Perigon Wealth Management LLC acquired a new position in shares of Terex Co. (NYSE:TEX – Get Rating) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 8,486 shares of the industrial products company's stock, valued at approximately $252,000.
Several other hedge funds and other institutional investors have also made changes to their positions in TEX. Raymond James & Associates boosted its position in shares of Terex by 17.7% during the first quarter. Raymond James & Associates now owns 39,745 shares of the industrial products company's stock worth $1,417,000 after buying an additional 5,990 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Terex during the first quarter worth approximately $291,000. PNC Financial Services Group Inc. boosted its position in shares of Terex by 106.6% during the first quarter. PNC Financial Services Group Inc. now owns 10,369 shares of the industrial products company's stock worth $368,000 after buying an additional 5,351 shares during the period. Acadian Asset Management LLC raised its holdings in Terex by 42.6% during the first quarter. Acadian Asset Management LLC now owns 4,984 shares of the industrial products company's stock worth $177,000 after purchasing an additional 1,488 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in Terex by 40.1% during the first quarter. MetLife Investment Management LLC now owns 80,649 shares of the industrial products company's stock worth $2,876,000 after purchasing an additional 23,093 shares in the last quarter. 87.37% of the stock is currently owned by institutional investors and hedge funds.
Get Terex alerts:Analyst Ratings Changes
Several brokerages recently commented on TEX. StockNews.com began coverage on Terex in a report on Thursday. They set a "buy" rating on the stock. Bank of America cut Terex from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $66.00 to $54.00 in a report on Friday. Deutsche Bank Aktiengesellschaft boosted their target price on Terex from $40.00 to $51.00 and gave the stock a "hold" rating in a report on Monday, February 13th. JPMorgan Chase & Co. upped their price target on Terex from $48.00 to $55.00 and gave the company an "overweight" rating in a report on Monday, February 13th. Finally, KeyCorp upped their price target on Terex from $56.00 to $72.00 and gave the company an "overweight" rating in a report on Monday, February 13th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Terex currently has a consensus rating of "Hold" and a consensus target price of $55.45.
Insider Activity
In other news, CEO John L. Garrison, Jr. sold 8,907 shares of the business's stock in a transaction on Monday, March 6th. The shares were sold at an average price of $60.00, for a total transaction of $534,420.00. Following the transaction, the chief executive officer now directly owns 436,280 shares in the company, valued at approximately $26,176,800. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CAO Stephen Johnston sold 2,428 shares of the company's stock in a transaction on 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 sale, 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 Securities & Exchange Commission, which is available at the SEC website. Also, CEO John L. Garrison, Jr. sold 8,907 shares of the company's stock in a transaction on Monday, March 6th. The stock was sold at an average price of $60.00, for a total transaction of $534,420.00. Following the completion of the sale, the chief executive officer now owns 436,280 shares of the company's stock, valued at $26,176,800. The disclosure for this sale can be found here. Insiders have sold a total of 374,481 shares of company stock worth $21,446,276 in the last ninety days. Corporate insiders own 2.90% of the company's stock.
Terex Price Performance
Shares of NYSE:TEX opened at $45.31 on Friday. The company's fifty day moving average is $52.65 and its two-hundred day moving average is $43.41. The company has a quick ratio of 0.97, a current ratio of 1.96 and a debt-to-equity ratio of 0.65. Terex Co. has a 12-month low of $26.64 and a 12-month high of $60.85. The company has a market cap of $3.06 billion, a P/E ratio of 10.44, a price-to-earnings-growth ratio of 0.54 and a beta of 1.67.
Terex (NYSE:TEX – Get Rating) last announced its earnings results on Friday, February 10th. The industrial products company reported $1.34 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the previous year, the business earned $0.82 EPS. The company's revenue was up 23.0% on a year-over-year basis. Equities analysts expect that Terex Co. will post 4.89 earnings per share for the current fiscal year.
Terex Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, March 20th. Stockholders of record on Thursday, March 9th will be issued a dividend of $0.15 per share. This is a boost from Terex's previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend is Wednesday, March 8th. Terex's payout ratio is currently 13.82%.
Terex announced that its Board of Directors has initiated a share buyback program on Monday, December 19th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the industrial products company to repurchase up to 5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.
Terex Profile
(Get Rating)
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.
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