Zacks Investment Research upgraded shares of Terex (NYSE:TEX) from a hold rating to a strong-buy rating in a research note issued to investors on Monday morning. They currently have $50.00 target price on the industrial products company’s stock.
According to Zacks, “Terex Corporation’s fourth-quarter 2017 adjusted earnings and revenues both improved on a year-over-year basis and also beat the Zacks Consensus Estimate. Improved global markets, operational execution, bookings and backlog in every segment led to the overall improved performance in the quarter. All these factors position the company well for 2018 as well. The company anticipates net sales to be up around 10% year over year in 2018 and earnings per share to be between $2.35 and $2.65. The mid-point of the earnings guidance reflects year-over-year growth of 85%. Terex expects to increase revenues and operating margins in every business segment while continuing to implement the Simplify and Execute to Win elements of its strategy, and follow its disciplined capital allocation strategy. Further, innovative product development and cost-saving initiatives will boost the company’s results.”
A number of other brokerages have also issued reports on TEX. Bank of America lowered their target price on shares of Terex from $42.00 to $40.00 and set an underperform rating for the company in a research note on Wednesday, November 8th. Deutsche Bank lowered their target price on shares of Terex from $49.00 to $48.00 and set a hold rating for the company in a research note on Thursday, February 15th. KeyCorp reissued a hold rating on shares of Terex in a research note on Wednesday, November 1st. Robert W. Baird reissued a buy rating and set a $52.00 target price on shares of Terex in a research note on Thursday, December 21st. Finally, TheStreet lowered shares of Terex from a b rating to a c rating in a research note on Wednesday, February 14th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. Terex presently has an average rating of Buy and an average target price of $46.00.
Shares of Terex (NYSE TEX) opened at $41.03 on Monday. The stock has a market cap of $3,450.00, a price-to-earnings ratio of 63.12, a PEG ratio of 0.99 and a beta of 1.71. Terex has a one year low of $28.67 and a one year high of $50.17. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.53 and a current ratio of 2.30.
Terex (NYSE:TEX) last issued its earnings results on Wednesday, February 14th. The industrial products company reported $0.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.08. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $999.18 million. Terex had a net margin of 2.95% and a return on equity of 8.80%. sell-side analysts predict that Terex will post 2.56 EPS for the current fiscal year.
Terex announced that its board has authorized a share buyback program on Wednesday, February 7th that allows the company to repurchase $325.00 million in shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 19th. Investors of record on Friday, March 9th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, March 8th. This is a positive change from Terex’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a yield of 0.97%. Terex’s dividend payout ratio is 49.23%.
In related news, VP Mark I. Clair sold 3,014 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $45.53, for a total value of $137,227.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Eric I. Cohen sold 10,121 shares of the company’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $49.90, for a total transaction of $505,037.90. Following the completion of the sale, the vice president now directly owns 185,897 shares of the company’s stock, valued at $9,276,260.30. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 987 shares of company stock valued at $44,638. 2.50% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in TEX. Tower Research Capital LLC TRC lifted its position in shares of Terex by 388.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,550 shares of the industrial products company’s stock valued at $123,000 after buying an additional 2,028 shares during the last quarter. Landaas & Co. WI ADV lifted its position in shares of Terex by 602.6% during the fourth quarter. Landaas & Co. WI ADV now owns 3,513 shares of the industrial products company’s stock valued at $169,000 after buying an additional 3,013 shares during the last quarter. Investors Research Corp purchased a new stake in shares of Terex during the fourth quarter valued at about $203,000. LPL Financial LLC purchased a new stake in shares of Terex during the fourth quarter valued at about $211,000. Finally, Pacer Advisors Inc. lifted its position in shares of Terex by 450.2% during the third quarter. Pacer Advisors Inc. now owns 4,446 shares of the industrial products company’s stock valued at $200,000 after buying an additional 3,638 shares during the last quarter. 94.09% of the stock is owned by institutional investors.
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Terex 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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