ETRADE Capital Management LLC Takes Position in Terex Corporation (TEX)
ETRADE Capital Management LLC acquired a new stake in Terex Corporation (NYSE:TEX) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 6,011 shares of the industrial products company’s stock, valued at approximately $225,000.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Terex Corporation by 11,851.5% during the first quarter. BlackRock Inc. now owns 8,449,356 shares of the industrial products company’s stock valued at $265,310,000 after acquiring an additional 8,378,659 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Terex Corporation by 1,197.3% during the second quarter. JPMorgan Chase & Co. now owns 1,759,927 shares of the industrial products company’s stock worth $65,999,000 after purchasing an additional 1,624,263 shares during the period. TIAA CREF Investment Management LLC boosted its holdings in shares of Terex Corporation by 51.0% during the second quarter. TIAA CREF Investment Management LLC now owns 3,624,339 shares of the industrial products company’s stock worth $135,913,000 after purchasing an additional 1,224,422 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Terex Corporation by 17.1% during the first quarter. Dimensional Fund Advisors LP now owns 6,444,169 shares of the industrial products company’s stock worth $202,346,000 after purchasing an additional 943,237 shares during the period. Finally, 1060 Capital LLC purchased a new stake in shares of Terex Corporation during the second quarter worth about $25,739,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.
In other news, SVP Kevin Bradley sold 4,996 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $37.75, for a total value of $188,599.00. Following the completion of the sale, the senior vice president now owns 51,612 shares of the company’s stock, valued at approximately $1,948,353. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kevin A. Barr sold 2,682 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $43.05, for a total transaction of $115,460.10. Following the completion of the sale, the insider now directly owns 126,762 shares of the company’s stock, valued at approximately $5,457,104.10. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 4,202 shares of company stock valued at $159,449 and sold 109,675 shares valued at $4,401,999. 2.50% of the stock is currently owned by corporate insiders.
Shares of Terex Corporation (NYSE:TEX) opened at 45.25 on Tuesday. The company’s market cap is $4.05 billion. Terex Corporation has a one year low of $21.88 and a one year high of $45.45. The stock’s 50 day moving average is $40.72 and its 200-day moving average is $36.26.
Terex Corporation (NYSE:TEX) last released its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.42 by $0.09. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.15 billion. Terex Corporation had a positive return on equity of 4.98% and a negative net margin of 1.76%. Terex Corporation’s quarterly revenue was down 8.9% on a year-over-year basis. During the same period last year, the business posted $0.64 EPS. Equities research analysts expect that Terex Corporation will post $1.15 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 19th. Shareholders of record on Wednesday, August 9th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.71%. The ex-dividend date was Monday, August 7th. Terex Corporation’s dividend payout ratio is -50.79%.
Terex Corporation announced that its board has authorized a share repurchase 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Several analysts recently issued reports on the company. Deutsche Bank AG cut Terex Corporation from a “buy” rating to a “hold” rating and cut their target price for the stock from $44.00 to $43.00 in a research note on Thursday, September 21st. Royal Bank Of Canada reaffirmed a “hold” rating and set a $38.00 price target on shares of Terex Corporation in a research report on Wednesday, September 13th. OTR Global lowered Terex Corporation to a “positive” rating in a research report on Wednesday, September 13th. BMO Capital Markets reiterated a “hold” rating and issued a $35.00 price objective on shares of Terex Corporation in a report on Monday, August 21st. Finally, UBS AG reiterated a “buy” rating and issued a $44.00 price objective (up previously from $40.00) on shares of Terex Corporation in a report on Tuesday, August 8th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $38.50.
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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