Prudential Financial Inc. cut its holdings in Terex (NYSE:TEX) by 40.3% during the first quarter, Holdings Channel reports. The fund owned 1,004,552 shares of the industrial products company’s stock after selling 678,260 shares during the period. Prudential Financial Inc.’s holdings in Terex were worth $37,580,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the business. UBS Asset Management Americas Inc. boosted its stake in Terex by 1.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 105,442 shares of the industrial products company’s stock valued at $5,084,000 after acquiring an additional 1,670 shares during the last quarter. Flinton Capital Management LLC boosted its stake in Terex by 11.8% in the fourth quarter. Flinton Capital Management LLC now owns 17,102 shares of the industrial products company’s stock valued at $825,000 after acquiring an additional 1,802 shares during the last quarter. Scotia Capital Inc. boosted its stake in Terex by 30.1% in the fourth quarter. Scotia Capital Inc. now owns 8,673 shares of the industrial products company’s stock valued at $418,000 after acquiring an additional 2,009 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Terex by 388.5% in 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 acquiring an additional 2,028 shares during the last quarter. Finally, Alambic Investment Management L.P. boosted its position in shares of Terex by 23.9% during the fourth quarter. Alambic Investment Management L.P. now owns 12,440 shares of the industrial products company’s stock worth $600,000 after purchasing an additional 2,400 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:TEX opened at $41.33 on Tuesday. Terex has a 12 month low of $40.81 and a 12 month high of $41.65. The company has a current ratio of 2.26, a quick ratio of 1.29 and a debt-to-equity ratio of 1.00. The firm has a market cap of $3.07 billion, a P/E ratio of 30.61, a P/E/G ratio of 0.69 and a beta of 1.83.
Terex (NYSE:TEX) last issued its quarterly earnings data on Tuesday, May 1st. The industrial products company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.19. Terex had a net margin of 3.98% and a return on equity of 12.83%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period last year, the business posted $0.05 earnings per share. The firm’s quarterly revenue was up 25.2% on a year-over-year basis. research analysts predict that Terex will post 2.89 earnings per share for the current fiscal year.
Terex announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 7th that allows the company to repurchase $325.00 million in outstanding shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 19th. Investors of record on Friday, June 8th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, June 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.97%. Terex’s payout ratio is 29.63%.
In related news, VP Mark I. Clair sold 11,737 shares of the firm’s stock in a transaction on Thursday, May 3rd. The shares were sold at an average price of $38.33, for a total transaction of $449,879.21. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David A. Sachs acquired 3,500 shares of the company’s stock in a transaction that occurred on Monday, March 26th. The shares were bought at an average price of $37.00 per share, for a total transaction of $129,500.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 11,365 shares of company stock worth $419,688 and have sold 51,027 shares worth $2,035,188. Company insiders own 3.50% of the company’s stock.
TEX has been the topic of a number of recent analyst reports. Citigroup reduced their price target on shares of Terex from $41.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, May 4th. Zacks Investment Research raised shares of Terex from a “hold” rating to a “strong-buy” rating and set a $50.00 price target on the stock in a research report on Monday, February 19th. Morgan Stanley lifted their price target on shares of Terex from $45.00 to $46.00 and gave the stock a “hold” rating in a research report on Thursday, May 3rd. Deutsche Bank reduced their price target on shares of Terex from $49.00 to $48.00 and set a “hold” rating on the stock in a research report on Thursday, February 15th. Finally, ValuEngine raised shares of Terex from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Terex has a consensus rating of “Hold” and a consensus price target of $45.57.
Terex Corporation manufactures and sells aerial work platforms, cranes, and materials processing machinery worldwide. The company operates through three segments: Aerial Work Platforms (AWP), Cranes, and Material Processing (MP). The AWP segment engages in the design, manufacture, service, and market of AWP equipment, telehandlers, and light towers, as well as related components and replacement parts under the Terex and Genie brands to construct and maintain industrial, commercial, and residential buildings and facilities, and for other commercial operations, as well as used in infrastructure projects.
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