Terex Corporation (TEX) Stake Decreased by Principal Financial Group Inc.
Principal Financial Group Inc. cut its holdings in shares of Terex Corporation (NYSE:TEX) by 5.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 418,758 shares of the industrial products company’s stock after selling 22,839 shares during the period. Principal Financial Group Inc. owned about 0.44% of Terex Corporation worth $15,704,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the company. IndexIQ Advisors LLC acquired a new stake in shares of Terex Corporation during the second quarter valued at about $565,000. 1060 Capital LLC acquired a new stake in shares of Terex Corporation during the second quarter valued at about $25,739,000. Mirador Capital Partners LP grew its stake in shares of Terex Corporation by 4.5% during the second quarter. Mirador Capital Partners LP now owns 9,118 shares of the industrial products company’s stock valued at $360,000 after acquiring an additional 394 shares in the last quarter. Brighton Jones LLC acquired a new stake in shares of Terex Corporation during the second quarter valued at about $2,303,000. Finally, Prudential Financial Inc. grew its stake in shares of Terex Corporation by 156.4% during the second quarter. Prudential Financial Inc. now owns 271,282 shares of the industrial products company’s stock valued at $10,173,000 after acquiring an additional 165,460 shares in the last quarter. Institutional investors own 97.38% of the company’s stock.
Several analysts have recently weighed in on the company. BMO Capital Markets restated a “hold” rating and set a $35.00 target price on shares of Terex Corporation in a research note on Monday, August 21st. Goldman Sachs Group, Inc. (The) downgraded Terex Corporation from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a research note on Thursday, June 15th. Deutsche Bank AG set a $44.00 price target on Terex Corporation and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Royal Bank Of Canada reiterated a “hold” rating and issued a $38.00 price target on shares of Terex Corporation in a research note on Wednesday, September 13th. Finally, TheStreet upgraded Terex Corporation from a “c” rating to a “b” rating in a research note on Tuesday, August 1st. Four research analysts have rated the stock with a sell rating, five have assigned 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 a consensus price target of $38.00.
Shares of Terex Corporation (NYSE TEX) opened at 43.47 on Monday. The company’s market cap is $3.89 billion. The stock’s 50 day moving average price is $39.01 and its 200-day moving average price is $35.16. Terex Corporation has a 12-month low of $21.88 and a 12-month high of $43.67.
Terex Corporation (NYSE:TEX) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.09. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Terex Corporation had a negative net margin of 1.76% and a positive return on equity of 4.98%. The company’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 earnings per share. On average, equities research analysts forecast that Terex Corporation will post $1.15 earnings per share for the current year.
Terex Corporation declared that its Board of Directors has initiated a share buyback program on Tuesday, May 30th that authorizes the company to buyback $280.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 8.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed 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. The ex-dividend date of this dividend is Monday, August 7th. This represents a $0.32 annualized dividend and a yield of 0.74%. Terex Corporation’s dividend payout ratio is -50.79%.
In other news, insider Kevin A. Barr sold 2,682 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $43.05, for a total transaction of $115,460.10. Following the transaction, the insider now directly owns 126,762 shares in the company, valued at $5,457,104.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Sachs bought 3,000 shares of Terex Corporation stock in a transaction dated Friday, August 18th. The shares were bought at an average price of $37.97 per share, for a total transaction of $113,910.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 4,202 shares of company stock worth $159,449 and have sold 87,560 shares worth $3,410,477. 2.50% of the stock is currently owned by corporate 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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