Canada Pension Plan Investment Board Has $3.89 Million Position in Terex Corporation (TEX)
Canada Pension Plan Investment Board increased its stake in shares of Terex Corporation (NYSE:TEX) by 7.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 103,600 shares of the industrial products company’s stock after buying an additional 7,300 shares during the period. Canada Pension Plan Investment Board owned about 0.11% of Terex Corporation worth $3,885,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. Sei Investments Co. boosted its position in shares of 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. boosted 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 in the last quarter. US Bancorp DE boosted 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 in the last quarter. New England Research & Management Inc. bought a new position in shares of Terex Corporation during the second quarter valued at $274,000. Finally, Invictus RG bought a new position in shares of Terex Corporation during the first quarter valued at $237,000. 99.28% of the stock is owned by hedge funds and other institutional investors.
Terex Corporation (TEX) opened at 37.97 on Thursday. Terex Corporation has a one year low of $21.88 and a one year high of $40.24. The firm has a 50-day moving average price of $38.37 and a 200-day moving average price of $34.27. The firm’s market cap is $3.39 billion.
Terex Corporation (NYSE:TEX) last announced its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.51 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.09. Terex Corporation had a negative net margin of 1.76% and a positive return on equity of 4.98%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm earned $0.64 EPS. The firm’s revenue for the quarter was down 8.9% compared to the same quarter last year. On average, equities analysts expect that Terex Corporation will post $1.15 EPS for the current fiscal year.
Terex Corporation declared that its Board of Directors has approved a share buyback plan on Tuesday, May 30th that allows the company to repurchase $280.00 million in shares. This repurchase authorization allows the industrial products company to buy up to 8.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 19th. Investors of record on Wednesday, August 9th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date is Monday, August 7th. Terex Corporation’s payout ratio is -50.79%.
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Several equities analysts have weighed in on the company. UBS AG reaffirmed a “buy” rating and issued a $44.00 price objective (up from $40.00) on shares of Terex Corporation in a report on Tuesday, August 8th. Deutsche Bank AG set a $44.00 price objective on Terex Corporation and gave the company a “buy” rating in a report on Thursday, August 3rd. BMO Capital Markets reaffirmed a “hold” rating and issued a $35.00 price objective on shares of Terex Corporation in a report on Monday. Zacks Investment Research raised Terex Corporation from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Thursday, July 13th. Finally, TheStreet raised Terex Corporation from a “c” rating to a “b” rating in a report on Tuesday, August 1st. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $36.63.
In related news, SVP Brian J. Henry sold 7,512 shares of the stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $33.48, for a total value of $251,501.76. Following the completion of the transaction, the senior vice president now owns 322,993 shares of the company’s stock, valued at approximately $10,813,805.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Matthew Fearon sold 13,000 shares of the stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $38.00, for a total transaction of $494,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 4,224 shares of company stock valued at $158,313 and sold 93,464 shares valued at $3,492,575. 2.50% of the stock is currently owned by company insiders.
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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