Terex Corporation Declares Quarterly Dividend of $0.08 (TEX)
Terex Corporation (NYSE:TEX) announced a quarterly dividend on Wednesday, October 11th, RTT News reports. Shareholders of record on Thursday, November 9th will be paid a dividend of 0.08 per share by the industrial products company on Tuesday, December 19th. This represents a $0.32 dividend on an annualized basis and a yield of 0.70%.
Terex Corporation has increased its dividend by an average of 77.6% per year over the last three years and has raised its dividend every year for the last 3 years. Terex Corporation has a payout ratio of 27.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Terex Corporation to earn $2.04 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 15.7%.
Shares of Terex Corporation (NYSE:TEX) traded up 0.68% during midday trading on Wednesday, reaching $45.82. The company’s stock had a trading volume of 1,002,373 shares. Terex Corporation has a 52-week low of $21.88 and a 52-week high of $46.68. The stock’s market cap is $4.10 billion. The stock has a 50-day moving average price of $41.93 and a 200-day moving average price of $36.91.
Terex Corporation (NYSE:TEX) last announced its earnings results on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.09. Terex Corporation had a positive return on equity of 4.98% and a negative net margin of 1.76%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the company earned $0.64 EPS. The business’s revenue was down 8.9% compared to the same quarter last year. Equities research analysts anticipate that Terex Corporation will post $1.15 earnings per share for the current fiscal year.
Terex Corporation declared that its Board of Directors has initiated a stock repurchase program on Wednesday, September 6th that permits the company to repurchase $225.00 million in shares. This repurchase authorization permits the industrial products company to buy up to 6.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
In related news, Director David A. Sachs bought 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were bought at an average cost of $37.97 per share, with a total value of $113,910.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Eric I. Cohen sold 10,000 shares of the firm’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $45.00, for a total value of $450,000.00. Following the completion of the transaction, the vice president now directly owns 195,980 shares in the company, valued at $8,819,100. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 4,264 shares of company stock worth $165,731 and sold 101,679 shares worth $4,098,710. 2.50% of the stock is currently owned by company insiders.
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Several analysts recently weighed in on TEX shares. Zacks Investment Research upgraded Terex Corporation from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research note on Wednesday. UBS AG reiterated a “buy” rating and set a $52.00 target price (up from $44.00) on shares of Terex Corporation in a research note on Wednesday. Deutsche Bank AG downgraded Terex Corporation from a “buy” rating to a “hold” rating and cut their target price for the company from $44.00 to $43.00 in a research note on Thursday, September 21st. Royal Bank Of Canada reiterated a “hold” rating and set a $38.00 target price on shares of Terex Corporation in a research note on Wednesday, September 13th. Finally, OTR Global downgraded Terex Corporation to a “positive” rating in a research note on Wednesday, September 13th. Four analysts have rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Terex Corporation presently has a consensus rating of “Hold” and an average target price of $39.71.
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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