Terex Co. (TEX) Upgraded to Hold at Zacks Investment Research
Terex Co. (NYSE:TEX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Saturday.
According to Zacks, “Hurt by weak industry demand, Terex’s fourth-quarter both earnings and revenues declined 76% and 16.5%, respectively, on a year-over-year basis. However, Terex beat the Zacks Consensus Estimate on both counts. Due to ongoing challenges in the Cranes and AWP segment, Terex expects earnings per share to range between $0.60 and $0.80 in 2017 and sales at $3.9 billion. Further, the stock has underperformed the Zacks categorized industry. Lower fleet replacement from North American AWP rental customers will affect AWP segment while the global crane market will deteriorate further in 2017. However, the MP segment remains a consistent performer and is well positioned to benefit from increased construction spending. Also, the company is reviewing all aspects of its cost structure and has been taking actions throughout the entire company to reduce costs. Savings from these actions will help negate challenging conditions in its markets”
Several other equities analysts have also recently commented on the stock. OTR Global upgraded shares of Terex to a “positive” rating in a research report on Friday, March 17th. Deutsche Bank AG boosted their target price on shares of Terex from $24.00 to $34.00 and gave the company a “hold” rating in a research report on Tuesday, December 6th. Royal Bank of Canada boosted their target price on shares of Terex from $24.00 to $33.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 14th. Citigroup Inc started coverage on shares of Terex in a research report on Monday, February 6th. They set a “neutral” rating and a $36.00 price objective for the company. Finally, Credit Suisse Group AG set a $38.00 price objective on shares of Terex and gave the stock a “buy” rating in a research report on Saturday, February 25th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $30.06.
Shares of Terex (NYSE:TEX) traded down 0.18% during mid-day trading on Friday, hitting $32.39. The stock had a trading volume of 677,722 shares. The company’s market cap is $3.43 billion. Terex has a one year low of $18.91 and a one year high of $33.87. The firm’s 50 day moving average price is $31.13 and its 200-day moving average price is $29.78.
Terex (NYSE:TEX) last issued its earnings results on Tuesday, February 21st. The industrial products company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.12. The company earned $974.70 million during the quarter, compared to analysts’ expectations of $918.81 million. Terex had a net margin of 2.01% and a return on equity of 7.39%. The business’s revenue for the quarter was down 16.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.50 EPS. On average, equities research analysts anticipate that Terex will post $0.82 earnings per share for the current fiscal year.
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In related news, insider Steve Filipov sold 5,215 shares of the business’s stock in a transaction on Friday, February 24th. The shares were sold at an average price of $30.14, for a total transaction of $157,180.10. Following the transaction, the insider now owns 137,425 shares in the company, valued at approximately $4,141,989.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kevin Bradley sold 10,000 shares of the company’s stock in a transaction on Monday, April 10th. The stock was sold at an average price of $33.00, for a total transaction of $330,000.00. Following the transaction, the senior vice president now owns 99,612 shares in the company, valued at approximately $3,287,196. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 472 shares of company stock worth $14,999 and have sold 60,215 shares worth $1,880,330. 3.70% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning increased its position in Terex by 3.1% in the third quarter. Creative Planning now owns 8,864 shares of the industrial products company’s stock valued at $225,000 after buying an additional 264 shares during the last quarter. Capstone Asset Management Co. increased its position in Terex by 2.8% in the first quarter. Capstone Asset Management Co. now owns 14,248 shares of the industrial products company’s stock valued at $447,000 after buying an additional 390 shares during the last quarter. US Bancorp DE increased its position in Terex by 6.8% in the third quarter. US Bancorp DE now owns 6,979 shares of the industrial products company’s stock valued at $177,000 after buying an additional 444 shares during the last quarter. LS Investment Advisors LLC increased its position in Terex by 7.0% in the third quarter. LS Investment Advisors LLC now owns 7,113 shares of the industrial products company’s stock valued at $181,000 after buying an additional 465 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its position in Terex by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 26,700 shares of the industrial products company’s stock valued at $838,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 84.32% of the company’s stock.
Terex Company Profile
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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