Terex Corporation (NYSE:TEX) had its target price lowered by Bank of America Corporation from $42.00 to $40.00 in a research report sent to investors on Wednesday morning. Bank of America Corporation currently has an underperform rating on the industrial products company’s stock.
A number of other analysts also recently issued reports on TEX. TheStreet raised Terex Corporation from a c rating to a b rating in a research report on Tuesday, August 1st. Zacks Investment Research raised Terex Corporation from a hold rating to a buy rating and set a $51.00 price objective for the company in a research report on Wednesday, October 11th. UBS AG set a $52.00 price objective on Terex Corporation and gave the stock a buy rating in a research report on Wednesday, October 11th. Deutsche Bank AG set a $44.00 price objective on Terex Corporation and gave the stock a buy rating in a research report on Thursday, August 3rd. Finally, Wells Fargo & Company set a $52.00 target price on Terex Corporation and gave the company a buy rating in a report on Monday, October 16th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Hold and an average target price of $41.93.
Terex Corporation (TEX) traded up $0.27 during midday trading on Wednesday, reaching $44.55. The company had a trading volume of 1,401,200 shares, compared to its average volume of 1,134,306. Terex Corporation has a 1 year low of $27.35 and a 1 year high of $48.86. The company has a current ratio of 2.42, a quick ratio of 1.53 and a debt-to-equity ratio of 0.71. The firm has a market cap of $3,746.65, a P/E ratio of 39.42, a P/E/G ratio of 3.08 and a beta of 1.89.
Terex Corporation (NYSE:TEX) last issued its earnings results on Tuesday, October 31st. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.14. Terex Corporation had a positive return on equity of 7.01% and a negative net margin of 2.62%. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the company earned $0.19 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. research analysts predict that Terex Corporation will post 1.29 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Thursday, November 9th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.72%. The ex-dividend date is Wednesday, November 8th. Terex Corporation’s dividend payout ratio (DPR) is -37.21%.
Terex Corporation declared that its board has approved a stock repurchase program on Wednesday, September 6th that permits the company to buyback $225.00 million in outstanding shares. This buyback authorization permits the industrial products company to buy up to 6.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other Terex Corporation news, VP Eric I. Cohen sold 10,000 shares of Terex Corporation stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $45.00, for a total transaction of $450,000.00. Following the transaction, the vice president now owns 195,980 shares of the company’s stock, valued at $8,819,100. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director David A. Sachs purchased 3,000 shares of the business’s stock in a transaction on Friday, August 18th. The shares were purchased at an average cost of $37.97 per share, for a total transaction of $113,910.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 4,204 shares of company stock worth $165,715 and have sold 68,115 shares worth $2,798,544. Insiders own 2.50% of the company’s stock.
Several large investors have recently added to or reduced their stakes in TEX. BlackRock Inc. increased its holdings in shares of Terex Corporation by 11,851.5% in the first quarter. BlackRock Inc. now owns 8,449,356 shares of the industrial products company’s stock valued at $265,310,000 after purchasing an additional 8,378,659 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Terex Corporation by 1,197.3% in the second quarter. JPMorgan Chase & Co. now owns 1,759,927 shares of the industrial products company’s stock valued at $65,999,000 after purchasing an additional 1,624,263 shares during the period. TIAA CREF Investment Management LLC increased its holdings in shares of Terex Corporation by 51.0% in the second quarter. TIAA CREF Investment Management LLC now owns 3,624,339 shares of the industrial products company’s stock valued at $135,913,000 after purchasing an additional 1,224,422 shares during the period. Systematic Financial Management LP acquired a new position in shares of Terex Corporation in the third quarter valued at approximately $42,612,000. Finally, 1060 Capital LLC acquired a new position in shares of Terex Corporation in the second quarter valued at approximately $25,739,000. 97.69% of the stock is currently owned by institutional investors and hedge funds.
Terex Corporation Company Profile
Terex Corporation is a manufacturer of lifting and material processing products and services that deliver lifecycle solutions. The Company has three business segments: Aerial Work Platforms (AWP), Cranes and Materials Processing (MP). It delivers lifecycle solutions to a range of industries, including the construction, infrastructure, manufacturing, shipping, utility, quarrying and mining industries.
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