Northern Trust Corp cut its stake in Terex Corporation (NYSE:TEX) by 8.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 822,595 shares of the industrial products company’s stock after selling 79,809 shares during the quarter. Northern Trust Corp owned approximately 0.86% of Terex Corporation worth $30,847,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of TEX. Sei Investments Co. boosted its holdings in Terex Corporation by 19.5% in the second quarter. Sei Investments Co. now owns 3,800 shares of the industrial products company’s stock worth $142,000 after purchasing an additional 619 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Terex Corporation by 7.8% in the first quarter. PNC Financial Services Group Inc. now owns 5,563 shares of the industrial products company’s stock worth $175,000 after purchasing an additional 403 shares in the last quarter. US Bancorp DE boosted its holdings in Terex Corporation by 9.3% in the first quarter. US Bancorp DE now owns 5,989 shares of the industrial products company’s stock worth $188,000 after purchasing an additional 510 shares in the last quarter. National Planning Corp bought a new stake in Terex Corporation in the second quarter worth $209,000. Finally, CIBC World Markets Inc. bought a new stake in Terex Corporation in the second quarter worth $210,000. 97.39% of the stock is currently owned by institutional investors and hedge funds.
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TEX has been the subject of a number of recent analyst reports. UBS AG restated a “buy” rating and set a $44.00 price target (up from $40.00) on shares of Terex Corporation in a report on Tuesday, August 8th. Deutsche Bank AG set a $44.00 price target on shares of Terex Corporation and gave the company a “buy” rating in a report on Thursday, August 3rd. Zacks Investment Research upgraded shares of Terex Corporation from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Thursday, July 13th. TheStreet upgraded shares of Terex Corporation from a “c” rating to a “b” rating in a research note on Tuesday, August 1st. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $35.00 target price on shares of Terex Corporation in a research note on Monday, August 21st. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $41.43.
Shares of Terex Corporation (NYSE:TEX) opened at 46.76 on Friday. The company has a 50 day moving average of $44.20 and a 200-day moving average of $38.06. Terex Corporation has a one year low of $21.88 and a one year high of $47.28. The firm’s market cap is $4.18 billion.
Terex Corporation (NYSE:TEX) last released its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.09. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Terex Corporation had a negative net margin of 1.76% and a positive return on equity of 4.98%. The firm’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 EPS. On average, analysts expect that Terex Corporation will post $1.15 EPS for the current year.
The firm 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 $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend is Wednesday, November 8th. Terex Corporation’s dividend payout ratio (DPR) is currently -50.79%.
Terex Corporation declared that its Board of Directors has initiated a stock buyback program on Wednesday, September 6th that authorizes the company to buyback $225.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to purchase 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 shares are undervalued.
In other news, insider Kevin A. Barr sold 15,000 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $38.92, for a total value of $583,800.00. Following the sale, the insider now directly owns 143,304 shares of the company’s stock, valued at approximately $5,577,391.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Kevin A. Barr sold 11,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $38.63, for a total transaction of $424,930.00. Following the completion of the sale, the insider now directly owns 127,653 shares in the company, valued at $4,931,235.39. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 4,264 shares of company stock valued at $165,731 and sold 98,679 shares valued at $3,981,710. Corporate insiders own 2.50% of the company’s stock.
About Terex Corporation
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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