Public Employees Retirement Association of Colorado Sells 515 Shares of Terex Corporation (TEX)
Public Employees Retirement Association of Colorado cut its stake in shares of Terex Corporation (NYSE:TEX) by 2.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,029 shares of the industrial products company’s stock after selling 515 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Terex Corporation were worth $826,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its stake in 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 increased its stake in 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. New England Research & Management Inc. purchased a new stake in Terex Corporation during the second quarter valued at about $274,000. Invictus RG purchased a new stake in Terex Corporation during the first quarter valued at about $237,000. Finally, Meadow Creek Investment Management LLC increased 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 period. Institutional investors and hedge funds own 99.28% of the company’s stock.
Shares of Terex Corporation (NYSE TEX) opened at 37.71 on Friday. The company’s market capitalization is $3.37 billion. The company’s 50 day moving average price is $38.31 and its 200 day moving average price is $34.08. Terex Corporation has a 12 month low of $21.88 and a 12 month high of $40.24.
Terex Corporation (NYSE:TEX) last posted its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.09. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates 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 quarterly revenue was down 8.9% on a year-over-year basis. During the same quarter last year, the company earned $0.64 earnings per share. Analysts expect that Terex Corporation will post $1.15 EPS for the current fiscal year.
Terex Corporation announced that its Board of Directors has initiated a stock 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 reacquire up to 8.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 19th. Shareholders of record on Wednesday, August 9th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.85%. The ex-dividend date is Monday, August 7th. Terex Corporation’s dividend payout ratio (DPR) is currently -50.79%.
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Several research firms recently issued reports on TEX. UBS AG restated a “buy” rating and issued a $44.00 price target (up from $40.00) on shares of Terex Corporation in a research note on Tuesday, August 8th. Deutsche Bank AG set a $44.00 price target on Terex Corporation and gave the company a “buy” rating in a research note on Thursday, August 3rd. Zacks Investment Research upgraded Terex Corporation from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Thursday, July 13th. TheStreet upgraded Terex Corporation from a “c” rating to a “b” rating in a research note on Tuesday, August 1st. Finally, J P Morgan Chase & Co upgraded Terex Corporation from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $30.00 to $47.00 in a research note on Tuesday, April 25th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $36.63.
In other Terex Corporation news, SVP Brian J. Henry sold 7,512 shares of Terex Corporation stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $33.48, for a total transaction of $251,501.76. Following the completion of the sale, the senior vice president now owns 322,993 shares of the company’s stock, valued at $10,813,805.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Kevin Bradley sold 5,000 shares of Terex Corporation stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $33.70, for a total value of $168,500.00. Following the sale, the senior vice president now directly owns 74,612 shares of the company’s stock, valued at approximately $2,514,424.40. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 1,224 shares of company stock valued at $44,403 and have sold 85,464 shares valued at $3,167,075. 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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