Boston, MA 09/12/2014 (wallstreetpr) – Operator of a network of service agricultural and construction equipment stores, Titan Machinery Inc. (NASDAQ:TITN) Chairman and Chief Executive Officer, David Meyer, has acquired 90,250 shares from the open market on Wednesday to boost his holding in the company. The insiders have not made either purchases or sales in the open market at least in the current calendar year though they were active in non-open market. Therefore, the latest acquisition by the CEO assumes importance.
Buys Shares
The Titan Machinery Inc. (NASDAQ:TITN) Chairman and CEO has acquired 90,250 shares at the rate of $13.01 a share and paid $1.17 million, according to Form 4 filed on September 11 with the Securities and Exchange Commission. Earlier, on September 2, Titan Machinery’s another Director, Theodore Crosbie has acquired 4,720 shares through non-open market.
The latest purchase price of the Chairman and CEO indicates that he has paid a premium of only 9.8% over the 52-week low price of $11.85. However, the acquisition price suggested a discount of 36.2% from the yearly high price of $20.4.
As a result of the acquisition, David Meyer has improved his direct holding to 754,258 shares in the Titan Machinery Inc. (NASDAQ:TITN), which is worth $10.26 million. The CEO is also holding 2.2 million shares valued approximately $29.9 million indirectly through Meyer Family Investment Limited Partnership.
One-Year Activities
There were only two buying activities in the last three-month period, and no shares were sold, according to Nasdaq data. Even the two transactions came in the current month only. A total of 94,970 shares were acquired by the insiders both from the open market and non-open market.
Similarly, in a twelve-month period, there were ten transactions of buying activities by the insiders while there was no selling from them. As a result, 156,780 shares were acquired by the insiders in the last one-year period.
The buying activities by the insiders, especially the Chairman and the CEO, could suggest that the stock has bottomed out and could witness uptick once a favorable catalyst emerge from the company.
