Terex Corporation (TEX) Posts Earnings Results, Beats Estimates By $0.09 EPS
Terex Corporation (NYSE:TEX) announced its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.09, Briefing.com reports. Terex Corporation had a negative net margin of 1.76% and a positive return on equity of 4.98%. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the company earned $0.64 EPS. Terex Corporation’s revenue was down 8.9% compared to the same quarter last year.
Terex Corporation (NYSE TEX) traded down 0.48% during trading on Friday, hitting $37.53. 1,524,861 shares of the company were exchanged. The company has a 50-day moving average of $38.35 and a 200-day moving average of $34.12. The company’s market capitalization is $3.36 billion. Terex Corporation has a 12 month low of $21.88 and a 12 month high of $40.24.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 19th. Investors of record on Wednesday, August 9th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, August 7th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.85%. Terex Corporation’s payout ratio is currently -50.79%.
Several brokerages recently issued reports on TEX. UBS AG reaffirmed a “buy” rating and set a $44.00 price objective (up previously from $40.00) on shares of Terex Corporation in a research note on Tuesday, August 8th. BMO Capital Markets reissued a “hold” rating and issued a $35.00 price target on shares of Terex Corporation in a research note on Thursday, July 20th. 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 research note on Thursday, July 13th. TheStreet raised shares of Terex Corporation from a “c” rating to a “b” rating in a research note on Tuesday, August 1st. Finally, Deutsche Bank AG set a $44.00 price target on shares of Terex Corporation and gave the company a “buy” rating in a research note on Thursday, August 3rd. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $36.63.
Terex Corporation declared that its board has authorized a share buyback program on Tuesday, May 30th that authorizes the company to buyback $280.00 million in shares. This buyback authorization authorizes the industrial products company to buy up to 8.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
In other Terex Corporation news, insider Steve Filipov sold 4,564 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $38.22, for a total transaction of $174,436.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Eric I. Cohen sold 3,392 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $39.23, for a total transaction of $133,068.16. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 1,224 shares of company stock valued at $44,403 and sold 85,464 shares valued at $3,167,075. 2.50% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the company. Sei Investments Co. increased its stake in Terex Corporation by 19.5% in the second quarter. Sei Investments Co. now owns 3,800 shares of the industrial products company’s stock valued at $142,000 after buying an additional 619 shares in the last quarter. 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 in the last quarter. 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 in the last quarter. Clear Perspective Advisors LLC acquired a new stake in Terex Corporation during the second quarter valued at about $198,000. Finally, National Planning Corp acquired a new stake in Terex Corporation during the second quarter valued at about $209,000. Institutional investors own 99.28% of the company’s stock.
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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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