Terex Corporation (NYSE:TEX)‘s stock had its “hold” rating reaffirmed by stock analysts at KeyCorp in a note issued to investors on Wednesday.
Several other brokerages also recently weighed in on TEX. Citigroup Inc. lifted their price target on shares of Terex Corporation from $39.00 to $49.00 and gave the company a “neutral” rating in a report on Friday, October 13th. Wells Fargo & Company set a $52.00 price target on shares of Terex Corporation and gave the company a “buy” rating in a report on Monday, October 16th. Zacks Investment Research raised shares of Terex Corporation from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a report on Wednesday, October 11th. UBS AG set a $52.00 price target on shares of Terex Corporation and gave the company a “buy” rating in a report on Wednesday, October 11th. Finally, Deutsche Bank AG downgraded shares of Terex Corporation from a “buy” rating to a “hold” rating and lowered their price target for the company from $44.00 to $43.00 in a report on Thursday, September 21st. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Terex Corporation has a consensus rating of “Hold” and a consensus price target of $43.93.
Terex Corporation (NYSE:TEX) last issued its quarterly earnings results on Tuesday, October 31st. The industrial products company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.14. Terex Corporation had a negative net margin of 2.62% and a positive return on equity of 7.01%. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the firm earned $0.19 earnings per share. The company’s revenue for the quarter was up 5.2% on a year-over-year basis.
Terex Corporation announced that its Board of Directors has authorized a stock repurchase program on Wednesday, September 6th that allows the company to repurchase $225.00 million in outstanding 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 a sign that the company’s board believes its stock is undervalued.
In other Terex Corporation news, Director David A. Sachs purchased 3,000 shares of Terex Corporation stock in a transaction that occurred on Friday, August 18th. The shares were bought at an average price of $37.97 per share, for a total transaction of $113,910.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Brian J. Henry sold 10,154 shares of the business’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $40.00, for a total transaction of $406,160.00. Following the completion of the sale, the senior vice president now owns 313,263 shares in the company, valued at approximately $12,530,520. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 3,881 shares of company stock worth $150,935 and sold 83,679 shares worth $3,397,910. Insiders own 2.50% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in TEX. Sei Investments Co. increased its position in Terex Corporation by 19.5% during the second quarter. Sei Investments Co. now owns 3,800 shares of the industrial products company’s stock valued at $142,000 after acquiring an additional 619 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Terex Corporation by 7.8% during the first quarter. PNC Financial Services Group Inc. now owns 5,563 shares of the industrial products company’s stock valued at $175,000 after acquiring an additional 403 shares during the last quarter. Clear Perspective Advisors LLC bought a new position in Terex Corporation during the second quarter valued at $198,000. National Planning Corp bought a new position in Terex Corporation during the second quarter valued at $209,000. Finally, CIBC World Markets Inc. bought a new position in Terex Corporation during the second quarter valued at $210,000. Institutional investors own 97.72% 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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