Terex Corp. (TEX) Upgraded by Bank of America Corp. to Buy
Terex Corp. (NYSE:TEX) was upgraded by equities researchers at Bank of America Corp. from an “underperform” rating to a “buy” rating in a note issued to investors on Friday, The Fly reports.
TEX has been the topic of several other reports. Barclays PLC cut their price target on shares of Terex Corp. from $25.00 to $20.00 and set an “equal weight” rating on the stock in a report on Monday, July 11th. Zacks Investment Research upgraded shares of Terex Corp. from a “strong sell” rating to a “hold” rating in a research note on Monday, September 12th. Stifel Nicolaus set a $29.00 target price on shares of Terex Corp. and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. JPMorgan Chase & Co. set a $20.00 target price on shares of Terex Corp. and gave the stock a “hold” rating in a research note on Friday, August 5th. Finally, Deutsche Bank AG assumed coverage on shares of Terex Corp. in a research note on Tuesday, September 6th. They issued a “hold” rating and a $26.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $24.22.
Terex Corp. (NYSE:TEX) opened at 23.89 on Friday. The company has a 50-day moving average of $24.28 and a 200-day moving average of $23.24. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 48.36 and a beta of 2.93. Terex Corp. has a one year low of $13.62 and a one year high of $25.66.
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Terex Corp. (NYSE:TEX) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.54 by $0.10. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.61 billion. Terex Corp. had a net margin of 0.92% and a return on equity of 9.63%. The firm’s revenue was down 10.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.78 EPS. On average, equities analysts forecast that Terex Corp. will post $0.96 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 19th. Shareholders of record on Thursday, November 10th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.17%. Terex Corp.’s dividend payout ratio is currently 57.14%.
In other Terex Corp. news, insider Matthew Fearon sold 3,632 shares of the firm’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $24.69, for a total value of $89,674.08. Following the completion of the transaction, the insider now owns 111,114 shares of the company’s stock, valued at $2,743,404.66. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Steve Filipov sold 8,929 shares of the firm’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $24.20, for a total transaction of $216,081.80. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of TEX. Pzena Investment Management LLC boosted its position in shares of Terex Corp. by 49.1% in the second quarter. Pzena Investment Management LLC now owns 7,164,504 shares of the company’s stock valued at $145,511,000 after buying an additional 2,359,735 shares during the period. Prudential Financial Inc. boosted its position in shares of Terex Corp. by 2,882.0% in the second quarter. Prudential Financial Inc. now owns 1,992,054 shares of the company’s stock valued at $40,459,000 after buying an additional 1,925,252 shares during the period. TIAA CREF Investment Management LLC boosted its position in shares of Terex Corp. by 105.3% in the second quarter. TIAA CREF Investment Management LLC now owns 3,191,643 shares of the company’s stock valued at $64,822,000 after buying an additional 1,636,964 shares during the period. Schroder Investment Management Group acquired a new position in shares of Terex Corp. during the second quarter valued at about $23,860,000. Finally, Highline Capital Management L.P. acquired a new position in shares of Terex Corp. during the second quarter valued at about $14,572,000. 81.01% of the stock is owned by hedge funds and other institutional investors.
About Terex Corp.
Terex Corporation is a lifting and material handling solutions company. The Company is focused on providing its operations and delivering solutions for a range of commercial applications, including the construction, infrastructure, mining, manufacturing, transportation, energy and utility industries.
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