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Titan Machinery (TITN) Moves 8.1% Higher: Will This Strength Last?
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Titan Machinery (TITN - Free Report) shares rallied 8.1% in the last trading session to close at $24.70. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.9% loss over the past four weeks.
Titan Machinery’s shares have appreciated following the announcement that it has agreed to acquire Heartland Ag Systems for $110 million in cash. Heartland is the largest Case IH Application Equipment distributor in North America, providing application-focused solutions for commercial applicators. The deal will not only enhance TITN’s product portfolio but also be accretive to its earnings. To incorporate the impact of the acquisition, TITN now anticipates earnings per share for fiscal 2023 between $2.90 and $3.20, up from the previous guidance of $2.85 and $3.15.
This agriculture and construction equipment seller is expected to post quarterly earnings of $0.71 per share in its upcoming report, which represents a year-over-year change of +24.6%. Revenues are expected to be $476.5 million, up 26.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Titan Machinery, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on TITN going forward to see if this recent jump can turn into more strength down the road.
Titan Machinery is part of the Zacks Automotive - Retail and Whole Sales industry. AutoNation (AN - Free Report) , another stock in the same industry, closed the last trading session 1% lower at $112.66. AN has returned -5.3% in the past month.
For AutoNation, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $5.95. This represents a change of +23.2% from what the company reported a year ago. AutoNation currently has a Zacks Rank of #2 (Buy).
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Titan Machinery (TITN) Moves 8.1% Higher: Will This Strength Last?
Titan Machinery (TITN - Free Report) shares rallied 8.1% in the last trading session to close at $24.70. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.9% loss over the past four weeks.
Titan Machinery’s shares have appreciated following the announcement that it has agreed to acquire Heartland Ag Systems for $110 million in cash. Heartland is the largest Case IH Application Equipment distributor in North America, providing application-focused solutions for commercial applicators. The deal will not only enhance TITN’s product portfolio but also be accretive to its earnings. To incorporate the impact of the acquisition, TITN now anticipates earnings per share for fiscal 2023 between $2.90 and $3.20, up from the previous guidance of $2.85 and $3.15.
This agriculture and construction equipment seller is expected to post quarterly earnings of $0.71 per share in its upcoming report, which represents a year-over-year change of +24.6%. Revenues are expected to be $476.5 million, up 26.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Titan Machinery, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on TITN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Titan Machinery is part of the Zacks Automotive - Retail and Whole Sales industry. AutoNation (AN - Free Report) , another stock in the same industry, closed the last trading session 1% lower at $112.66. AN has returned -5.3% in the past month.
For AutoNation, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $5.95. This represents a change of +23.2% from what the company reported a year ago. AutoNation currently has a Zacks Rank of #2 (Buy).