Panagora Asset Management Inc. lessened its holdings in shares of Titan Machinery Inc. (NASDAQ:TITN – Get Rating) by 4.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 121,901 shares of the company’s stock after selling 5,255 shares during the period. Panagora Asset Management Inc. owned 0.54% of Titan Machinery worth $4,843,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Summit Global Investments boosted its holdings in Titan Machinery by 28.6% during the fourth quarter. Summit Global Investments now owns 56,554 shares of the company’s stock worth $2,247,000 after buying an additional 12,573 shares during the last quarter. SG Capital Management LLC acquired a new stake in Titan Machinery in the fourth quarter worth $6,636,000. National Bank of Canada FI bought a new position in shares of Titan Machinery during the fourth quarter worth $30,000. North Star Investment Management Corp. acquired a new stake in Titan Machinery during the 4th quarter worth $1,545,000. Finally, Lord Abbett & CO. LLC bought a new position in Titan Machinery during the fourth quarter worth about $5,222,000. Institutional investors own 81.30% of the company’s stock.
Analysts Set New Price Targets
TITN has been the subject of several recent analyst reports. B. Riley lowered their price target on Titan Machinery from $48.00 to $44.00 in a report on Wednesday, May 31st. Robert W. Baird cut their price target on shares of Titan Machinery from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, March 16th. Finally, StockNews.com began coverage on shares of Titan Machinery in a report on Thursday, May 18th. They set a “hold” rating on the stock.
Titan Machinery Price Performance
Titan Machinery (NASDAQ:TITN – Get Rating) last issued its quarterly earnings results on Thursday, May 25th. The company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.19. The firm had revenue of $569.60 million for the quarter, compared to analyst estimates of $595.52 million. Titan Machinery had a net margin of 4.80% and a return on equity of 21.43%. The company’s revenue was up 23.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 EPS. Equities research analysts anticipate that Titan Machinery Inc. will post 4.84 earnings per share for the current fiscal year.
Insider Activity at Titan Machinery
In related news, Director Stan K. Erickson purchased 3,000 shares of the stock in a transaction on Tuesday, March 21st. The shares were purchased at an average price of $29.67 per share, with a total value of $89,010.00. Following the transaction, the director now directly owns 39,031 shares of the company’s stock, valued at $1,158,049.77. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 10.51% of the company’s stock.
About Titan Machinery
Titan Machinery, Inc engages in the management of agricultural and construction equipment stores. It operates through the following segments: Agriculture, Construction and International. The Agriculture segment sells services and rents machinery and related parts and attachments, for uses from large-scale farming to home and garden use in North America.
Featured Stories
- Get a free copy of the StockNews.com research report on Titan Machinery (TITN)
- Cactus Opens The Cash Flow Wellhead With Flexsteel Acquisition
- Tax Software Specialist Vertex In Buy Zone After Base Breakout
- What is a Mutual Fund? How Does it Work?
- How to Choose a Brokerage Account or Online Broker
- BJ’s Restaurants’ Approaching Buy Point As Earnings Surge 150%
Want to see what other hedge funds are holding TITN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Titan Machinery Inc. (NASDAQ:TITN – Get Rating).
Receive News & Ratings for Titan Machinery Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Titan Machinery and related companies with MarketBeat.com's FREE daily email newsletter.
