Zacks Investment Research Upgrades Titan Machinery (NASDAQ:TITN) to Buy

Zacks Investment Research upgraded shares of Titan Machinery (NASDAQ:TITN) from a sell rating to a buy rating in a research report released on Sunday morning, Zacks.com reports. They currently have $19.00 target price on the stock.

According to Zacks, “Titan Machinery represents a diversified mix of agricultural, construction, and consumer products dealerships located in the upper Midwest. Their Shared Resource Headquarters is located in the heart of the Red River Valley in Fargo, ND. Titan Machinery is a dealer for Case IH, Case Construction, New Holland, and New Holland Construction. Titan Machinery also represents shortline equipment to meet specialized customer demand and niche product needs. “

A number of other research analysts have also recently weighed in on the stock. BidaskClub upgraded shares of Titan Machinery from a sell rating to a hold rating in a research note on Friday, October 18th. ValuEngine cut shares of Titan Machinery from a hold rating to a sell rating in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. Titan Machinery presently has an average rating of Hold and an average target price of $21.50.

Shares of TITN stock opened at $17.23 on Friday. Titan Machinery has a 1 year low of $11.99 and a 1 year high of $21.88. The firm has a fifty day moving average price of $15.57 and a 200-day moving average price of $17.11. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.40 and a quick ratio of 0.26. The company has a market cap of $379.12 million, a price-to-earnings ratio of 25.72 and a beta of 2.36.

Titan Machinery (NASDAQ:TITN) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.02). Titan Machinery had a net margin of 1.04% and a return on equity of 5.20%. The business had revenue of $315.00 million for the quarter, compared to the consensus estimate of $315.40 million. During the same period in the previous year, the firm earned $0.28 EPS. The company’s revenue was up 6.0% on a year-over-year basis. Equities research analysts expect that Titan Machinery will post 0.87 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Titan Machinery by 1.5% during the 2nd quarter. Vanguard Group Inc. now owns 876,113 shares of the company’s stock valued at $18,030,000 after buying an additional 12,897 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Titan Machinery by 1.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 731,266 shares of the company’s stock valued at $14,611,000 after buying an additional 9,254 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in shares of Titan Machinery during the 2nd quarter valued at $8,449,000. Rutabaga Capital Management LLC MA lifted its stake in shares of Titan Machinery by 10.1% during the 2nd quarter. Rutabaga Capital Management LLC MA now owns 317,279 shares of the company’s stock valued at $6,530,000 after buying an additional 29,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Titan Machinery by 0.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 294,613 shares of the company’s stock valued at $6,064,000 after buying an additional 1,248 shares in the last quarter. Institutional investors own 78.12% of the company’s stock.

About Titan Machinery

Titan Machinery Inc owns and operates a network of full-service agricultural and construction equipment stores. 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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