On September 12, 2023, Ascendant Capital Management LLC made a noteworthy move by acquiring a new position in Titan Machinery Inc. The purchase was disclosed in the company’s most recent filing with the Securities and Exchange Commission (SEC). According to reports, the institutional investor purchased 9,000 shares of Titan Machinery’s stock during the first quarter, valuing approximately $274,000.
Titan Machinery Inc., listed on the NASDAQ under the ticker symbol TITN, recently released its earnings results for the previous quarter on August 31st. The company recorded earnings per share of $1.38, surpassing analysts’ consensus estimates of $1.17 by an impressive margin of $0.21. Moreover, their revenue for the quarter amounted to $642.60 million compared to analyst estimates of $599.86 million.
The net margin for Titan Machinery stood at 4.78% while their return on equity was reported at 21.99%. These figures demonstrate the company’s strong financial performance during this period. Notably, Titan Machinery experienced a significant increase in revenue of 29.4% on a year-over-year basis.
Titan Machinery Inc., operating through three segments – Agriculture, Construction, and International – is renowned for its network of agricultural and construction equipment stores across the United States and Europe. The company deals in both new and used equipment from various manufacturers but predominantly represents brands falling under the CNH Industrial family of brands.
This recent acquisition by Ascendant Capital Management LLC reflects a strategic move towards expanding their investment portfolio within the agriculture and construction sectors. With its solid financial standing and growing revenue trends, Titan Machinery continues to attract interest from institutional investors like Ascendant Capital Management LLC.
Analysts predict that Titan Machinery Inc. will maintain its growth trajectory as they anticipate it will post an EPS (earnings per share) amounting to 4.98 for the current fiscal year.
As Titan Machinery Inc. continues to dominate the agricultural and construction equipment market, its success and attractiveness to investors remain apparent. With an extensive network of stores across two continents, the company offers a wide range of equipment options to meet the diverse needs of its customers. The recent acquisition by Ascendant Capital Management LLC not only cements this reputation but also highlights their confidence in Titan Machinery’s future prospects.
Titan Machinery Inc.
Updated on: 07/12/2023
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
11:00 PM (UTC)
Date:06 December, 2023
|Analyst / firm||Rating|
Robert W. Baird
Robert W. Baird
Institutional Investors Show Growing Confidence in Titan Machinery
September 12, 2023
Institutional Investors Show Interest in Titan Machinery
In recent months, several institutional investors have been making significant changes to their positions in Titan Machinery. These moves shed light on the growing interest and confidence that investors have in the company’s potential.
Dorsey Wright & Associates, Coppell Advisory Solutions Corp., and ICA Group Wealth Management LLC are among the institutional investors who have recently taken new positions in Titan Machinery. Dorsey Wright & Associates acquired a position valued at $39,000, while Coppell Advisory Solutions Corp. and ICA Group Wealth Management LLC purchased positions valued at $41,000 and $49,000 respectively.
Furthermore, Assetmark Inc. increased its stake in Titan Machinery by 18.1% during the fourth quarter of last year. The firm now owns 1,524 shares of the company’s stock, valued at $61,000 after acquiring an additional 234 shares during that period. Quarry LP also demonstrated confidence in Titan Machinery by increasing its stake by 204.2% in the first quarter of this year; they now own 1,597 shares valued at $49,000 after acquiring an additional 1,072 shares.
Based on these movements, it is evident that institutional investors remain optimistic about Titan Machinery’s performance and growth potential. In fact, institutional investors currently hold approximately 82.83% of the company’s stock.
On Tuesday morning, Titan Machinery stock opened at $28.45 per share. The firm boasts a current ratio of 1.58 and a quick ratio of 0.29 – both indicators of strong financial health within the organization. Additionally, its debt-to-equity ratio sits at an impressive figure of just 0.17.
Over the past two hundred days leading up to September 12th this year – as per moving averages – Titan Machinery has reported a consistent trend with a high of $47.87 and a low of $24.90. The company’s market capitalization stands at approximately $644.96 million, with a price-to-earnings ratio of 5.48 and a beta score of 1.67.
Investment analysts have been keeping a keen eye on Titan Machinery, with several research reports discussing the company’s potential. Lake Street Capital initiated coverage on July 25th, recommending a “buy” rating along with a target price of $50.00 per share. StockNews.com started coverage on August 17th, maintaining a “hold” rating for the stock.
B. Riley also resonated positively with Titan Machinery by reaffirming its “buy” rating and setting a price objective of $44.00 per share in their research note from September 1st this year. In addition to that, Northland Securities initiated coverage on July 12th, giving an “outperform” rating for Titan Machinery.
Finally, Stephens maintained an “overweight” rating and set a price objective of $46.00 in a research note published on August 31st.
With two analysts holding a hold rating and four offering buy ratings, as reported by Bloomberg.com, the stock currently has an average consensus rating of “Moderate Buy” and an average price target of $42.50.
In conclusion, institutional investors’ recent activity indicates growing interest in Titan Machinery’s potential for success in the market. With positive research analysis backing this sentiment, it will be interesting to observe how the company continues to perform going forward.
Disclaimer: The author does not hold any position or stake in Titan Machinery or any associated entities mentioned in this article.