Terex Corporation (NYSE:TEX) – Jefferies Group increased their FY2017 earnings per share estimates for Terex Corporation in a research report issued to clients and investors on Wednesday. Jefferies Group analyst S. Volkmann now anticipates that the industrial products company will post earnings of $1.25 per share for the year, up from their previous estimate of $1.10. Jefferies Group also issued estimates for Terex Corporation’s Q4 2017 earnings at $0.21 EPS, Q2 2018 earnings at $0.75 EPS, Q3 2018 earnings at $0.65 EPS, Q4 2018 earnings at $0.50 EPS and FY2018 earnings at $2.05 EPS.
Terex Corporation (NYSE:TEX) last released its earnings results on Tuesday, October 31st. The industrial products company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.14. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Terex Corporation had a positive return on equity of 6.78% and a negative net margin of 2.62%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 earnings per share.
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TEX has been the subject of a number of other research reports. Citigroup Inc. raised their price target on shares of Terex Corporation from $39.00 to $49.00 and gave the stock a “neutral” rating in a report on Friday, October 13th. Zacks Investment Research upgraded shares of Terex Corporation from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Thursday, July 13th. UBS AG set a $52.00 price target on shares of Terex Corporation and gave the stock a “buy” rating in a report on Wednesday, October 11th. Deutsche Bank AG downgraded shares of Terex Corporation from a “buy” rating to a “hold” rating and cut their price target for the stock from $44.00 to $43.00 in a report on Thursday, September 21st. Finally, Wells Fargo & Company set a $52.00 price target on shares of Terex Corporation and gave the stock a “buy” rating in a report on Monday, October 16th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $41.43.
Several large investors have recently bought and sold shares of the business. BlackRock Inc. grew its stake in shares of Terex Corporation by 11,851.5% in the first quarter. BlackRock Inc. now owns 8,449,356 shares of the industrial products company’s stock worth $265,310,000 after acquiring an additional 8,378,659 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Terex Corporation by 0.3% in the first quarter. Vanguard Group Inc. now owns 7,999,378 shares of the industrial products company’s stock worth $251,180,000 after acquiring an additional 22,797 shares in the last quarter. TIAA CREF Investment Management LLC grew its stake in shares of Terex Corporation by 51.0% in the second quarter. TIAA CREF Investment Management LLC now owns 3,624,339 shares of the industrial products company’s stock worth $135,913,000 after acquiring an additional 1,224,422 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Terex Corporation by 6.6% in the second quarter. Alliancebernstein L.P. now owns 3,298,490 shares of the industrial products company’s stock worth $123,693,000 after acquiring an additional 202,899 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Terex Corporation by 1.1% in the first quarter. State Street Corp now owns 2,746,795 shares of the industrial products company’s stock worth $86,251,000 after acquiring an additional 30,608 shares in the last quarter. Institutional investors and hedge funds own 97.72% of the company’s stock.
In other Terex Corporation news, VP Eric I. Cohen sold 10,000 shares of the business’s stock in a transaction on Friday, September 29th. The shares were 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 in the company, valued at $8,819,100. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kevin A. Barr sold 15,000 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $38.92, for a total transaction of $583,800.00. Following the completion of the transaction, the insider now owns 143,304 shares of the company’s stock, valued at approximately $5,577,391.68. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 3,881 shares of company stock valued at $150,935 and sold 98,679 shares valued at $3,981,710. Insiders own 2.50% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Thursday, November 9th will be paid a $0.08 dividend. The ex-dividend date is Wednesday, November 8th. This represents a $0.32 annualized dividend and a dividend yield of 0.68%. Terex Corporation’s dividend payout ratio (DPR) is -37.21%.
Terex Corporation declared that its board has approved a stock buyback program on Wednesday, September 6th that allows the company to repurchase $225.00 million in shares. This repurchase authorization allows the industrial products company to reacquire up to 6.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
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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