Geode Capital Management LLC Purchases 58,306 Shares of Terex Corporation (NYSE:TEX)
Geode Capital Management LLC raised its stake in shares of Terex Corporation (NYSE:TEX) by 7.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 824,753 shares of the industrial products company’s stock after buying an additional 58,306 shares during the period. Geode Capital Management LLC owned approximately 0.78% of Terex Corporation worth $25,897,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its position in shares of Terex Corporation by 7.8% in the first quarter. PNC Financial Services Group Inc. now owns 5,563 shares of the industrial products company’s stock valued at $175,000 after buying an additional 403 shares during the period. US Bancorp DE raised its position in shares of Terex Corporation by 9.3% in the first quarter. US Bancorp DE now owns 5,989 shares of the industrial products company’s stock valued at $188,000 after buying an additional 510 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Terex Corporation by 19.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 6,685 shares of the industrial products company’s stock valued at $212,000 after buying an additional 1,111 shares during the period. Raymond James Financial Services Advisors Inc. bought a new position in shares of Terex Corporation during the fourth quarter valued at approximately $237,000. Finally, Meadow Creek Investment Management LLC raised its stake in Terex Corporation by 80.6% in the first quarter. Meadow Creek Investment Management LLC now owns 7,744 shares of the industrial products company’s stock valued at $243,000 after buying an additional 3,456 shares during the last quarter. 90.89% of the stock is currently owned by institutional investors and hedge funds.
Shares of Terex Corporation (NYSE TEX) traded up 3.72% on Thursday, hitting $39.00. 1,951,887 shares of the company’s stock traded hands. The company’s market cap is $3.81 billion. Terex Corporation has a 1-year low of $21.88 and a 1-year high of $39.90. The firm’s 50-day moving average price is $37.34 and its 200 day moving average price is $33.55.
Terex Corporation (NYSE:TEX) last posted its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.09. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.15 billion. Terex Corporation had a positive return on equity of 4.85% and a negative net margin of 1.76%. The firm’s quarterly revenue was down 8.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 earnings per share. On average, equities research analysts expect that Terex Corporation will post $1.05 earnings per share for the current year.
Terex Corporation declared that its board has authorized a stock buyback program on Tuesday, May 30th that allows the company to repurchase $280.00 million in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 8.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 19th. Shareholders 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 dividend on an annualized basis and a yield of 0.82%. Terex Corporation’s payout ratio is currently -50.79%.
TEX has been the subject of several recent research reports. Credit Suisse Group set a $45.00 price objective on shares of Terex Corporation and gave the stock a “buy” rating in a research report on Monday, June 26th. Zacks Investment Research raised shares of Terex Corporation from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Thursday, July 13th. Wells Fargo & Company reiterated an “outperform” rating and set a $41.00 price objective (up from $38.50) on shares of Terex Corporation in a research note on Monday, June 19th. Goldman Sachs Group, Inc. (The) downgraded shares of 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. Finally, Bank of America Corporation downgraded shares of Terex Corporation from a “neutral” rating to an “underperform” rating and raised their price target for the stock from $29.00 to $33.00 in a research report on Thursday, May 11th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $35.94.
In other news, insider Steve Filipov sold 7,395 shares of the business’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $33.08, for a total transaction of $244,626.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Eric I. Cohen sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $36.42, for a total value of $364,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 841 shares of company stock valued at $29,607 and sold 78,903 shares valued at $2,746,667. 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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