Hennessy Advisors Inc. Lowers Position in Titan Machinery Inc. (NASDAQ:TITN)

Hennessy Advisors Inc. lessened its position in Titan Machinery Inc. (NASDAQ:TITN) by 63.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,100 shares of the company’s stock after selling 48,000 shares during the quarter. Hennessy Advisors Inc. owned approximately 0.12% of Titan Machinery worth $672,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Voss Capital LLC raised its stake in Titan Machinery by 11.5% during the fourth quarter. Voss Capital LLC now owns 175,000 shares of the company’s stock valued at $5,054,000 after buying an additional 18,017 shares during the last quarter. Quest Partners LLC purchased a new position in Titan Machinery during the fourth quarter valued at $165,000. Charles Schwab Investment Management Inc. raised its stake in Titan Machinery by 6.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 298,292 shares of the company’s stock valued at $7,929,000 after buying an additional 17,790 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Titan Machinery during the fourth quarter valued at $301,000. Finally, Dimensional Fund Advisors LP raised its stake in Titan Machinery by 1.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,783,274 shares of the company’s stock valued at $51,501,000 after buying an additional 22,176 shares during the last quarter. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Insider Activity at Titan Machinery

In related news, Director David Joseph Meyer bought 55,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were bought at an average cost of $18.12 per share, for a total transaction of $996,600.00. Following the completion of the transaction, the director now owns 1,805,000 shares of the company’s stock, valued at $32,706,600. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.28% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

TITN has been the subject of a number of recent research reports. Robert W. Baird lowered their price objective on Titan Machinery from $24.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, May 24th. StockNews.com lowered Titan Machinery from a “hold” rating to a “sell” rating in a report on Friday, May 24th. Craig Hallum reduced their target price on Titan Machinery from $30.00 to $25.00 and set a “buy” rating for the company in a report on Friday, May 24th. Finally, B. Riley lowered Titan Machinery from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $32.00 to $20.00 in a report on Wednesday, June 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Titan Machinery has an average rating of “Hold” and an average price target of $31.00.

Titan Machinery Stock Performance

Shares of TITN opened at $15.90 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.29 and a quick ratio of 0.15. Titan Machinery Inc. has a one year low of $15.65 and a one year high of $34.99. The firm has a market capitalization of $362.84 million, a P/E ratio of 3.82 and a beta of 1.39. The business has a fifty day moving average of $19.97 and a 200 day moving average of $23.93.

Titan Machinery (NASDAQ:TITN) last issued its quarterly earnings data on Thursday, May 23rd. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.26). The firm 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 14.93% and a net margin of 3.37%. As a group, sell-side analysts anticipate that Titan Machinery Inc. will post 2.22 EPS for the current year.

About Titan Machinery

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.