Terex (NYSE:TEX) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Terex (NYSE:TEX) announced its quarterly earnings results on Tuesday. The industrial products company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.10, Briefing.com reports. Terex had a return on equity of 28.71% and a net margin of 9.55%. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the previous year, the business earned $2.35 EPS. Terex’s revenue for the quarter was down 1.5% compared to the same quarter last year. Terex updated its FY24 guidance to $7.15-7.45 EPS and its FY 2024 guidance to 7.150-7.450 EPS.

Terex Stock Performance

Shares of Terex stock opened at $63.63 on Thursday. Terex has a one year low of $43.70 and a one year high of $68.08. The company has a market cap of $4.28 billion, a price-to-earnings ratio of 8.38 and a beta of 1.57. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.06 and a current ratio of 2.16. The business’s 50 day moving average price is $57.17 and its 200 day moving average price is $59.00.

Terex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, August 9th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, August 9th. This represents a $0.68 dividend on an annualized basis and a yield of 1.07%. Terex’s payout ratio is 9.01%.

Analyst Ratings Changes

Several equities research analysts have commented on TEX shares. Jefferies Financial Group cut their price objective on Terex from $68.00 to $55.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. JPMorgan Chase & Co. boosted their price target on Terex from $59.00 to $65.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Raymond James initiated coverage on Terex in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Citigroup started coverage on shares of Terex in a report on Wednesday, June 26th. They set a “neutral” rating and a $60.00 target price for the company. Finally, UBS Group raised their price target on shares of Terex from $62.00 to $64.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $64.33.

Insider Buying and Selling

In other Terex news, CAO Stephen Johnston sold 3,239 shares of Terex stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $62.00, for a total value of $200,818.00. Following the sale, the chief accounting officer now owns 14,606 shares in the company, valued at $905,572. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Terex news, CAO Stephen Johnston sold 3,239 shares of Terex stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $62.00, for a total value of $200,818.00. Following the sale, the chief accounting officer now owns 14,606 shares in the company, valued at $905,572. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Scott Posner sold 12,500 shares of Terex stock in a transaction on Friday, May 24th. The shares were sold at an average price of $60.48, for a total value of $756,000.00. Following the completion of the sale, the vice president now owns 58,224 shares in the company, valued at approximately $3,521,387.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,929 shares of company stock worth $1,958,307. 1.90% of the stock is owned by corporate insiders.

About Terex

Terex Corporation manufactures and sells aerial work platforms and materials processing machinery worldwide. It operates in two segments, Materials Processing (MP) and Aerial Work Platforms (AWP). The MP segment designs, manufactures, services, and markets materials processing and specialty equipment, includes crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and related components and replacement parts under the Terex, Powerscreen, Fuchs, EvoQuip, Canica, Cedarapids, CBI, Simplicity, Franna, Terex Ecotec, Finlay, ProAll, ZenRobotics, Terex Washing Systems, Terex MPS, Terex Jaques, Terex Advance, ProStack, Terex Bid-Well, MDS, and Terex Recycling Systems brands.