Zacks Investment Research Lowers Terex Corporation (NYSE:TEX) to Hold
Terex Corporation (NYSE:TEX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, October 3rd.
According to Zacks, “Terex’s focus on portfolio restructuring and cost-saving initiatives is likely to boost results in the near term. The company will also benefit from progress on capital allocation strategy. Recently, it has sold remaining shares in Konecranes for around $773 million. This brings the total consideration received for the disposition of the Material Handling & Port Solution segment. The sale of the segment was in sync with efforts to simplify structure in a bid to improve efficiency and enhance global competitiveness. The stock outperformed the industry over the past year. The company has a mixed record of earnings surprises in the last few quarters. Its earnings estimates have gone up lately. However, Terex's results will be affected by elevated expense, weak mining market along with lower oil and gas prices. Competitive pricing and volatile steel cost also remain headwinds.”
TEX has been the subject of several other research reports. BMO Capital Markets restated a “hold” rating and issued a $35.00 price objective on shares of Terex Corporation in a research report on Monday, August 21st. Goldman Sachs Group, Inc. (The) cut shares of Terex Corporation from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a research report on Thursday, June 15th. Deutsche Bank AG set a $44.00 target price on shares of Terex Corporation and gave the company a “buy” rating in a research report on Thursday, August 3rd. Royal Bank Of Canada reiterated a “hold” rating and set a $38.00 target price on shares of Terex Corporation in a research report on Wednesday, September 13th. Finally, TheStreet upgraded shares of Terex Corporation from a “c” rating to a “b” rating in a research report on Tuesday, August 1st. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $40.64.
Shares of Terex Corporation (NYSE TEX) traded down 0.26% during trading on Tuesday, hitting $45.72. The stock had a trading volume of 894,793 shares. The firm’s market cap is $4.09 billion. Terex Corporation has a 12-month low of $21.88 and a 12-month high of $46.68. The stock has a 50-day moving average of $42.59 and a 200 day moving average of $37.15.
Terex Corporation (NYSE:TEX) last posted its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.09. Terex Corporation had a negative net margin of 1.76% and a positive return on equity of 4.98%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the company posted $0.64 EPS. Terex Corporation’s revenue was down 8.9% on a year-over-year basis. On average, analysts predict that Terex Corporation will post $1.15 earnings per share for the current fiscal year.
Terex Corporation announced that its Board of Directors has initiated a share buyback plan on Wednesday, September 6th that permits the company to repurchase $225.00 million in outstanding shares. This repurchase authorization permits the industrial products company to purchase up to 6.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
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In related news, Director David A. Sachs purchased 3,000 shares of the stock in a transaction on Friday, August 18th. The shares were purchased at an average cost of $37.97 per share, with a total value of $113,910.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Eric I. Cohen sold 10,000 shares of the stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $45.00, for a total transaction of $450,000.00. Following the completion of the transaction, the vice president now directly owns 195,980 shares in the company, valued at $8,819,100. The disclosure for this sale can be found here. Over the last three months, insiders acquired 4,264 shares of company stock worth $165,731 and sold 98,679 shares worth $3,981,710. 2.50% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. M&T Bank Corp increased its holdings in shares of Terex Corporation by 1.5% during the first quarter. M&T Bank Corp now owns 8,905 shares of the industrial products company’s stock worth $279,000 after purchasing an additional 130 shares during the period. Thrivent Financial For Lutherans increased its holdings in shares of Terex Corporation by 8.3% during the first quarter. Thrivent Financial For Lutherans now owns 19,920 shares of the industrial products company’s stock worth $625,000 after purchasing an additional 1,520 shares during the period. Legal & General Group Plc increased its holdings in shares of Terex Corporation by 5.7% during the second quarter. Legal & General Group Plc now owns 170,769 shares of the industrial products company’s stock worth $6,400,000 after purchasing an additional 9,152 shares during the period. AHL Partners LLP increased its holdings in shares of Terex Corporation by 7.6% during the second quarter. AHL Partners LLP now owns 77,063 shares of the industrial products company’s stock worth $2,890,000 after purchasing an additional 5,423 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in shares of Terex Corporation by 13.5% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 8,515 shares of the industrial products company’s stock worth $267,000 after purchasing an additional 1,014 shares during the period. 97.38% of the stock is currently owned by institutional investors.
Terex Corporation 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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