Terex Corporation (TEX) Shares Bought by Amalgamated Bank
Amalgamated Bank increased its position in shares of Terex Corporation (NYSE:TEX) by 8.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,139 shares of the industrial products company’s stock after purchasing an additional 1,379 shares during the quarter. Amalgamated Bank’s holdings in Terex Corporation were worth $680,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Sei Investments Co. boosted its position in Terex Corporation 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 buying an additional 619 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Terex Corporation by 7.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,563 shares of the industrial products company’s stock worth $175,000 after buying an additional 403 shares during the period. US Bancorp DE increased its holdings in Terex Corporation by 9.3% in the 1st quarter. US Bancorp DE now owns 5,989 shares of the industrial products company’s stock worth $188,000 after buying an additional 510 shares during the period. National Planning Corp acquired a new position in Terex Corporation in the 2nd quarter worth approximately $209,000. Finally, CIBC World Markets Inc. acquired a new position in Terex Corporation in the 2nd quarter worth approximately $210,000. 97.38% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Steve Filipov sold 4,564 shares of the company’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $38.22, for a total transaction of $174,436.08. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Kevin Bradley sold 4,996 shares of the company’s stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $37.75, for a total value of $188,599.00. Following the transaction, the senior vice president now directly owns 51,612 shares in the company, valued at approximately $1,948,353. The disclosure for this sale can be found here. Over the last three months, insiders have bought 4,202 shares of company stock valued at $159,449 and have sold 99,675 shares valued at $3,951,999. Corporate insiders own 2.50% of the company’s stock.
TEX has been the subject of several research reports. Royal Bank Of Canada restated a “hold” rating and set a $33.00 price objective on shares of Terex Corporation in a research note on Monday, June 5th. Zacks Investment Research raised shares of Terex Corporation from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a report on Thursday, July 13th. OTR Global lowered shares of Terex Corporation to a “positive” rating in a research note on Wednesday, September 13th. Deutsche Bank AG lowered shares of Terex Corporation 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 note on Thursday, September 21st. Finally, Wells Fargo & Company reissued an “outperform” rating and set a $41.00 target price (up previously from $38.50) on shares of Terex Corporation in a report on Monday, June 19th. Four research analysts have rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $38.50.
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Terex Corporation (TEX) opened at 45.02 on Monday. The company has a 50-day moving average price of $39.31 and a 200-day moving average price of $35.38. The firm’s market cap is $4.02 billion. Terex Corporation has a 12-month low of $21.88 and a 12-month high of $45.10.
Terex Corporation (NYSE:TEX) last announced its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.09. Terex Corporation had a positive return on equity of 4.98% and a negative net margin of 1.76%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the company earned $0.64 EPS. The firm’s revenue for the quarter was down 8.9% compared to the same quarter last year. On average, equities analysts predict that Terex Corporation will post $1.15 earnings per share for the current year.
Terex Corporation declared that its board has authorized a share buyback program on Wednesday, September 6th that authorizes the company to buyback $225.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 6.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 19th. Stockholders of record on Wednesday, August 9th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date was Monday, August 7th. Terex Corporation’s dividend payout ratio (DPR) is -50.79%.
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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