Terex Corporation (TEX) Holdings Cut by Wells Fargo & Company MN
Wells Fargo & Company MN reduced its stake in shares of Terex Corporation (NYSE:TEX) by 5.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 820,357 shares of the industrial products company’s stock after selling 46,277 shares during the quarter. Wells Fargo & Company MN owned 0.98% of Terex worth $36,933,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in Terex by 27.4% during the third quarter. JPMorgan Chase & Co. now owns 2,241,830 shares of the industrial products company’s stock worth $100,591,000 after acquiring an additional 481,903 shares in the last quarter. Virginia Retirement Systems ET AL acquired a new position in Terex during the third quarter worth $932,000. Legal & General Group Plc raised its stake in Terex by 0.8% during the third quarter. Legal & General Group Plc now owns 172,062 shares of the industrial products company’s stock worth $7,744,000 after acquiring an additional 1,293 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Terex by 281.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,397 shares of the industrial products company’s stock worth $783,000 after purchasing an additional 12,842 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its holdings in shares of Terex by 0.7% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,332,911 shares of the industrial products company’s stock worth $60,008,000 after purchasing an additional 9,902 shares during the last quarter. Hedge funds and other institutional investors own 96.87% of the company’s stock.
Several analysts have recently commented on TEX shares. Bank of America decreased their target price on Terex from $42.00 to $40.00 and set an “underperform” rating on the stock in a report on Wednesday, November 8th. KeyCorp restated a “hold” rating on shares of Terex in a report on Wednesday, November 1st. OTR Global upgraded Terex to a “positive” rating in a report on Tuesday, December 5th. Deutsche Bank cut Terex from a “buy” rating to a “hold” rating and decreased their target price for the stock from $44.00 to $43.00 in a report on Thursday, September 21st. Finally, Wells Fargo & Company set a $52.00 target price on Terex and gave the stock a “buy” rating in a report on Monday, October 16th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Terex currently has a consensus rating of “Hold” and a consensus target price of $43.64.
Terex Corporation (TEX) traded down $0.32 during trading on Wednesday, reaching $46.53. The company had a trading volume of 843,100 shares, compared to its average volume of 1,437,032. The company has a market capitalization of $3,940.08, a PE ratio of 41.46, a price-to-earnings-growth ratio of 3.24 and a beta of 1.88. Terex Corporation has a fifty-two week low of $28.67 and a fifty-two week high of $48.86. 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 posted its quarterly earnings results on Tuesday, October 31st. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.14. Terex had a positive return on equity of 7.01% and a negative net margin of 2.62%. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the business earned $0.19 earnings per share. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. research analysts predict that Terex Corporation will post 1.29 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Thursday, November 9th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend is Wednesday, November 8th. Terex’s payout ratio is -37.21%.
Terex announced that its board has approved a share buyback program on Wednesday, September 6th that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows 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 Terex news, insider Kieran Hegarty sold 15,115 shares of the stock in a transaction dated Friday, September 15th. The stock was 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 SEC, which is available at this hyperlink. Also, VP Mark I. Clair sold 3,014 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $45.53, for a total value of $137,227.42. The disclosure for this sale can be found here. In the last three months, insiders acquired 1,111 shares of company stock worth $50,693 and sold 30,811 shares worth $1,356,109. Corporate insiders own 2.50% of the company’s stock.
Terex Company Profile
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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