Morgan Stanley Cuts Terex (TEX) Price Target to $42.00

Terex (NYSE:TEX) had its target price reduced by equities research analysts at Morgan Stanley from $46.00 to $42.00 in a research note issued on Monday. The brokerage presently has a “hold” rating on the industrial products company’s stock. Morgan Stanley’s price objective points to a potential upside of 32.49% from the stock’s current price.

Other analysts have also recently issued reports about the company. UBS Group set a $52.00 price objective on Terex and gave the company a “buy” rating in a research report on Wednesday, August 22nd. Zacks Investment Research upgraded Terex from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Tuesday, July 17th. Seaport Global Securities set a $49.00 price objective on Terex and gave the company a “buy” rating in a research report on Friday, July 13th. ValuEngine upgraded Terex from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Finally, Vertical Research cut Terex from a “buy” rating to a “hold” rating in a research report on Friday, November 2nd. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. Terex has an average rating of “Hold” and an average target price of $41.75.

Shares of NYSE:TEX opened at $31.70 on Monday. Terex has a 12-month low of $28.64 and a 12-month high of $50.17. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 23.48, a P/E/G ratio of 0.51 and a beta of 1.61. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.22 and a quick ratio of 1.19.

Terex (NYSE:TEX) last announced its quarterly earnings results on Thursday, November 1st. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.07). Terex had a net margin of 2.42% and a return on equity of 18.86%. The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the firm posted $0.50 earnings per share. The company’s revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Terex will post 2.65 EPS for the current year.

Terex announced that its Board of Directors has approved a stock buyback program on Thursday, July 12th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the industrial products company to purchase up to 8.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

In related news, VP Eric I. Cohen sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $39.01, for a total transaction of $390,100.00. Following the completion of the sale, the vice president now directly owns 182,905 shares in the company, valued at $7,135,124.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steve Filipov sold 6,929 shares of the business’s stock in a transaction that occurred on Friday, August 31st. The stock was sold at an average price of $38.85, for a total value of $269,191.65. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 973 shares of company stock valued at $37,603 and have sold 38,866 shares valued at $1,514,531. 3.50% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Stratos Wealth Partners LTD. purchased a new stake in shares of Terex during the third quarter worth approximately $109,000. Delta Capital Management LLC purchased a new stake in shares of Terex during the second quarter worth approximately $212,000. Lido Advisors LLC purchased a new stake in shares of Terex during the second quarter worth approximately $246,000. Strs Ohio purchased a new stake in shares of Terex during the second quarter worth approximately $307,000. Finally, Pinnacle Associates Ltd. increased its position in shares of Terex by 32.4% during the second quarter. Pinnacle Associates Ltd. now owns 8,170 shares of the industrial products company’s stock worth $345,000 after purchasing an additional 2,001 shares in the last quarter. Hedge funds and other institutional investors own 98.74% of the company’s stock.

About Terex

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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