Terex Corp. (TEX) Upgraded to Buy by Bank of America Corp.
Bank of America Corp. upgraded shares of Terex Corp. (NYSE:TEX) from an underperform rating to a buy rating in a report published on Friday. They currently have $29.00 price objective on the stock, up from their previous price objective of $21.00.
Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Terex Corp. from a hold rating to a buy rating and set a $22.00 target price for the company in a research report on Tuesday, June 28th. Wells Fargo & Co. restated a buy rating on shares of Terex Corp. in a research report on Wednesday, June 22nd. Barclays PLC lowered their price objective on shares of Terex Corp. from $25.00 to $20.00 and set an equal weight rating for the company in a research report on Monday, July 11th. Stifel Nicolaus set a $29.00 price objective on shares of Terex Corp. and gave the company a buy rating in a research report on Wednesday, August 3rd. Finally, Jefferies Group cut shares of Terex Corp. from a buy rating to a hold rating and set a $25.00 price objective for the company. in a research report on Tuesday, August 9th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. Terex Corp. presently has a consensus rating of Hold and a consensus price target of $24.50.
Terex Corp. (NYSE:TEX) traded down 1.333% during midday trading on Friday, hitting $24.805. 185,388 shares of the stock were exchanged. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 50.213 and a beta of 2.93. The company has a 50 day moving average price of $24.32 and a 200 day moving average price of $23.24. Terex Corp. has a one year low of $13.62 and a one year high of $25.85.
Terex Corp. (NYSE:TEX) last announced its earnings results on Tuesday, August 2nd. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.10. The business earned $1.30 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Terex Corp. had a net margin of 0.92% and a return on equity of 9.63%. The firm’s revenue for the quarter was down 10.1% on a year-over-year basis. During the same quarter last year, the company posted $0.78 EPS. Equities analysts anticipate that Terex Corp. will post $0.96 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 19th. Shareholders of record on Thursday, November 10th will be given a dividend of $0.07 per share. The ex-dividend date is Tuesday, November 8th. This represents a $0.28 dividend on an annualized basis and a yield of 1.11%. Terex Corp.’s dividend payout ratio (DPR) is 57.14%.
In other news, VP Eric I. Cohen sold 8,258 shares of the business’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $24.29, for a total value of $200,586.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew Fearon sold 3,632 shares of the business’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $24.69, for a total transaction of $89,674.08. Following the completion of the sale, the insider now directly owns 111,114 shares of the company’s stock, valued at approximately $2,743,404.66. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.
Several large investors have recently made changes to their positions in TEX. Pzena Investment Management LLC boosted its stake in shares of Terex Corp. by 49.1% in the second quarter. Pzena Investment Management LLC now owns 7,164,504 shares of the company’s stock worth $145,511,000 after buying an additional 2,359,735 shares during the last quarter. Prudential Financial Inc. boosted its stake in Terex Corp. by 2,882.0% in the second quarter. Prudential Financial Inc. now owns 1,992,054 shares of the company’s stock valued at $40,459,000 after buying an additional 1,925,252 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in Terex Corp. by 105.3% in the second quarter. TIAA CREF Investment Management LLC now owns 3,191,643 shares of the company’s stock valued at $64,822,000 after buying an additional 1,636,964 shares in the last quarter. Schroder Investment Management Group purchased a new stake in Terex Corp. during the second quarter valued at $23,860,000. Finally, Highline Capital Management L.P. purchased a new stake in Terex Corp. during the second quarter valued at $14,572,000. 80.77% of the stock is owned by institutional investors.
Terex Corp. Company Profile
Terex Corporation is a lifting and material handling solutions company. The Company is focused on providing its operations and delivering solutions for a range of commercial applications, including the construction, infrastructure, mining, manufacturing, transportation, energy and utility industries.
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