Titan Machinery (NASDAQ:TITN) Releases FY24 Earnings Guidance

Titan Machinery (NASDAQ:TITNGet Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $4.60-5.25 for the period, compared to the consensus estimate of $4.92.

Analyst Upgrades and Downgrades

TITN has been the subject of several research analyst reports. StockNews.com initiated coverage on shares of Titan Machinery in a report on Thursday, August 17th. They issued a hold rating for the company. Lake Street Capital initiated coverage on shares of Titan Machinery in a report on Tuesday, July 25th. They issued a buy rating and a $50.00 price target for the company. Northland Securities initiated coverage on shares of Titan Machinery in a report on Wednesday, July 12th. They issued an outperform rating for the company. Finally, B. Riley decreased their price target on shares of Titan Machinery from $48.00 to $44.00 in a report on Wednesday, May 31st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Titan Machinery currently has a consensus rating of Moderate Buy and a consensus target price of $44.25.

View Our Latest Stock Report on Titan Machinery

Titan Machinery Stock Up 15.0 %

TITN traded up $4.35 during trading on Thursday, hitting $33.43. The company had a trading volume of 139,732 shares, compared to its average volume of 263,382. The company has a market capitalization of $757.86 million, a PE ratio of 5.92 and a beta of 1.68. Titan Machinery has a one year low of $24.90 and a one year high of $47.87. The firm’s 50-day moving average price is $30.18 and its 200 day moving average price is $32.45. The company has a quick ratio of 0.29, a current ratio of 1.58 and a debt-to-equity ratio of 0.17.

Titan Machinery (NASDAQ:TITNGet Free Report) last issued its quarterly earnings results on Thursday, August 31st. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.17 by $0.21. Titan Machinery had a net margin of 4.80% and a return on equity of 21.43%. The firm had revenue of $642.60 million for the quarter, compared to analysts’ expectations of $599.86 million. During the same period in the previous year, the firm posted $1.10 EPS. The company’s revenue for the quarter was up 29.4% on a year-over-year basis. As a group, equities analysts expect that Titan Machinery will post 4.85 earnings per share for the current year.

Institutional Investors Weigh In On Titan Machinery

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in Titan Machinery by 2.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,816,045 shares of the company’s stock worth $55,298,000 after buying an additional 47,363 shares in the last quarter. BlackRock Inc. increased its stake in shares of Titan Machinery by 2.0% during the 2nd quarter. BlackRock Inc. now owns 1,700,751 shares of the company’s stock worth $50,172,000 after purchasing an additional 32,803 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Titan Machinery by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,340,569 shares of the company’s stock worth $37,884,000 after purchasing an additional 53,507 shares during the last quarter. Nuveen Asset Management LLC increased its stake in shares of Titan Machinery by 22.9% during the 2nd quarter. Nuveen Asset Management LLC now owns 524,881 shares of the company’s stock worth $15,484,000 after purchasing an additional 97,677 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Titan Machinery by 4.6% during the 3rd quarter. State Street Corp now owns 492,430 shares of the company’s stock worth $13,916,000 after purchasing an additional 21,851 shares during the last quarter. 82.83% of the stock is owned by institutional investors.

About Titan Machinery

(Get Free Report)

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 and Estimates for Titan Machinery (NASDAQ:TITN)

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