JPMorgan Chase & Co. raised its position in shares of Titan Machinery Inc. (NASDAQ:TITN) by 105.9% during the second quarter, Holdings Channel reports. The institutional investor owned 860,456 shares of the company’s stock after buying an additional 442,535 shares during the period. JPMorgan Chase & Co. owned about 4.06% of Titan Machinery worth $9,594,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in TITN. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in Titan Machinery during the second quarter worth $236,000. State Board of Administration of Florida Retirement System increased its position in Titan Machinery by 0.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 23,288 shares of the company’s stock worth $260,000 after buying an additional 136 shares in the last quarter. I.G. Investment Management LTD. increased its position in Titan Machinery by 3.3% in the second quarter. I.G. Investment Management LTD. now owns 25,427 shares of the company’s stock worth $284,000 after buying an additional 815 shares in the last quarter. Springbok Capital Management LLC increased its position in Titan Machinery by 10.3% in the first quarter. Springbok Capital Management LLC now owns 28,893 shares of the company’s stock worth $334,000 after buying an additional 2,700 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in Titan Machinery by 1.2% in the second quarter. California State Teachers Retirement System now owns 37,162 shares of the company’s stock worth $414,000 after buying an additional 426 shares in the last quarter. Institutional investors and hedge funds own 86.29% of the company’s stock.
Shares of Titan Machinery Inc. (NASDAQ:TITN) traded up 0.10% on Thursday, reaching $10.30. 18,385 shares of the company traded hands. The stock has a 50 day moving average of $10.79 and a 200 day moving average of $11.27. The stock’s market cap is $218.40 million. Titan Machinery Inc. has a 52-week low of $7.87 and a 52-week high of $13.44.
Titan Machinery (NASDAQ:TITN) last issued its quarterly earnings data on Thursday, August 25th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.06) by $0.06. The firm had revenue of $278.30 million for the quarter, compared to analyst estimates of $291.62 million. Titan Machinery had a negative net margin of 3.04% and a negative return on equity of 9.03%. The business’s quarterly revenue was down 16.7% compared to the same quarter last year. On average, analysts expect that Titan Machinery Inc. will post ($0.45) earnings per share for the current year.
Separately, Zacks Investment Research downgraded shares of Titan Machinery from a “hold” rating to a “sell” rating in a report on Wednesday, June 15th. Two equities research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $12.75.
About Titan Machinery
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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