Terex (NYSE:TEX) Lifted to Buy at Goldman Sachs Group
Goldman Sachs Group upgraded shares of Terex (NYSE:TEX) from a neutral rating to a buy rating in a research report report published on Friday morning, Briefing.com Automated Import reports. They currently have $37.00 target price on the industrial products company’s stock, up from their previous target price of $25.00.
Several other research analysts also recently issued reports on the stock. Stifel Nicolaus downgraded shares of Terex from a buy rating to a hold rating and dropped their price objective for the stock from $36.00 to $24.00 in a report on Thursday, October 31st. Wells Fargo & Co dropped their price objective on shares of Terex from $35.00 to $28.00 and set a market perform rating on the stock in a report on Wednesday, September 25th. ValuEngine upgraded shares of Terex from a hold rating to a buy rating in a report on Tuesday, November 5th. UBS Group dropped their price objective on shares of Terex from $34.00 to $31.00 and set a neutral rating on the stock in a report on Thursday, September 12th. Finally, Bank of America dropped their price objective on shares of Terex from $27.00 to $22.00 and set an underperform rating on the stock in a report on Wednesday, September 25th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $30.21.
Shares of NYSE:TEX traded down $0.96 on Friday, hitting $30.32. 756,579 shares of the company were exchanged, compared to its average volume of 1,054,211. The company’s 50 day moving average price is $26.83 and its two-hundred day moving average price is $28.13. Terex has a one year low of $22.84 and a one year high of $38.57. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.28 and a current ratio of 2.21. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 1.51 and a beta of 1.77.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Friday, November 8th will be paid a $0.11 dividend. The ex-dividend date is Thursday, November 7th. This represents a $0.44 dividend on an annualized basis and a yield of 1.45%. Terex’s payout ratio is currently 16.24%.
In related news, insider Kevin A. Barr sold 9,112 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $28.55, for a total value of $260,147.60. Following the sale, the insider now owns 99,129 shares of the company’s stock, valued at $2,830,132.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Matthew Fearon sold 26,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $28.24, for a total transaction of $734,240.00. Following the completion of the sale, the insider now directly owns 92,702 shares in the company, valued at approximately $2,617,904.48. The disclosure for this sale can be found here. In the last three months, insiders purchased 1,651 shares of company stock worth $41,542. 4.00% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Terex by 22.7% in the second quarter. BlackRock Inc. now owns 7,024,611 shares of the industrial products company’s stock valued at $220,572,000 after acquiring an additional 1,301,760 shares during the period. Pzena Investment Management LLC boosted its position in Terex by 7.7% in the second quarter. Pzena Investment Management LLC now owns 3,471,316 shares of the industrial products company’s stock valued at $108,999,000 after buying an additional 248,600 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Terex by 21,369.5% during the second quarter. Nuveen Asset Management LLC now owns 2,886,579 shares of the industrial products company’s stock worth $90,638,000 after purchasing an additional 2,873,134 shares in the last quarter. Prudential PLC lifted its position in shares of Terex by 0.5% during the second quarter. Prudential PLC now owns 2,558,400 shares of the industrial products company’s stock worth $80,334,000 after purchasing an additional 11,700 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its position in shares of Terex by 23.7% during the third quarter. Fisher Asset Management LLC now owns 2,506,796 shares of the industrial products company’s stock worth $65,101,000 after purchasing an additional 481,032 shares in the last quarter. 88.97% 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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