Morgan Stanley Reiterates Hold Rating for Terex Corp. (TEX)
Terex Corp. (NYSE:TEX)‘s stock had its “hold” rating reaffirmed by investment analysts at Morgan Stanley in a research note issued on Friday. They currently have a $21.00 price objective on the stock. Morgan Stanley’s price objective indicates a potential downside of 12.86% from the company’s previous close.
Other equities analysts have also recently issued reports about the stock. Jefferies Group lowered their price target on shares of Terex Corp. from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, May 31st. Goldman Sachs Group Inc. restated a “buy” rating and set a $27.00 price target on shares of Terex Corp. in a report on Wednesday, June 8th. Zacks Investment Research cut shares of Terex Corp. from a “buy” rating to a “hold” rating in a report on Friday, July 8th. Stifel Nicolaus restated a “buy” rating and set a $25.00 price target (down from $30.00) on shares of Terex Corp. in a report on Tuesday, May 31st. Finally, JPMorgan Chase & Co. set a $20.00 price target on shares of Terex Corp. and gave the company a “hold” rating in a report on Friday, August 5th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $23.70.
Shares of Terex Corp. (NYSE:TEX) opened at 24.10 on Friday. Terex Corp. has a 12 month low of $13.62 and a 12 month high of $25.57. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 48.79 and a beta of 3.12. The stock’s 50 day moving average price is $24.11 and its 200-day moving average price is $23.09.
Terex Corp. (NYSE:TEX) last announced its earnings results on Tuesday, August 2nd. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.10. Terex Corp. had a net margin of 0.92% and a return on equity of 9.63%. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the previous year, the business earned $0.78 EPS. The company’s revenue was down 10.1% on a year-over-year basis. Equities analysts forecast that Terex Corp. will post $0.96 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 19th. Stockholders of record on Wednesday, August 10th were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date of this dividend was Monday, August 8th. Terex Corp.’s dividend payout ratio is currently 57.14%.
In other news, insider Matthew Fearon sold 3,632 shares of the company’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $24.69, for a total transaction of $89,674.08. Following the completion of the transaction, the insider now owns 111,114 shares of the company’s stock, valued at $2,743,404.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark I. Clair sold 7,489 shares of the company’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $24.23, for a total transaction of $181,458.47. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in TEX. Northwestern Mutual Investment Management Company LLC raised its position in shares of Terex Corp. by 0.6% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 18,852 shares of the company’s stock worth $383,000 after buying an additional 116 shares in the last quarter. Mason Street Advisors LLC bought a new position in shares of Terex Corp. during the second quarter worth approximately $1,011,000. Front Street Capital Management Inc. bought a new position in shares of Terex Corp. during the second quarter worth approximately $5,805,000. Harbour Capital Advisors LLC bought a new position in shares of Terex Corp. during the second quarter worth approximately $200,000. Finally, Amalgamated Bank raised its position in shares of Terex Corp. by 13.3% in the second quarter. Amalgamated Bank now owns 14,414 shares of the company’s stock worth $342,000 after buying an additional 1,687 shares in the last quarter. 81.01% of the stock is owned by institutional investors and hedge funds.
Terex Corp. Company Profile
Terex Corporation is a lifting and material handling solutions company. The Company is focused on providing its operations and delivering solutions for a range of commercial applications, including the construction, infrastructure, mining, manufacturing, transportation, energy and utility industries.
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