OTR Global Downgrades Terex Corporation (TEX) to Positive
Terex Corporation (NYSE:TEX) was downgraded by investment analysts at OTR Global to a “positive” rating in a research note issued to investors on Wednesday, The Fly reports.
Several other analysts have also issued reports on the stock. Credit Suisse Group set a $45.00 price target on shares of Terex Corporation and gave the company a “buy” rating in a research report on Monday, June 26th. BMO Capital Markets restated a “hold” rating and set a $35.00 price target on shares of Terex Corporation in a research report on Thursday, July 20th. BidaskClub upgraded shares of Terex Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 13th. Goldman Sachs Group, Inc. (The) lowered shares of Terex Corporation from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research report on Thursday, June 15th. Finally, Wells Fargo & Company restated an “outperform” rating and set a $41.00 price target (up from $38.50) on shares of Terex Corporation in a research report on Monday, June 19th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $36.63.
Terex Corporation (NYSE:TEX) traded up 1.4057% during midday trading on Wednesday, hitting $42.3166. The company had a trading volume of 1,142,213 shares. The firm’s 50 day moving average is $38.56 and its 200-day moving average is $34.88. Terex Corporation has a 52 week low of $21.88 and a 52 week high of $42.73. The firm’s market capitalization is $3.78 billion.
Terex Corporation (NYSE:TEX) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.51 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.09. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Terex Corporation had a positive return on equity of 4.98% and a negative net margin of 1.76%. The firm’s revenue was down 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 earnings per share. On average, equities research analysts expect that Terex Corporation will post $1.15 EPS for the current fiscal year.
Terex Corporation announced that its board has authorized a share buyback program on Tuesday, May 30th that permits the company to buyback $280.00 million in shares. This buyback authorization permits the industrial products company to purchase up to 8.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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In related news, insider Kevin A. Barr sold 15,000 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $38.92, for a total value of $583,800.00. Following the completion of the transaction, the insider now directly owns 143,304 shares of the company’s stock, valued at $5,577,391.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Brian J. Henry sold 10,154 shares of the stock in a transaction dated 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 transaction, the senior vice president now directly owns 313,263 shares of the company’s stock, valued at $12,530,520. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 4,202 shares of company stock valued at $159,449 and have sold 84,878 shares valued at $3,295,017. Corporate insiders own 2.50% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Dean Capital Management bought a new position in Terex Corporation in the second quarter worth about $2,434,000. Sterling Capital Management LLC bought a new position in Terex Corporation in the second quarter worth about $768,000. Caxton Associates LP raised its stake in Terex Corporation by 66.7% in the second quarter. Caxton Associates LP now owns 150,000 shares of the industrial products company’s stock worth $5,625,000 after buying an additional 60,000 shares in the last quarter. BlueCrest Capital Management Ltd bought a new position in Terex Corporation in the second quarter worth about $2,872,000. Finally, Gotham Asset Management LLC raised its stake in Terex Corporation by 30.9% in the second quarter. Gotham Asset Management LLC now owns 459,144 shares of the industrial products company’s stock worth $17,218,000 after buying an additional 108,486 shares in the last quarter. 97.40% of the stock is owned by institutional investors.
Terex Corporation Company Profile
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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