Terex (TEX) Downgraded to “Hold” at ValuEngine
Terex (NYSE:TEX) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
Other analysts have also issued reports about the stock. UBS reaffirmed a “buy” rating and issued a $44.00 price target (up from $40.00) on shares of Terex in a research note on Tuesday, August 8th. Deutsche Bank set a $44.00 price target on shares of Terex and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Wells Fargo & Company set a $52.00 price target on shares of Terex and gave the stock a “buy” rating in a research note on Monday, October 16th. Zacks Investment Research raised shares of Terex from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research note on Wednesday, October 11th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Terex in a research note on Wednesday, November 1st. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $41.93.
Terex (NYSE:TEX) traded down $0.95 during trading on Friday, reaching $45.81. 1,340,392 shares of the company’s stock were exchanged, compared to its average volume of 1,443,326. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.42 and a quick ratio of 1.53. The firm has a market cap of $3,850.00, a price-to-earnings ratio of 40.16, a price-to-earnings-growth ratio of 3.14 and a beta of 1.89. Terex has a 52-week low of $28.67 and a 52-week high of $48.86.
Terex announced that its board has approved a share repurchase program on Wednesday, September 6th that allows the company to repurchase $225.00 million in outstanding shares. This repurchase authorization allows the industrial products company to purchase up to 6.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
In related news, VP Eric I. Cohen sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $45.00, for a total value of $450,000.00. Following the sale, the vice president now directly owns 195,980 shares in the company, valued at approximately $8,819,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark I. Clair sold 3,014 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $45.53, for a total transaction of $137,227.42. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 1,204 shares of company stock worth $51,805 and sold 54,737 shares worth $2,308,703. 2.50% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. raised its holdings in shares of Terex by 19.5% in the 2nd quarter. Sei Investments Co. now owns 3,800 shares of the industrial products company’s stock worth $142,000 after purchasing an additional 619 shares in the last quarter. Clear Perspective Advisors LLC acquired a new stake in shares of Terex during the second quarter valued at approximately $198,000. Pacer Advisors Inc. raised its holdings in shares of Terex by 450.2% during the third quarter. Pacer Advisors Inc. now owns 4,446 shares of the industrial products company’s stock valued at $200,000 after acquiring an additional 3,638 shares during the period. Invictus RG raised its holdings in shares of Terex by 95.4% during the third quarter. Invictus RG now owns 4,618 shares of the industrial products company’s stock valued at $208,000 after acquiring an additional 2,255 shares during the period. Finally, National Planning Corp acquired a new stake in shares of Terex during the second quarter valued at approximately $209,000. Institutional investors and hedge funds own 96.81% of the company’s stock.
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Terex Company 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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