Bank of America cut shares of Terex (NYSE:TEX – Get Rating) from a buy rating to a neutral rating in a research note issued to investors on Friday morning, Marketbeat Ratings reports. They currently have $54.00 price objective on the industrial products company's stock, down from their prior price objective of $66.00.
TEX has been the topic of several other reports. Credit Suisse Group boosted their target price on shares of Terex from $50.00 to $59.00 and gave the stock a neutral rating in a research report on Monday, February 13th. JPMorgan Chase & Co. boosted their target price on shares of Terex from $48.00 to $55.00 and gave the stock an overweight rating in a research report on Monday, February 13th. Barclays boosted their target price on shares of Terex from $38.00 to $56.00 and gave the stock an equal weight rating in a research report on Monday, February 13th. TheStreet upgraded shares of Terex from a c+ rating to a b rating in a research report on Thursday, February 9th. Finally, StockNews.com initiated coverage on Terex in a research note on Thursday. They set a buy rating for the company. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $55.45.
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Terex Stock Performance
NYSE:TEX traded down $4.37 during midday trading on Friday, reaching $45.31. The stock had a trading volume of 2,280,742 shares, compared to its average volume of 919,439. The firm has a fifty day simple moving average of $52.62 and a two-hundred day simple moving average of $43.33. Terex has a 12-month low of $26.64 and a 12-month high of $60.85. The company has a quick ratio of 0.97, a current ratio of 1.96 and a debt-to-equity ratio of 0.65. The stock has a market cap of $3.06 billion, a P/E ratio of 10.44, a P/E/G ratio of 0.57 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 analysts' consensus estimates of $1.13 by $0.21. Terex had a net margin of 6.79% and a return on equity of 27.44%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same period last year, the firm posted $0.82 EPS. Terex's quarterly revenue was up 23.0% on a year-over-year basis. On average, equities analysts expect that Terex will post 4.89 EPS for the current year.
Terex declared that its board has approved a share buyback plan on Monday, December 19th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire up to 5% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.
Terex Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, March 20th. Investors of record on Thursday, March 9th will be paid a $0.15 dividend. This is an increase 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 yield of 1.32%. Terex's payout ratio is presently 13.82%.
Insider Activity
In other news, VP Amy George sold 5,000 shares of the company's stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $56.00, for a total transaction of $280,000.00. Following the completion of the transaction, the vice president now owns 103,172 shares of the company's stock, valued at approximately $5,777,632. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, VP Amy George sold 5,000 shares of the business's stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $56.00, for a total transaction of $280,000.00. Following the completion of the sale, the vice president now owns 103,172 shares in the company, valued at approximately $5,777,632. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John L. Garrison, Jr. sold 8,907 shares of the business's stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $60.00, for a total value of $534,420.00. Following the sale, the chief executive officer now owns 436,280 shares of the company's stock, valued at approximately $26,176,800. The disclosure for this sale can be found here. Insiders sold a total of 374,481 shares of company stock valued at $21,446,276 in the last 90 days. 2.90% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Terex
A number of institutional investors and hedge funds have recently bought and sold shares of TEX. Raymond James & Associates boosted its holdings in Terex by 17.7% in the 1st quarter. Raymond James & Associates now owns 39,745 shares of the industrial products company's stock worth $1,417,000 after acquiring an additional 5,990 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new position in Terex in the 1st quarter worth approximately $291,000. PNC Financial Services Group Inc. boosted its holdings in Terex by 106.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,369 shares of the industrial products company's stock worth $368,000 after acquiring an additional 5,351 shares during the period. Acadian Asset Management LLC boosted its holdings in Terex by 42.6% in the 1st quarter. Acadian Asset Management LLC now owns 4,984 shares of the industrial products company's stock worth $177,000 after acquiring an additional 1,488 shares during the period. Finally, MetLife Investment Management LLC boosted its holdings in Terex by 40.1% in the 1st quarter. MetLife Investment Management LLC now owns 80,649 shares of the industrial products company's stock worth $2,876,000 after acquiring an additional 23,093 shares during the period. Hedge funds and other institutional investors own 87.37% of the company's stock.
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.
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