Terex (NYSE:TEX) Shares Down 5.6%

Defense World · Mar 19, 2023 15:23

Terex Co. (NYSE:TEX – Get Rating)'s stock price fell 5.6% on Friday . The company traded as low as $46.65 and last traded at $46.90. 326,881 shares traded hands during trading, a decline of 63% from the average session volume of 881,183 shares. The stock had previously closed at $49.68.

Analyst Ratings Changes

A number of brokerages have weighed in on TEX. Morgan Stanley increased their target price on shares of Terex from $52.00 to $54.00 and gave the stock an "equal weight" rating in a report on Monday, February 13th. Robert W. Baird increased their price objective on shares of Terex from $37.00 to $46.00 and gave the stock a "neutral" rating in a report on Tuesday, December 13th. Bank of America cut shares of Terex from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $66.00 to $54.00 in a report on Friday. Credit Suisse Group increased their price objective on shares of Terex from $50.00 to $59.00 and gave the stock a "neutral" rating in a report on Monday, February 13th. Finally, Barclays increased their price objective on shares of Terex from $38.00 to $56.00 and gave the stock an "equal weight" rating in a report on Monday, February 13th. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Terex currently has an average rating of "Hold" and an average price target of $55.45.

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Terex Stock Performance

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 company's 50 day simple moving average is $52.65 and its 200 day simple moving average is $43.41. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 0.54 and a beta of 1.67.

Terex (NYSE:TEX – Get Rating) last posted its quarterly earnings data on Friday, February 10th. The industrial products company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.21. Terex had a net margin of 6.79% and a return on equity of 27.44%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter last year, the firm posted $0.82 EPS. The business's revenue for the quarter was up 23.0% on a year-over-year basis. On average, equities research analysts anticipate that Terex Co. will post 4.89 earnings per share for the current year.

Terex Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 20th. Stockholders of record on Thursday, March 9th will be given a dividend of $0.15 per share. This is a positive change from Terex's previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Wednesday, March 8th. This represents a $0.60 annualized dividend and a dividend yield of 1.32%. Terex's dividend payout ratio (DPR) is 13.82%.

Terex declared that its Board of Directors has approved a stock repurchase program on Monday, December 19th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the industrial products company to purchase up to 5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Terex news, Director David A. Sachs sold 13,000 shares of the firm's stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $55.50, for a total value of $721,500.00. Following the completion of the transaction, the director now directly owns 394,994 shares in the company, valued at $21,922,167. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Terex news, CAO Stephen Johnston sold 2,428 shares of the firm's stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $55.51, for a total value of $134,778.28. Following the completion of the transaction, the chief accounting officer now directly owns 12,340 shares in the company, valued at $684,993.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David A. Sachs sold 13,000 shares of the stock in a transaction that occurred on Thursday, February 16th. The stock was sold at an average price of $55.50, for a total transaction of $721,500.00. Following the completion of the sale, the director now directly owns 394,994 shares of the company's stock, valued at $21,922,167. The disclosure for this sale can be found here. Insiders sold a total of 374,481 shares of company stock worth $21,446,276 over the last ninety days. 2.90% of the stock is currently owned by company insiders.

Institutional Trading of Terex

A number of hedge funds have recently made changes to their positions in TEX. Norges Bank purchased a new stake in shares of Terex in the fourth quarter worth approximately $30,229,000. Federated Hermes Inc. lifted its position in shares of Terex by 579.5% in the second quarter. Federated Hermes Inc. now owns 664,258 shares of the industrial products company's stock worth $18,182,000 after purchasing an additional 566,507 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Terex by 110.8% in the first quarter. Renaissance Technologies LLC now owns 833,600 shares of the industrial products company's stock worth $29,726,000 after purchasing an additional 438,200 shares in the last quarter. BlackRock Inc. lifted its position in shares of Terex by 5.3% in the first quarter. BlackRock Inc. now owns 8,373,481 shares of the industrial products company's stock worth $298,598,000 after purchasing an additional 417,925 shares in the last quarter. Finally, Balyasny Asset Management LLC lifted its position in shares of Terex by 886.5% in the third quarter. Balyasny Asset Management LLC now owns 379,369 shares of the industrial products company's stock worth $11,282,000 after purchasing an additional 340,911 shares in the last quarter. 87.37% of the stock is owned by hedge funds and other institutional investors.

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.