Terex Corporation (TEX) Upgraded by Zacks Investment Research to Buy
Terex Corporation (NYSE:TEX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $51.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.06% from the company’s current price.
According to Zacks, “Terex will continue to benefit from progress on capital allocation strategy. Its focus on portfolio restructuring and cost-saving initiatives is likely to boost results in the near term. Terex has sold its remaining shares in Konecranes and received approximately $773 million for the sale of the 19.6 million shares of Konecranes. This brings the total consideration received for the disposition of the Material Handling & Port Solution segment to $1.6 billion. The sale of the segment was in sync with efforts to simplify structure in a bid to improve efficiency and enhance global competitiveness. The stock outperformed the industry over the past year. The company has a mixed record of earnings surprises in the last few quarters.”
TEX has been the topic of several other reports. BMO Capital Markets restated a “hold” rating and set a $35.00 price target on shares of Terex Corporation in a research report on Monday, August 21st. Goldman Sachs Group, Inc. (The) lowered Terex Corporation from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research report on Thursday, June 15th. Deutsche Bank AG set a $44.00 price target on Terex Corporation and gave the company a “buy” rating in a research report on Thursday, August 3rd. Royal Bank Of Canada restated a “hold” rating and set a $38.00 price target on shares of Terex Corporation in a research report on Wednesday, September 13th. Finally, TheStreet upgraded Terex Corporation from a “c” rating to a “b” rating in a research report on Tuesday, August 1st. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Terex Corporation currently has an average rating of “Hold” and a consensus price target of $39.71.
Shares of Terex Corporation (TEX) traded up 0.92% during trading on Wednesday, hitting $45.93. The company had a trading volume of 461,948 shares. The company’s 50 day moving average is $41.93 and its 200 day moving average is $36.91. The firm’s market capitalization is $4.11 billion. Terex Corporation has a 1-year low of $21.88 and a 1-year high of $46.68.
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. Terex Corporation had a positive return on equity of 4.98% and a negative net margin of 1.76%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the company posted $0.64 earnings per share. The firm’s revenue was down 8.9% on a year-over-year basis. Analysts anticipate that Terex Corporation will post $1.15 earnings per share for the current fiscal year.
Terex Corporation declared that its board has authorized a stock buyback program on Wednesday, September 6th that allows the company to repurchase $225.00 million in shares. This repurchase authorization allows the industrial products company to buy up to 6.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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In other news, insider Kevin A. Barr sold 2,682 shares of the business’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $43.05, for a total value of $115,460.10. Following the completion of the transaction, the insider now owns 126,762 shares in the company, valued at $5,457,104.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Eric I. Cohen sold 10,000 shares of the business’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 owns 195,980 shares of the company’s stock, valued at approximately $8,819,100. The disclosure for this sale can be found here. In the last 90 days, insiders bought 4,264 shares of company stock valued at $165,731 and sold 101,679 shares valued at $4,098,710. 2.50% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the company. Mascoma Wealth Management LLC purchased a new position in shares of Terex Corporation in the fourth quarter worth $111,000. Riverhead Capital Management LLC purchased a new position in shares of Terex Corporation in the third quarter worth $132,000. LS Investment Advisors LLC raised its stake in shares of Terex Corporation by 70.2% in the second quarter. LS Investment Advisors LLC now owns 6,648 shares of the industrial products company’s stock worth $135,000 after purchasing an additional 2,743 shares during the last quarter. Sei Investments Co. raised its stake in shares of Terex Corporation by 47.5% in the third quarter. Sei Investments Co. now owns 5,284 shares of the industrial products company’s stock worth $135,000 after purchasing an additional 1,701 shares during the last quarter. Finally, Creative Planning raised its stake in shares of Terex Corporation by 13.2% in the second quarter. Creative Planning now owns 8,600 shares of the industrial products company’s stock worth $175,000 after purchasing an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.
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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