin of 1.10%.

Insider Activity at Titan Machinery

In other Titan Machinery news, Chairman David Joseph Meyer bought 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was purchased at an average cost of $16.86 per share, for a total transaction of $50,580.00. Following the completion of the purchase, the chairman now owns 138,388 shares of the company’s stock, valued at $2,333,221.68. This trade represents a 2.22% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders acquired 26,182 shares of company stock worth $439,661. 10.28% of the stock is currently owned by insiders.

About Titan Machinery

Titan Machinery Inc owns and operates a network of full service agricultural and construction equipment stores in the United States, Europe, and Australia. It operates through four segments: Agriculture, Construction, Europe, and Australia. 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.