Titan Machinery Inc. (NASDAQ:TITN) Sees Significant Drop in Short Interest

Titan Machinery Inc. (NASDAQ:TITN) was the target of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 1,110,000 shares, a decline of 19.6% from the February 13th total of 1,380,000 shares. Currently, 5.4% of the shares of the company are short sold. Based on an average daily trading volume, of 268,400 shares, the days-to-cover ratio is currently 4.1 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Voss Capital LP raised its holdings in Titan Machinery by 141.7% in the 4th quarter. Voss Capital LP now owns 684,459 shares of the company’s stock worth $9,671,000 after purchasing an additional 401,302 shares during the period. First Eagle Investment Management LLC increased its position in Titan Machinery by 42.4% in the fourth quarter. First Eagle Investment Management LLC now owns 634,509 shares of the company’s stock worth $8,966,000 after buying an additional 188,998 shares in the last quarter. English Capital Management LLC raised its stake in shares of Titan Machinery by 84.9% in the third quarter. English Capital Management LLC now owns 278,853 shares of the company’s stock worth $3,884,000 after buying an additional 128,073 shares during the period. CenterBook Partners LP purchased a new position in shares of Titan Machinery during the 4th quarter valued at about $1,438,000. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in shares of Titan Machinery by 16.9% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 583,830 shares of the company’s stock valued at $8,133,000 after acquiring an additional 84,330 shares during the period. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Wall Street Analysts Forecast Growth

TITN has been the topic of a number of recent analyst reports. Robert W. Baird upgraded shares of Titan Machinery from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $14.00 to $25.00 in a research note on Monday, January 27th. Baird R W raised shares of Titan Machinery from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $19.20.

Titan Machinery Stock Performance

TITN opened at $14.73 on Thursday. The company’s 50 day moving average is $16.58 and its 200 day moving average is $15.08. The company has a current ratio of 1.32, a quick ratio of 0.15 and a debt-to-equity ratio of 0.20. The company has a market cap of $340.65 million, a price-to-earnings ratio of 10.99 and a beta of 1.28. Titan Machinery has a 12-month low of $12.30 and a 12-month high of $27.13.

Titan Machinery Company Profile

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.