Terex Co. (TEX) to Post Q1 2019 Earnings of $0.69 Per Share, KeyCorp Forecasts
Terex Co. (NYSE:TEX) – Research analysts at KeyCorp lowered their Q1 2019 earnings per share estimates for shares of Terex in a research note issued to investors on Monday, September 3rd. KeyCorp analyst S. Barger now anticipates that the industrial products company will earn $0.69 per share for the quarter, down from their previous estimate of $0.73. KeyCorp also issued estimates for Terex’s Q2 2019 earnings at $1.28 EPS, Q3 2019 earnings at $0.96 EPS, Q4 2019 earnings at $0.78 EPS, FY2019 earnings at $3.71 EPS and FY2020 earnings at $4.00 EPS.
Other equities research analysts also recently issued reports about the company. OTR Global downgraded Terex to a “positive” rating in a research note on Tuesday, June 5th. ValuEngine downgraded Terex from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. UBS Group set a $52.00 price target on Terex and gave the stock a “buy” rating in a research note on Wednesday, August 22nd. Wells Fargo & Co downgraded Terex from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 19th. Finally, Goldman Sachs Group downgraded Terex from a “neutral” rating to a “sell” rating in a research note on Wednesday, June 13th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $46.00.
Terex (NYSE:TEX) last posted its quarterly earnings results on Tuesday, July 31st. The industrial products company reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.08. Terex had a return on equity of 16.66% and a net margin of 2.91%. The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.40 billion.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 19th. Stockholders of record on Thursday, August 9th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date is Wednesday, August 8th. Terex’s dividend payout ratio is 29.63%.
Terex announced that its board has initiated a share buyback plan on Thursday, July 12th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the industrial products company to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In other news, Director Paula H. Cholmondeley sold 16,214 shares of the stock in a transaction dated Friday, June 22nd. The stock was sold at an average price of $41.29, for a total transaction of $669,476.06. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Steve Filipov sold 6,929 shares of the stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $38.85, for a total value of $269,191.65. The disclosure for this sale can be found here. In the last three months, insiders have bought 1,079 shares of company stock worth $45,136 and have sold 50,645 shares worth $2,043,999. Corporate insiders own 3.50% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of TEX. BlackRock Inc. increased its holdings in shares of Terex by 5.9% during the 1st quarter. BlackRock Inc. now owns 7,277,665 shares of the industrial products company’s stock valued at $272,258,000 after acquiring an additional 404,164 shares during the last quarter. Fort Washington Investment Advisors Inc. OH acquired a new stake in Terex in the 2nd quarter valued at approximately $16,876,000. Bank of Montreal Can grew its holdings in Terex by 836.0% in the 2nd quarter. Bank of Montreal Can now owns 405,341 shares of the industrial products company’s stock valued at $17,101,000 after buying an additional 362,037 shares during the last quarter. UBS Group AG grew its holdings in Terex by 374.6% in the 1st quarter. UBS Group AG now owns 259,259 shares of the industrial products company’s stock valued at $9,698,000 after buying an additional 353,658 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in Terex in the 1st quarter valued at approximately $10,678,000. 98.73% of the stock is currently owned by institutional investors and hedge funds.
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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