Terex Corporation (TEX) Price Target Cut to $40.00
Terex Corporation (NYSE:TEX) had its price target lowered by Bank of America Corporation from $42.00 to $40.00 in a research report issued on Wednesday. The firm currently has an “underperform” rating on the industrial products company’s stock. Bank of America Corporation’s price target indicates a potential downside of 10.23% from the stock’s current price.
A number of other brokerages also recently weighed in on TEX. BMO Capital Markets reiterated a “hold” rating and issued a $35.00 price target on shares of Terex Corporation in a report on Thursday, July 20th. Deutsche Bank AG set a $44.00 price target on Terex Corporation and gave the company a “buy” rating in a report on Thursday, August 3rd. UBS AG reiterated a “buy” rating and issued a $44.00 price target (up from $40.00) on shares of Terex Corporation in a report on Wednesday, August 2nd. TheStreet upgraded Terex Corporation from a “c” rating to a “b” rating in a research report on Tuesday, August 1st. Finally, Royal Bank Of Canada restated a “hold” rating and set a $38.00 price objective on shares of Terex Corporation in a research report on Wednesday, September 13th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $41.93.
Terex Corporation (NYSE TEX) traded up $0.28 during trading on Wednesday, reaching $44.56. The company had a trading volume of 233,733 shares, compared to its average volume of 1,080,000. The firm has a market cap of $3,980.00, a price-to-earnings ratio of 39.88, a PEG ratio of 3.12 and a beta of 1.89. The company has a quick ratio of 1.53, a current ratio of 2.42 and a debt-to-equity ratio of 0.71. Terex Corporation has a 12-month low of $27.16 and a 12-month high of $48.86.
Terex Corporation (NYSE:TEX) last posted its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.14. Terex Corporation had a positive return on equity of 7.01% and a negative net margin of 2.62%. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the business earned $0.19 EPS. Terex Corporation’s revenue for the quarter was up 5.2% compared to the same quarter last year. sell-side analysts anticipate that Terex Corporation will post 1.29 earnings per share for the current year.
Terex Corporation declared that its board has authorized a stock repurchase plan on Wednesday, September 6th that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 6.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
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In other news, Director David A. Sachs bought 3,000 shares of the company’s stock in a transaction on Friday, August 18th. The shares were bought at an average cost of $37.97 per share, with a total value of $113,910.00. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Eric I. Cohen sold 10,000 shares of the company’s stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $45.00, for a total value of $450,000.00. Following the sale, the vice president now owns 195,980 shares of the company’s stock, valued at approximately $8,819,100. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 4,204 shares of company stock worth $165,715 and have sold 68,115 shares worth $2,798,544. 2.50% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in TEX. BlackRock Inc. boosted its stake in shares of Terex Corporation by 11,851.5% during the 1st quarter. BlackRock Inc. now owns 8,449,356 shares of the industrial products company’s stock worth $265,310,000 after acquiring an additional 8,378,659 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Terex Corporation by 1,197.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,759,927 shares of the industrial products company’s stock worth $65,999,000 after acquiring an additional 1,624,263 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in Terex Corporation by 51.0% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 3,624,339 shares of the industrial products company’s stock valued at $135,913,000 after purchasing an additional 1,224,422 shares during the period. Systematic Financial Management LP bought a new stake in Terex Corporation during the 3rd quarter valued at approximately $42,612,000. Finally, 1060 Capital LLC bought a new stake in Terex Corporation during the 2nd quarter valued at approximately $25,739,000. Institutional investors own 97.69% 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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