Terex Corporation (TEX) to Buyback $225.00 million in Stock
Terex Corporation (NYSE:TEX) announced that its board has authorized a share buyback program, which permits the company to buyback $225.00 million in outstanding shares on Wednesday, September 6th, EventVestor reports. This buyback authorization permits the industrial products company to purchase up to 6.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
Terex Corporation (TEX) traded down 0.42% during midday trading on Thursday, reaching $38.08. The company’s stock had a trading volume of 194,295 shares. The company’s market capitalization is $3.40 billion. Terex Corporation has a 1-year low of $21.88 and a 1-year high of $40.24. The company’s 50-day moving average price is $38.50 and its 200-day moving average price is $34.70.
Terex Corporation (NYSE:TEX) last announced its quarterly earnings data 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 business 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 company’s revenue was down 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.64 earnings per share. On average, analysts predict that Terex Corporation will post $1.15 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 19th. Stockholders of record on Wednesday, August 9th will be issued a $0.08 dividend. The ex-dividend date is Monday, August 7th. This represents a $0.32 annualized dividend and a dividend yield of 0.84%. Terex Corporation’s dividend payout ratio (DPR) is -50.79%.
TEX has been the topic of several recent analyst reports. Deutsche Bank AG set a $44.00 price target on shares of Terex Corporation and gave the company a “buy” rating in a research note on Thursday, August 3rd. UBS AG reiterated a “buy” rating and issued a $44.00 price target (up from $40.00) on shares of Terex Corporation in a research note on Wednesday, August 2nd. BMO Capital Markets reiterated a “hold” rating and issued a $35.00 price target on shares of Terex Corporation in a research note on Thursday, July 20th. BidaskClub raised Terex Corporation from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 13th. Finally, TheStreet raised Terex Corporation from a “c” rating to a “b” rating in a report on Tuesday, August 1st. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $36.63.
In other news, SVP Kevin Bradley sold 3,000 shares of the business’s stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $37.30, for a total transaction of $111,900.00. Following the sale, the senior vice president now directly owns 51,612 shares of the company’s stock, valued at $1,925,127.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Eric I. Cohen sold 3,392 shares of the business’s 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 disclosure for this sale can be found here. In the last 90 days, insiders bought 3,785 shares of company stock valued at $143,509 and sold 85,952 shares valued at $3,241,073. Corporate insiders own 2.50% 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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