|Over a week ago|
B. Riley identifies 5 top ideas across industrials coverage » 08:5301/1801/18/23
ALTG, BWMN, MTZ, TITN, TGLS
B. Riley analyst Alex…
B. Riley analyst Alex Rygiel identified his five top ideas across his industrials coverage, calling them out as companies he believes "could provide attractive alpha in 2023" with less downside risk than peers. He sees the five - Alta Equipment (ALTG), Bowman Consulting (BWMN), MasTec (MTZ), Titan Machinery (TITN) and Tecnoglass Inc. (TGLS) - having greater visibility in the near-term than most of his coverage and offering "attractive valuations," Rygiel tells investors. He has Buy ratings on all five stocks.
|Over a month ago|
Titan Machinery to acquire Idaho dealership assets of Pioneer Farm Equipment » 16:1012/1912/19/22
Titan Machinery announced…
Titan Machinery announced that it has entered into a definitive purchase agreement to acquire the Idaho dealership assets of Pioneer Farm Equipment. The acquisition includes five full-line Case IH agriculture dealerships located in southeastern Idaho, two of which are also Case Construction equipment dealerships. For full calendar year 2021, Pioneer generated revenue of approximately $60M. The acquisition is expected to close in February 2023.David Meyer, Titan Machinery's Chairman and Chief Executive Officer, stated, "We are excited to announce our agreement to purchase Pioneer's Idaho dealership assets. The Pioneer team has been serving customers in the highly productive Snake River Valley area in southeastern Idaho for over two decades. This acquisition represents an ideal opportunity for us to build upon our recent Heartland acquisition, which has an established presence in the region with commercial application equipment customers. Further, this growing region was of particular interest to us given it supports large industry volumes and has similar crops and machine specifications to other markets served by Titan Machinery. We share similar cultures that are focused on attentive, personal, customer service and we look forward to welcoming their team to the Titan Machinery family."
B. Riley starts 'defensive play' Titan Machinery with a Buy » 14:3312/1312/13/22
B. Riley analyst Alex…
B. Riley analyst Alex Rygiel initiated coverage of Titan Machinery with a Buy rating and $48 price target. He estimates that 85%-90% of Titan's total revenue is tied to the agriculture industry through ag and construction equipment sales to farmers and ranchers, making it "a defensive play in an uncertain economic environment." Despite headwinds within the company's Ukraine operations, which Rygiel thinks "continue to depress the equity valuation," Titan's recent financial performance has been strong, the analyst added.
Titan Machinery initiated with a Buy at B. Riley » 13:2912/1312/13/22
B. Riley analyst Alex…
B. Riley analyst Alex Rygiel initiated coverage of Titan Machinery with a Buy rating and $48 price target.
Baird ups Titan Machinery target but tells investors to 'be careful' » 14:3411/3011/30/22
Baird analyst Mircea…
Baird analyst Mircea Dobre raised the firm's price target on Titan Machinery to $40 from $34 and keeps a Neutral rating on the shares. The company's Q3 results exceeded expectations as demand remained strong, Dobre tells investors in a research note. Guidance was raised but further upside in Q4 is "highly likely," says the analyst. He sees a "uniquely favorable" current environment, with used pricing, manufacturer incentives, parts pricing, and lack of new equipment discounting "all boosting margin in ways that will prove unsustainable." As such, investors should "be careful," writes Dobre.
Fly Intel: Pre-market Movers » 09:0011/3011/30/22
BIIB, HZNP, WOOF, TITN, DCI, ENB, BBW, XPEV, WDAY, LESL, HRL, CRWD, ASTS, JNJ, AMGN, SNY, ESALY
Check out this morning's…
Titan Machinery raises FY23 EPS view to $4.55-$4.85 from $3.70-$4.00 » 06:5011/3011/30/22
Consensus is for FY23 EPS…
Consensus is for FY23 EPS $3.97. Raises FY23 segment revenue as follows: Agriculture to up 55%-60%, from up 50%-55%; Construction to down 0-5% from down 5%-10%; and reaffirms international revenue segment view down 0-5%.
Titan Machinery reports Q3 EPS $1.82, consensus $1.16 » 06:4611/3011/30/22
Reports Q3 revenue…
Reports Q3 revenue $668.8M, consensus $597.35M. David Meyer, Titan Machinery's Chairman and CEO, stated, "We delivered another consecutive quarter of record financial results, with third quarter earnings per share of $1.82. The ongoing strength of the agriculture sector combined with our customer-centric focus drove consolidated revenue growth of 47%, which was supported by strong contribution across each of our revenue streams - equipment, parts and service. Our business continues to operate with great efficiency, allowing us to drive significant operating leverage on the higher levels of revenue that we have achieved. This is demonstrated in our record consolidated pre-tax margin of 8.2% that we delivered in the fiscal third quarter, with each of our operating segments experiencing pre-tax margin expansion. Given these strong Q3 results, coupled with our expectations for the solid market fundamentals continuing through the fourth quarter, we are increasing our earnings per share modeling assumption for FY23 to a midpoint of $4.70 per share."
|Over a quarter ago|
Titan Machinery announces appointment of Larsen as CFO » 08:0209/3009/30/22
Titan Machinery (TITN)…
Titan Machinery (TITN) announced the appointment of Robert Larsen as the Company's Chief Financial Officer, CFO, and Treasurer, effective December 1, 2022. Larsen intends to join the Company on November 1, 2022. Larsen will succeed Mark Kalvoda, who will continue as the Company's Chief Financial Officer and Treasurer until the effective date of Larsen's appointment. To ensure a smooth and orderly transition, Kalvoda will remain as an employee of the Company in an advisory capacity through January 15, 2023. Mr. Larsen joins Titan Machinery from CNH Industrial (CNHI) where he currently serves as the Head of Finance for CNH Industrial's team focused on precision technology, which includes the acquired agriculture business operations of Raven Industries.
Titan Machinery price target raised to $34 from $27 at Baird » 16:0908/2508/25/22
Baird analyst Mircea…
Baird analyst Mircea Dobre raised the firm's price target on Titan Machinery to $34 from $27 and keeps a Neutral rating on the shares. Titan is "executing well" and its fiscal Q2 results exceeded expectations as demand remained strong, but the current environment is "uniquely favorable as used equipment prices break new records," boosting margins, Dobre said. While he remains constructive on Ag fundamentals, he tells investors he has "a hard time extrapolating the current environment," leaving him on the sidelines.