Terex Co. (TEX) Stake Lowered by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC reduced its position in shares of Terex Co. (NYSE:TEX) by 73.4% in the third quarter, HoldingsChannel reports. The firm owned 13,545 shares of the industrial products company’s stock after selling 37,288 shares during the period. Cornerstone Wealth Management LLC’s holdings in Terex were worth $300,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aperio Group LLC grew its position in shares of Terex by 3.8% during the 2nd quarter. Aperio Group LLC now owns 79,091 shares of the industrial products company’s stock valued at $3,337,000 after purchasing an additional 2,924 shares in the last quarter. Gabelli Funds LLC grew its position in shares of Terex by 196.6% during the 2nd quarter. Gabelli Funds LLC now owns 25,800 shares of the industrial products company’s stock valued at $1,089,000 after purchasing an additional 17,100 shares in the last quarter. Raymond James & Associates grew its position in shares of Terex by 108.5% during the 2nd quarter. Raymond James & Associates now owns 26,964 shares of the industrial products company’s stock valued at $1,138,000 after purchasing an additional 14,029 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Terex during the 2nd quarter valued at $822,000. Finally, Morgan Stanley grew its position in shares of Terex by 2.6% during the 2nd quarter. Morgan Stanley now owns 3,199,629 shares of the industrial products company’s stock valued at $134,992,000 after purchasing an additional 80,932 shares in the last quarter. Hedge funds and other institutional investors own 98.74% of the company’s stock.

Shares of NYSE:TEX opened at $31.70 on Wednesday. Terex Co. has a 52-week low of $28.64 and a 52-week high of $50.17. The firm has a market capitalization of $2.30 billion, a P/E ratio of 23.48, a P/E/G ratio of 0.51 and a beta of 1.61. The company has a quick ratio of 1.19, a current ratio of 2.22 and a debt-to-equity ratio of 1.16.

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

Terex announced that its board has initiated a stock repurchase plan 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 plans are typically an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Friday, November 9th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, November 8th. This represents a $0.40 annualized dividend and a yield of 1.26%. Terex’s payout ratio is 29.63%.

In other Terex news, insider Steve Filipov sold 6,929 shares of the company’s stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $38.85, for a total transaction of $269,191.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kevin A. Barr sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $39.65, for a total transaction of $396,500.00. Following 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 90 days, insiders have acquired 973 shares of company stock valued at $37,603 and have sold 38,866 shares valued at $1,514,531. Corporate insiders own 3.50% of the company’s stock.

Several research analysts recently issued reports on the stock. Seaport Global Securities set a $49.00 target price on shares of Terex and gave the stock a “buy” rating in a research report on Friday, July 13th. ValuEngine lowered shares of Terex from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Bank of America cut their target price on shares of Terex from $40.00 to $28.00 and set an “underperform” rating for the company in a research report on Friday, November 2nd. Morgan Stanley cut their target price on shares of Terex from $46.00 to $42.00 and set a “hold” rating for the company in a research report on Monday. Finally, Zacks Investment Research upgraded shares of Terex from a “sell” rating to a “hold” rating in a research report on Thursday, October 4th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. Terex has an average rating of “Hold” and an average target price of $41.75.

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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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Institutional Ownership by Quarter for Terex (NYSE:TEX)

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