NJ State Employees Deferred Compensation Plan Sells 8,000 Shares of Titan Machinery Inc. (NASDAQ:TITN)

NJ State Employees Deferred Compensation Plan decreased its stake in Titan Machinery Inc. (NASDAQ:TITN) by 40.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,000 shares of the company’s stock after selling 8,000 shares during the quarter. NJ State Employees Deferred Compensation Plan owned approximately 0.05% of Titan Machinery worth $247,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its stake in shares of Titan Machinery by 51.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,534 shares of the company’s stock valued at $33,000 after acquiring an additional 866 shares during the period. Macquarie Group Ltd. lifted its stake in shares of Titan Machinery by 33.3% during the fourth quarter. Macquarie Group Ltd. now owns 3,199 shares of the company’s stock valued at $42,000 after acquiring an additional 800 shares during the period. Legal & General Group Plc lifted its stake in shares of Titan Machinery by 51.7% during the fourth quarter. Legal & General Group Plc now owns 4,110 shares of the company’s stock valued at $55,000 after acquiring an additional 1,400 shares during the period. BNP Paribas Arbitrage SA lifted its stake in shares of Titan Machinery by 108.0% during the first quarter. BNP Paribas Arbitrage SA now owns 4,143 shares of the company’s stock valued at $64,000 after acquiring an additional 2,151 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its holdings in Titan Machinery by 425.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,453 shares of the company’s stock valued at $85,000 after purchasing an additional 5,225 shares during the last quarter. 79.22% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Tony Christianson sold 22,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $19.63, for a total transaction of $431,860.00. Following the completion of the transaction, the director now directly owns 42,076 shares of the company’s stock, valued at $825,951.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Bryan J. Knutson sold 3,711 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $19.71, for a total value of $73,143.81. Following the transaction, the chief operating officer now directly owns 28,315 shares of the company’s stock, valued at $558,088.65. The disclosure for this sale can be found here. 15.37% of the stock is currently owned by company insiders.

Several brokerages have issued reports on TITN. BidaskClub downgraded Titan Machinery from a “buy” rating to a “hold” rating in a report on Saturday. Zacks Investment Research upgraded Titan Machinery from a “hold” rating to a “strong-buy” rating and set a $19.00 price target for the company in a report on Tuesday, June 4th. ValuEngine upgraded Titan Machinery from a “hold” rating to a “buy” rating in a report on Thursday, June 27th. Finally, Robert W. Baird upgraded Titan Machinery from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $18.00 to $24.00 in a report on Sunday, June 16th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $21.50.

Shares of NASDAQ:TITN traded down $0.99 during mid-day trading on Monday, reaching $18.95. 2,637 shares of the stock were exchanged, compared to its average volume of 184,288. The company has a current ratio of 1.39, a quick ratio of 0.31 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $442.35 million, a P/E ratio of 28.79 and a beta of 2.13. Titan Machinery Inc. has a one year low of $11.99 and a one year high of $21.88. The business’s 50 day moving average price is $19.63.

Titan Machinery (NASDAQ:TITN) last posted its quarterly earnings data on Thursday, May 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.07. The business had revenue of $278.29 million during the quarter, compared to the consensus estimate of $250.38 million. Titan Machinery had a return on equity of 5.06% and a net margin of 1.03%. Titan Machinery’s quarterly revenue was up 14.2% on a year-over-year basis. During the same period last year, the company earned ($0.07) earnings per share. As a group, research analysts forecast that Titan Machinery Inc. will post 0.89 EPS for the current fiscal year.

Titan Machinery Profile

Titan Machinery Inc owns and operates a network of full-service agricultural and construction equipment stores. It operates through three segments: Agriculture, Construction, and International. 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.

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Institutional Ownership by Quarter for Titan Machinery (NASDAQ:TITN)

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