KeyCorp Brokers Boost Earnings Estimates for Terex Corporation (NYSE:TEX)
Terex Corporation (NYSE:TEX) – Equities researchers at KeyCorp boosted their Q3 2017 earnings per share (EPS) estimates for Terex Corporation in a report issued on Wednesday. KeyCorp analyst S. Barger now forecasts that the industrial products company will post earnings per share of $0.38 for the quarter, up from their previous forecast of $0.25. KeyCorp also issued estimates for Terex Corporation’s Q4 2017 earnings at $0.28 EPS, FY2017 earnings at $1.19 EPS, Q1 2018 earnings at $0.38 EPS, Q2 2018 earnings at $0.83 EPS and FY2018 earnings at $2.14 EPS.
TEX has been the subject of several other research reports. Credit Suisse Group set a $45.00 price objective on shares of Terex Corporation and gave the stock a “buy” rating in a research report on Monday, June 26th. Zacks Investment Research raised shares of Terex Corporation from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Thursday, July 13th. Wells Fargo & Company reaffirmed an “outperform” rating and set a $41.00 price objective (up previously from $38.50) on shares of Terex Corporation in a research report on Monday, June 19th. Goldman Sachs Group Inc downgraded shares of Terex Corporation from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research report on Thursday, June 15th. Finally, Bank of America Corporation downgraded shares of Terex Corporation from a “neutral” rating to an “underperform” rating and raised their price objective for the stock from $29.00 to $33.00 in a research report on Thursday, May 11th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Terex Corporation has a consensus rating of “Hold” and a consensus price target of $35.94.
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Terex Corporation (TEX) opened at 39.44 on Monday. The stock has a 50 day moving average of $37.34 and a 200 day moving average of $33.55. Terex Corporation has a 12-month low of $21.88 and a 12-month high of $39.90. The firm’s market cap is $3.77 billion.
Terex Corporation (NYSE:TEX) last released its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.09. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Terex Corporation had a negative net margin of 1.76% and a positive return on equity of 4.98%. 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 company earned $0.64 earnings per share.
A number of institutional investors have recently modified their holdings of the stock. Creative Planning boosted its position in shares of Terex Corporation by 3.4% in the first quarter. Creative Planning now owns 9,221 shares of the industrial products company’s stock valued at $290,000 after buying an additional 307 shares during the period. Bank of Montreal Can boosted its position in shares of Terex Corporation by 1.5% in the first quarter. Bank of Montreal Can now owns 46,148 shares of the industrial products company’s stock valued at $1,448,000 after buying an additional 661 shares during the period. Capstone Asset Management Co. boosted its position in shares of Terex Corporation by 2.8% in the first quarter. Capstone Asset Management Co. now owns 14,248 shares of the industrial products company’s stock valued at $447,000 after buying an additional 390 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of Terex Corporation by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 26,700 shares of the industrial products company’s stock valued at $838,000 after buying an additional 500 shares during the period. Finally, Farmers & Merchants Investments Inc. boosted its position in shares of Terex Corporation by 28.9% in the first quarter. Farmers & Merchants Investments Inc. now owns 46,699 shares of the industrial products company’s stock valued at $1,466,000 after buying an additional 10,477 shares during the period. Institutional investors and hedge funds own 90.89% of the company’s stock.
In other Terex Corporation news, SVP Kevin Bradley sold 5,000 shares of the firm’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $33.70, for a total transaction of $168,500.00. Following the transaction, the senior vice president now directly owns 74,612 shares in the company, valued at approximately $2,514,424.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Brian J. Henry sold 7,512 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $33.48, for a total value of $251,501.76. Following the transaction, the senior vice president now owns 322,993 shares in the company, valued at $10,813,805.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 841 shares of company stock worth $29,607 and have sold 71,508 shares worth $2,502,041. 2.50% of the stock is currently owned by company insiders.
Terex Corporation declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 30th that authorizes the company to buyback $280.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 8.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 19th. Investors of record on Wednesday, August 9th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.81%. The ex-dividend date is Monday, August 7th. Terex Corporation’s payout ratio is currently -50.79%.
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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