Terex Co. (NYSE:TEX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Saturday.
According to Zacks, “Hurt by weak industry demand, Terex’s fourth-quarter both earnings and revenues declined 76% and 16.5%, respectively, on a year-over-year basis. However, Terex beat the Zacks Consensus Estimate on both counts. Due to ongoing challenges in the Cranes and AWP segment, Terex expects earnings per share to range between $0.60 and $0.80 in 2017 and sales at $3.9 billion. Further, the stock has underperformed the Zacks categorized industry. Lower fleet replacement from North American AWP rental customers will affect AWP segment while the global crane market will deteriorate further in 2017. However, the MP segment remains a consistent performer and is well positioned to benefit from increased construction spending. Also, the company is reviewing all aspects of its cost structure and has been taking actions throughout the entire company to reduce costs. Savings from these actions will help negate challenging conditions in its markets”
A number of other equities analysts also recently issued reports on the stock. OTR Global raised shares of Terex to a “positive” rating in a report on Friday, March 17th. Deutsche Bank AG boosted their price target on shares of Terex from $24.00 to $34.00 and gave the stock a “hold” rating in a report on Tuesday, December 6th. Royal Bank of Canada boosted their price target on shares of Terex from $24.00 to $33.00 and gave the stock a “sector perform” rating in a report on Wednesday, December 14th. Citigroup Inc assumed coverage on shares of Terex in a report on Monday, February 6th. They issued a “neutral” rating and a $36.00 price target on the stock. Finally, Credit Suisse Group AG set a $38.00 price target on shares of Terex and gave the stock a “buy” rating in a report on Saturday, February 25th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $30.06.
Shares of Terex (NYSE:TEX) remained flat at $32.45 during midday trading on Friday. 1,197,612 shares of the company traded hands. The firm has a 50-day moving average of $31.13 and a 200 day moving average of $29.78. Terex has a 12 month low of $18.91 and a 12 month high of $33.87. The firm’s market capitalization is $3.44 billion.
Terex (NYSE:TEX) last posted its quarterly earnings data on Tuesday, February 21st. The industrial products company reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.12. The firm had revenue of $974.70 million for the quarter, compared to the consensus estimate of $918.81 million. Terex had a net margin of 2.01% and a return on equity of 7.39%. The business’s revenue for the quarter was down 16.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.50 EPS. On average, equities research analysts predict that Terex will post $0.82 EPS for the current year.
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In other Terex news, insider Steve Filipov sold 5,215 shares of the company’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $30.14, for a total value of $157,180.10. Following the completion of the sale, the insider now owns 137,425 shares of the company’s stock, valued at $4,141,989.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director G Chris Andersen sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $31.06, for a total value of $310,600.00. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 472 shares of company stock valued at $14,999 and sold 60,215 shares valued at $1,880,330. 3.70% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in TEX. Norges Bank bought a new stake in Terex during the fourth quarter worth $34,781,000. Columbus Circle Investors bought a new stake in Terex during the first quarter worth $27,629,000. Assenagon Asset Management S.A. bought a new stake in Terex during the fourth quarter worth $24,649,000. Russell Investments Group Ltd. bought a new stake in Terex during the fourth quarter worth $24,684,000. Finally, Teacher Retirement System of Texas raised its stake in Terex by 4,469.0% in the third quarter. Teacher Retirement System of Texas now owns 694,399 shares of the industrial products company’s stock worth $17,645,000 after buying an additional 679,201 shares during the period. 84.32% of the stock is owned by hedge funds and other institutional investors.
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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