Bank of New York Mellon Corp Buys 257,666 Shares of Terex Co. (TEX)
Bank of New York Mellon Corp raised its stake in shares of Terex Co. (NYSE:TEX) by 21.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,449,090 shares of the industrial products company’s stock after purchasing an additional 257,666 shares during the period. Bank of New York Mellon Corp’s holdings in Terex were worth $61,137,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the business. Mackay Shields LLC grew its stake in Terex by 200.9% in the second quarter. Mackay Shields LLC now owns 246,703 shares of the industrial products company’s stock worth $10,408,000 after purchasing an additional 164,715 shares in the last quarter. Pzena Investment Management LLC grew its stake in Terex by 5.2% in the second quarter. Pzena Investment Management LLC now owns 3,270,221 shares of the industrial products company’s stock worth $137,971,000 after purchasing an additional 161,905 shares in the last quarter. Sei Investments Co. grew its stake in Terex by 8.0% in the second quarter. Sei Investments Co. now owns 83,455 shares of the industrial products company’s stock worth $3,521,000 after purchasing an additional 6,181 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Terex in the second quarter worth approximately $822,000. Finally, KBC Group NV grew its stake in Terex by 700.9% in the second quarter. KBC Group NV now owns 71,518 shares of the industrial products company’s stock worth $3,017,000 after purchasing an additional 62,588 shares in the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.
Shares of NYSE TEX opened at $38.78 on Friday. The company has a current ratio of 2.11, a quick ratio of 1.19 and a debt-to-equity ratio of 1.15. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of 28.73, a P/E/G ratio of 0.58 and a beta of 1.62. Terex Co. has a 12-month low of $35.30 and a 12-month high of $50.17.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 19th. Stockholders of record on Thursday, August 9th will be given a $0.10 dividend. The ex-dividend date is Wednesday, August 8th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.03%. Terex’s payout ratio is 29.63%.
Terex announced that its board has authorized a share buyback program on Thursday, July 12th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the industrial products company to buy up to 8.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several research analysts recently issued reports on TEX shares. Citigroup dropped their price objective on Terex from $41.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, May 4th. OTR Global cut Terex to a “positive” rating in a research note on Tuesday, June 5th. Wells Fargo & Co cut Terex from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 19th. Morgan Stanley increased their price objective on Terex from $45.00 to $46.00 and gave the stock a “hold” rating in a research note on Thursday, May 3rd. Finally, Goldman Sachs Group cut Terex from a “neutral” rating to a “sell” rating in a research report on Wednesday, June 13th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $46.00.
In other news, Director Paula H. Cholmondeley sold 16,214 shares of the firm’s stock in a transaction on Friday, June 22nd. The stock was sold at an average price of $41.29, for a total value of $669,476.06. 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 12,502 shares of the firm’s stock in a transaction on Friday, June 22nd. The stock was sold at an average price of $40.40, for a total value of $505,080.80. The disclosure for this sale can be found here. In the last three months, insiders bought 1,079 shares of company stock valued at $45,136 and sold 43,716 shares valued at $1,774,807. 3.50% of the stock is owned by company insiders.
Terex Corporation manufactures and sells aerial work platforms, cranes, and materials processing machinery worldwide. The company operates through three segments: Aerial Work Platforms (AWP), Cranes, and Material Processing (MP). The AWP segment engages in the design, manufacture, service, and market of AWP equipment, telehandlers, and light towers, as well as related components and replacement parts under the Terex and Genie brands to construct and maintain industrial, commercial, and residential buildings and facilities, and for other commercial operations, as well as used in infrastructure projects.
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