FY2023 EPS Estimates for Terex Co. (NYSE:TEX) Increased by Analyst

Terex Co. (NYSE:TEX – Get Rating) – Analysts at Zacks Research lifted their FY2023 earnings per share (EPS) estimates for Terex in a note issued to investors on Wednesday, March 15th. Zacks Research analyst M. Das now expects that the industrial products company will earn $4.74 per share for the year, up from their previous estimate of $4.73. The consensus estimate for Terex’s current full-year earnings is $4.89 per share. Zacks Research also issued estimates for Terex’s Q1 2024 earnings at $0.92 EPS and FY2024 earnings at $3.85 EPS.

Several other research firms have also issued reports on TEX. Morgan Stanley boosted their target price on Terex from $52.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Monday, February 13th. KeyCorp upped their price target on shares of Terex from $56.00 to $72.00 and gave the company an “overweight” rating in a research note on Monday, February 13th. JPMorgan Chase & Co. increased their price objective on shares of Terex from $48.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, February 13th. StockNews.com began coverage on shares of Terex in a report on Thursday. They issued a “buy” rating for the company. Finally, Credit Suisse Group increased their target price on shares of Terex from $50.00 to $59.00 and gave the stock a “neutral” rating in a report on Monday, February 13th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Terex currently has an average rating of “Hold” and a consensus price target of $55.45.

Terex Stock Performance

Shares of NYSE:TEX opened at $45.31 on Friday. Terex has a twelve month low of $26.64 and a twelve month high of $60.85. The firm has a market cap of $3.06 billion, a PE ratio of 10.44, a price-to-earnings-growth ratio of 0.54 and a beta of 1.67. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.97 and a current ratio of 1.96. The business has a fifty day moving average of $52.65 and a 200-day moving average of $43.41.

Terex (NYSE:TEX – Get Rating) last issued its earnings results on Friday, February 10th. The industrial products company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.13 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Terex had a return on equity of 27.44% and a net margin of 6.79%. Terex’s quarterly revenue was up 23.0% compared to the same quarter last year. During the same period last year, the business earned $0.82 earnings per share.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of TEX. Raymond James & Associates grew its holdings in shares of Terex by 17.7% during the first quarter. Raymond James & Associates now owns 39,745 shares of the industrial products company’s stock worth $1,417,000 after purchasing an additional 5,990 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Terex during the first quarter worth about $291,000. PNC Financial Services Group Inc. lifted its position in Terex by 106.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,369 shares of the industrial products company’s stock worth $368,000 after buying an additional 5,351 shares during the last quarter. Acadian Asset Management LLC lifted its position in Terex by 42.6% in the 1st quarter. Acadian Asset Management LLC now owns 4,984 shares of the industrial products company’s stock worth $177,000 after buying an additional 1,488 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its position in Terex by 40.1% in the 1st quarter. MetLife Investment Management LLC now owns 80,649 shares of the industrial products company’s stock worth $2,876,000 after buying an additional 23,093 shares during the last quarter. Hedge funds and other institutional investors own 87.37% of the company’s stock.

Insider Transactions at Terex

In related news, CEO John L. Garrison, Jr. sold 8,907 shares of the business’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $60.00, for a total value of $534,420.00. Following the sale, the chief executive officer now directly owns 436,280 shares in the company, valued at approximately $26,176,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Terex news, CEO John L. Garrison, Jr. sold 9,904 shares of Terex stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $60.01, for a total transaction of $594,339.04. Following the completion of the transaction, the chief executive officer now owns 456,019 shares of the company’s stock, valued at approximately $27,365,700.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John L. Garrison, Jr. sold 8,907 shares of Terex stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $60.00, for a total value of $534,420.00. Following the transaction, the chief executive officer now directly owns 436,280 shares of the company’s stock, valued at approximately $26,176,800. The disclosure for this sale can be found here. Insiders have sold 374,481 shares of company stock worth $21,446,276 in the last ninety days. Company insiders own 2.90% of the company’s stock.

Terex announced that its Board of Directors has authorized a stock buyback plan on Monday, December 19th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the industrial products company to reacquire up to 5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Terex Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 20th. Stockholders of record on Thursday, March 9th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.32%. This is a boost from Terex’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Wednesday, March 8th. Terex’s payout ratio is presently 13.82%.

About Terex

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Terex Corp. engages in the manufacturing of aerial work platforms, cranes, and materials processing machinery. It operates through the Material Processing and Aerial Work Platforms segments. The Materials Processing segment designs, manufactures, services and markets materials processing and equipment, including crushers, washing systems, screens, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and their related components and replacement parts.