Barclays Initiates Coverage on Terex (TEX)
Research analysts at Barclays initiated coverage on shares of Terex (NYSE:TEX) in a report released on Tuesday. The brokerage set an “equal weight” rating and a $50.00 price target on the industrial products company’s stock. Barclays’ price objective would suggest a potential upside of 4.08% from the stock’s current price.
Several other equities research analysts have also recently issued reports on TEX. ValuEngine cut shares of Terex from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. OTR Global upgraded shares of Terex to a “positive” rating in a research report on Tuesday, December 5th. BMO Capital Markets restated a “hold” rating and set a $35.00 price objective on shares of Terex in a research report on Monday, August 21st. Zacks Investment Research upgraded shares of Terex from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a research report on Wednesday, October 11th. Finally, Deutsche Bank cut shares of Terex from a “buy” rating to a “hold” rating and cut their price objective for the stock from $44.00 to $43.00 in a research report on Thursday, September 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $43.64.
Shares of Terex (NYSE TEX) opened at $48.04 on Tuesday. Terex has a 12-month low of $28.67 and a 12-month high of $48.86. The stock has a market cap of $3,940.08, a PE ratio of 41.46, a P/E/G ratio of 3.24 and a beta of 1.88. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.53 and a current ratio of 2.42.
Terex (NYSE:TEX) last released its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.14. Terex had a negative net margin of 2.62% and a positive return on equity of 7.01%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the business earned $0.19 earnings per share. Terex’s revenue was up 5.2% compared to the same quarter last year. analysts predict that Terex will post 1.29 EPS for the current year.
Terex declared that its Board of Directors has authorized a stock buyback program on Wednesday, September 6th that authorizes the company to buyback $225.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire up to 6.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Kieran Hegarty sold 15,115 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $43.23, for a total value of $653,421.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mark I. Clair sold 3,014 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were 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. In the last ninety days, insiders have acquired 1,111 shares of company stock valued at $50,693 and have sold 28,129 shares valued at $1,240,649. Company insiders own 2.50% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Sei Investments Co. boosted its stake in shares of Terex by 19.5% in the second quarter. Sei Investments Co. now owns 3,800 shares of the industrial products company’s stock valued at $142,000 after purchasing an additional 619 shares during the period. Clear Perspective Advisors LLC purchased a new position in shares of Terex in the second quarter valued at approximately $198,000. Pacer Advisors Inc. boosted its stake in shares of Terex by 450.2% in the third quarter. Pacer Advisors Inc. now owns 4,446 shares of the industrial products company’s stock valued at $200,000 after purchasing an additional 3,638 shares during the period. Invictus RG boosted its stake in shares of Terex by 95.4% in the third quarter. Invictus RG now owns 4,618 shares of the industrial products company’s stock valued at $208,000 after purchasing an additional 2,255 shares during the period. Finally, National Planning Corp purchased a new position in shares of Terex in the second quarter valued at approximately $209,000. 96.87% of the stock is owned by institutional investors and hedge funds.
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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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