Vertical Research downgraded shares of Terex (NYSE:TEX) from a buy rating to a hold rating in a research note released on Friday morning, MarketBeat Ratings reports.
A number of other research analysts also recently weighed in on the company. Deutsche Bank restated a sell rating and issued a $34.00 price target on shares of Terex in a research note on Wednesday, September 5th. UBS Group set a $52.00 price target on Terex and gave the company a buy rating in a research note on Wednesday, August 22nd. Robert W. Baird upgraded Terex from an underperform rating to a neutral rating and set a $38.00 price target for the company in a research note on Monday, August 20th. Zacks Investment Research upgraded Terex from a sell rating to a hold rating in a research note on Thursday, October 4th. Finally, Longbow Research initiated coverage on Terex in a research note on Friday, October 12th. They issued a neutral rating for the company. Four analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $44.17.
TEX stock traded down $0.78 during mid-day trading on Friday, reaching $30.40. The company had a trading volume of 13,138 shares, compared to its average volume of 1,595,477. The company has a quick ratio of 1.19, a current ratio of 2.22 and a debt-to-equity ratio of 1.16. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 22.66, a P/E/G ratio of 0.51 and a beta of 1.61. Terex has a 52 week low of $28.64 and a 52 week high of $50.17.
Terex (NYSE:TEX) last posted its quarterly earnings results on Thursday, November 1st. The industrial products company reported $0.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.07). The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.28 billion. Terex had a net margin of 2.42% and a return on equity of 18.86%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.50 earnings per share. On average, equities research analysts anticipate that Terex will post 2.65 EPS for the current fiscal year.
Terex declared that its Board of Directors has approved a stock buyback program on Thursday, July 12th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the industrial products company to repurchase up to 8.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Stockholders of record on Friday, November 9th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $0.40 annualized dividend and a dividend yield of 1.32%. Terex’s dividend payout ratio is currently 29.63%.
In related news, insider Kevin A. Barr sold 11,937 shares of the business’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $38.43, for a total value of $458,738.91. Following the completion of the sale, the insider now directly owns 101,980 shares in the company, valued at approximately $3,919,091.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kevin A. Barr sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $39.65, for a total value of $396,500.00. Following the completion of the sale, the insider now owns 113,908 shares of the company’s stock, valued at $4,516,452.20. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 1,029 shares of company stock valued at $39,885 and have sold 38,866 shares valued at $1,514,531. Insiders own 3.50% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in TEX. Fisher Asset Management LLC boosted its stake in Terex by 559.4% in the 3rd quarter. Fisher Asset Management LLC now owns 2,196,079 shares of the industrial products company’s stock valued at $87,646,000 after purchasing an additional 1,863,038 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd boosted its stake in Terex by 640.1% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,529,116 shares of the industrial products company’s stock valued at $61,027,000 after purchasing an additional 1,322,504 shares during the period. Fort Washington Investment Advisors Inc. OH bought a new stake in Terex in the 2nd quarter valued at $16,876,000. Bank of Montreal Can boosted its stake in Terex by 836.0% in the 2nd quarter. Bank of Montreal Can now owns 405,341 shares of the industrial products company’s stock valued at $17,101,000 after purchasing an additional 362,037 shares during the period. Finally, First Trust Advisors LP bought a new stake in Terex in the 3rd quarter valued at $12,088,000. Institutional investors and hedge funds own 98.74% of the company’s stock.
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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