Northern Trust Corp Decreases Holdings in Terex Corporation (TEX)
Northern Trust Corp cut its stake in shares of Terex Corporation (NYSE:TEX) by 8.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 822,595 shares of the industrial products company’s stock after selling 79,809 shares during the period. Northern Trust Corp owned about 0.86% of Terex Corporation worth $30,847,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in TEX. US Bancorp DE raised its stake in Terex Corporation by 9.3% during the 1st 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 last quarter. UBS Asset Management Americas Inc. raised its stake in Terex Corporation by 14.8% during the 1st quarter. UBS Asset Management Americas Inc. now owns 94,264 shares of the industrial products company’s stock valued at $2,960,000 after buying an additional 12,131 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Terex Corporation by 13.5% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 8,515 shares of the industrial products company’s stock valued at $267,000 after buying an additional 1,014 shares during the last quarter. Prudential Financial Inc. raised its stake in Terex Corporation by 72.4% during the 1st quarter. Prudential Financial Inc. now owns 105,822 shares of the industrial products company’s stock valued at $3,323,000 after buying an additional 44,450 shares during the last quarter. Finally, Credit Agricole S A purchased a new stake in Terex Corporation during the 1st quarter valued at $338,000. Institutional investors and hedge funds own 97.40% of the company’s stock.
Terex Corporation (NYSE TEX) opened at 46.03 on Wednesday. The company has a 50-day moving average of $42.73 and a 200 day moving average of $37.25. Terex Corporation has a one year low of $21.88 and a one year high of $46.68. The company’s market cap is $4.12 billion.
Terex Corporation (NYSE:TEX) last released its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the company earned $0.64 earnings per share. The firm’s revenue for the quarter was down 8.9% on a year-over-year basis. Analysts anticipate that Terex Corporation will post $1.15 earnings per share for the current year.
Terex Corporation announced that its Board of Directors has initiated a stock buyback plan on Wednesday, September 6th that authorizes the company to repurchase $225.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 6.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Thursday, November 9th will be issued a $0.08 dividend. The ex-dividend date is Wednesday, November 8th. This represents a $0.32 dividend on an annualized basis and a yield of 0.70%. Terex Corporation’s payout ratio is -50.79%.
A number of equities research analysts have weighed in on the stock. Wells Fargo & Company set a $52.00 target price on shares of Terex Corporation and gave the company a “buy” rating in a research note on Monday. Citigroup Inc. boosted their target price on shares of Terex Corporation from $39.00 to $49.00 and gave the company a “neutral” rating in a research note on Friday, October 13th. Zacks Investment Research upgraded shares of Terex Corporation from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a research note on Wednesday, October 11th. UBS AG set a $52.00 target price on shares of Terex Corporation and gave the company a “buy” rating in a research note on Wednesday, October 11th. Finally, Deutsche Bank AG lowered shares of Terex Corporation from a “buy” rating to a “hold” rating and decreased their target price for the company from $44.00 to $43.00 in a research note on Thursday, September 21st. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $41.43.
In other Terex Corporation news, VP Eric I. Cohen sold 3,392 shares of Terex Corporation stock in a transaction on Monday, August 14th. The shares were sold at an average price of $39.23, for a total value of $133,068.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Eric I. Cohen sold 8,892 shares of Terex Corporation stock in a transaction on Friday, September 8th. The shares were sold at an average price of $39.50, for a total transaction of $351,234.00. Following the completion of the transaction, the vice president now directly owns 196,280 shares of the company’s stock, valued at approximately $7,753,060. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 4,264 shares of company stock valued at $165,731 and sold 98,679 shares valued at $3,981,710. 2.50% of the stock is currently owned by insiders.
Terex Corporation Profile
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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