Titan Machinery Inc. (TITN) Posts Earnings Results, Misses Expectations By $0.06 EPS
Titan Machinery Inc. (NASDAQ:TITN) announced its quarterly earnings results on Wednesday. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by $0.06. The company had revenue of $332.30 million for the quarter, compared to analyst estimates of $305.11 million. Titan Machinery had a negative return on equity of 9.03% and a negative net margin of 3.04%. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 earnings per share.
Shares of Titan Machinery (NASDAQ:TITN) opened at 13.99 on Thursday. The firm’s market capitalization is $296.64 million. Titan Machinery has a 52-week low of $7.87 and a 52-week high of $13.13. The company has a 50-day moving average price of $10.26 and a 200 day moving average price of $10.82.
Separately, Zacks Investment Research cut Titan Machinery from a “hold” rating to a “sell” rating in a research report on Wednesday, August 31st.
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Several institutional investors have recently bought and sold shares of TITN. American International Group Inc. raised its position in Titan Machinery by 0.6% in the second quarter. American International Group Inc. now owns 10,202 shares of the company’s stock worth $114,000 after buying an additional 56 shares during the last quarter. US Bancorp DE increased its stake in Titan Machinery by 142.0% in the third quarter. US Bancorp DE now owns 11,236 shares of the company’s stock worth $117,000 after buying an additional 6,593 shares during the period. Ingalls & Snyder LLC purchased a new stake in Titan Machinery during the third quarter worth $131,000. BlackRock Group LTD increased its stake in Titan Machinery by 58.7% in the second quarter. BlackRock Group LTD now owns 12,869 shares of the company’s stock worth $143,000 after buying an additional 4,762 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in Titan Machinery during the third quarter worth $148,000. Institutional investors and hedge funds own 83.44% of the company’s stock.
Titan Machinery Company Profile
Titan Machinery Inc owns and operates a network of service agricultural and construction equipment stores in the United States and Europe. The Company engages in four principal business activities: new and used equipment sales; parts sales; repair and maintenance services, and equipment rental and other activities.
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