Terex Co. (NYSE:TEX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors 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”
TEX has been the subject of a number of other reports. Citigroup Inc started coverage on shares of Terex in a report on Monday, February 6th. They issued a “neutral” rating and a $36.00 price objective for the company. OTR Global upgraded shares of Terex to a “positive” rating in a report on Friday, December 9th. Royal Bank of Canada boosted their price objective 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. Deutsche Bank AG upgraded shares of Terex from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $36.00 to $37.00 in a report on Monday, February 27th. Finally, Stifel Nicolaus boosted their price objective on shares of Terex from $29.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, December 14th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $30.06.
Shares of Terex (NYSE:TEX) remained flat at $32.45 during mid-day trading on Friday. The company had a trading volume of 1,237,120 shares. The company’s 50 day moving average is $31.13 and its 200-day moving average is $29.78. Terex has a 12 month low of $18.91 and a 12 month high of $33.87. The company’s market cap is $3.44 billion.
Terex (NYSE:TEX) last announced its quarterly earnings data on Tuesday, February 21st. The industrial products company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.12. The firm earned $974.70 million during the quarter, compared to analyst estimates of $918.81 million. Terex had a net margin of 2.01% and a return on equity of 7.39%. The business’s quarterly revenue was down 16.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 EPS. Equities analysts forecast that Terex will post $0.82 earnings per share for the current year.
In other Terex news, SVP Kevin Bradley sold 5,000 shares of the business’s stock in a transaction on Thursday, April 6th. The shares were sold at an average price of $32.00, for a total transaction of $160,000.00. Following the transaction, the senior vice president now directly owns 109,612 shares of the company’s stock, valued at approximately $3,507,584. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director G Chris Andersen sold 10,000 shares of the business’s stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $31.06, for a total transaction of $310,600.00. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 472 shares of company stock worth $14,999 and have sold 60,215 shares worth $1,880,330. 3.70% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of TEX. Columbus Circle Investors bought a new position in shares of Terex during the first quarter worth about $27,629,000. Farmers & Merchants Investments Inc. increased its position in shares of Terex by 28.9% in the first quarter. Farmers & Merchants Investments Inc. now owns 46,699 shares of the industrial products company’s stock worth $1,466,000 after buying an additional 10,477 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Terex by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 26,700 shares of the industrial products company’s stock worth $838,000 after buying an additional 500 shares during the last quarter. Capstone Asset Management Co. increased its stake in Terex by 2.8% in the first quarter. Capstone Asset Management Co. now owns 14,248 shares of the industrial products company’s stock worth $447,000 after buying an additional 390 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in Terex by 1.5% in the first quarter. Bank of Montreal Can now owns 46,148 shares of the industrial products company’s stock worth $1,448,000 after buying an additional 661 shares in the last quarter. 84.32% of the stock is currently owned by institutional investors and hedge funds.
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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