Citigroup Inc. Raises Terex Corporation (TEX) Price Target to $49.00

Terex Corporation (NYSE:TEX) had its target price lifted by Citigroup Inc. from $39.00 to $49.00 in a research note released on Friday morning. They currently have a neutral rating on the industrial products company’s stock.

A number of other research firms have also weighed in on TEX. Zacks Investment Research raised Terex Corporation from a hold rating to a buy rating and set a $42.00 price objective for the company in a research note on Thursday, July 13th. Deutsche Bank AG lowered Terex Corporation from a buy rating to a hold rating and dropped their price objective for the company from $44.00 to $43.00 in a research note on Thursday, September 21st. OTR Global lowered Terex Corporation to a positive rating in a research note on Wednesday, September 13th. Wells Fargo & Company reissued an outperform rating and set a $41.00 price objective (up previously from $38.50) on shares of Terex Corporation in a research note on Monday, June 19th. Finally, BMO Capital Markets reissued a hold rating and set a $35.00 price objective on shares of Terex Corporation in a research note on Thursday, July 20th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $41.43.

Terex Corporation (NYSE TEX) opened at 46.40 on Friday. Terex Corporation has a 12 month low of $21.88 and a 12 month high of $46.80. The stock has a 50 day moving average of $42.73 and a 200-day moving average of $37.25. The firm’s market cap is $4.15 billion.

Terex Corporation (NYSE:TEX) last released its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.09. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. Terex Corporation had a positive return on equity of 4.98% and a negative net margin of 1.76%. The business’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 earnings per share. Equities research analysts predict that Terex Corporation will post $1.15 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Thursday, November 9th will be issued a $0.08 dividend. The ex-dividend date is Wednesday, November 8th. This represents a $0.32 dividend on an annualized basis and a yield of 0.69%. Terex Corporation’s dividend payout ratio (DPR) is -50.79%.

Terex Corporation declared that its board has initiated a share repurchase program on Wednesday, September 6th that permits the company to repurchase $225.00 million in shares. This repurchase authorization permits the industrial products company to reacquire up to 6.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

In other Terex Corporation news, VP Eric I. Cohen sold 3,392 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $39.23, for a total value of $133,068.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Eric I. Cohen sold 10,000 shares of the stock in a transaction on Friday, September 29th. The stock was sold at an average price of $45.00, for a total value of $450,000.00. Following the completion of the transaction, the vice president now owns 195,980 shares of the company’s stock, valued at approximately $8,819,100. The disclosure for this sale can be found here. In the last quarter, insiders acquired 4,264 shares of company stock valued at $165,731 and sold 98,679 shares valued at $3,981,710. 2.50% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. M&T Bank Corp increased its holdings in shares of Terex Corporation by 1.5% during the first quarter. M&T Bank Corp now owns 8,905 shares of the industrial products company’s stock valued at $279,000 after acquiring an additional 130 shares in the last quarter. Thrivent Financial For Lutherans increased its holdings in shares of Terex Corporation by 8.3% during the first quarter. Thrivent Financial For Lutherans now owns 19,920 shares of the industrial products company’s stock valued at $625,000 after acquiring an additional 1,520 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Terex Corporation by 5.7% during the second quarter. Legal & General Group Plc now owns 170,769 shares of the industrial products company’s stock valued at $6,400,000 after acquiring an additional 9,152 shares in the last quarter. AHL Partners LLP increased its holdings in shares of Terex Corporation by 7.6% during the second quarter. AHL Partners LLP now owns 77,063 shares of the industrial products company’s stock valued at $2,890,000 after acquiring an additional 5,423 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in shares of Terex Corporation by 13.5% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 8,515 shares of the industrial products company’s stock valued at $267,000 after acquiring an additional 1,014 shares in the last quarter. Institutional investors and hedge funds own 97.40% of the company’s stock.

About Terex Corporation

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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