Principal Financial Group Inc. cut its stake in Titan Machinery Inc. (NASDAQ:TITN - Free Report) by 96.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,531 shares of the company's stock after selling 518,899 shares during the period. Principal Financial Group Inc. owned about 0.09% of Titan Machinery worth $564,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of TITN. American Century Companies Inc. raised its holdings in shares of Titan Machinery by 241.0% in the 3rd quarter. American Century Companies Inc. now owns 721,521 shares of the company's stock worth $19,178,000 after buying an additional 509,919 shares in the last quarter. Global Alpha Capital Management Ltd. increased its holdings in Titan Machinery by 9.2% during the 3rd quarter. Global Alpha Capital Management Ltd. now owns 969,218 shares of the company's stock valued at $25,762,000 after purchasing an additional 82,000 shares in the last quarter. Jump Financial LLC acquired a new stake in Titan Machinery during the 4th quarter valued at $1,620,000. Smith Graham & Co. Investment Advisors LP increased its holdings in Titan Machinery by 20.3% during the 4th quarter. Smith Graham & Co. Investment Advisors LP now owns 286,708 shares of the company's stock valued at $8,280,000 after purchasing an additional 48,438 shares in the last quarter. Finally, Algert Global LLC increased its holdings in Titan Machinery by 39.0% during the 3rd quarter. Algert Global LLC now owns 130,356 shares of the company's stock valued at $3,465,000 after purchasing an additional 36,574 shares in the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.
Titan Machinery Stock Down 3.3 %
NASDAQ:TITN opened at $18.20 on Tuesday. Titan Machinery Inc. has a 12-month low of $17.64 and a 12-month high of $34.99. The company has a quick ratio of 0.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $415.32 million, a P/E ratio of 4.38 and a beta of 1.40. The stock's fifty day simple moving average is $22.60 and its 200-day simple moving average is $25.12.
Titan Machinery (NASDAQ:TITN - Get Free Report) last posted its quarterly earnings results on Thursday, May 23rd. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.26). The company had revenue of $628.70 million during the quarter, compared to the consensus estimate of $664.18 million. Titan Machinery had a return on equity of 15.15% and a net margin of 3.37%. Equities research analysts expect that Titan Machinery Inc. will post 2.19 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on the company. TheStreet cut Titan Machinery from a "b-" rating to a "c+" rating in a report on Monday, February 26th. Robert W. Baird dropped their price target on Titan Machinery from $24.00 to $18.00 and set a "neutral" rating for the company in a report on Friday, May 24th. StockNews.com cut Titan Machinery from a "hold" rating to a "sell" rating in a report on Friday, May 24th. Finally, Craig Hallum dropped their price target on Titan Machinery from $30.00 to $25.00 and set a "buy" rating for the company in a report on Friday, May 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $35.80.
Get Our Latest Research Report on TITN
Insiders Place Their Bets
In other Titan Machinery news, Director David Joseph Meyer bought 55,000 shares of Titan Machinery stock in a transaction on Tuesday, May 28th. The shares were purchased at an average cost of $18.12 per share, for a total transaction of $996,600.00. Following the completion of the acquisition, the director now owns 1,805,000 shares in the company, valued at approximately $32,706,600. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 10.28% of the company's stock.
About Titan Machinery
(Free Report)
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.
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