Terex (TEX) Price Target Lowered to $54.00 at Credit Suisse Group

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Terex (NYSE:TEX) had its price objective lowered by Credit Suisse Group from $62.00 to $54.00 in a research note issued to investors on Monday morning, The Fly reports. The brokerage currently has an outperform rating on the industrial products company’s stock.

TEX has been the topic of a number of other research reports. Seaport Global Securities set a $49.00 price target on shares of Terex and gave the company a buy rating in a report on Friday, July 13th. Robert W. Baird lowered shares of Terex from a neutral rating to an underperform rating and set a $38.00 price target on the stock. in a report on Tuesday, July 10th. ValuEngine upgraded shares of Terex from a hold rating to a buy rating in a report on Tuesday, July 10th. Wells Fargo & Co lowered shares of Terex from an outperform rating to a market perform rating in a report on Thursday, July 19th. Finally, Zacks Investment Research upgraded shares of Terex from a hold rating to a buy rating and set a $49.00 price target on the stock in a report on Tuesday, July 17th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. Terex has an average rating of Hold and a consensus price target of $41.75.

TEX stock traded up $0.40 on Monday, hitting $31.57. 59,862 shares of the company’s stock traded hands, compared to its average volume of 1,595,477. Terex has a 1-year low of $28.64 and a 1-year high of $50.17. The firm has a market cap of $2.30 billion, a PE ratio of 23.45, a P/E/G ratio of 0.51 and a beta of 1.61. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.22 and a quick ratio of 1.19.

Terex (NYSE:TEX) last released its earnings results on Thursday, November 1st. The industrial products company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.07). Terex had a net margin of 2.42% and a return on equity of 18.86%. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the company earned $0.50 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, sell-side analysts expect that Terex will post 2.65 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Friday, November 9th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $0.40 annualized dividend and a yield of 1.27%. Terex’s dividend payout ratio is presently 29.63%.

Terex declared that its board has authorized a stock buyback plan on Thursday, July 12th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

In other news, insider Kevin A. Barr sold 11,937 shares of the stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $38.43, for a total transaction of $458,738.91. Following the transaction, the insider now owns 101,980 shares in the company, valued at approximately $3,919,091.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Eric I. Cohen sold 10,000 shares of the stock in a transaction on Friday, September 14th. The stock was sold at an average price of $39.01, for a total transaction of $390,100.00. Following the transaction, the vice president now owns 182,905 shares in the company, valued at approximately $7,135,124.05. The disclosure for this sale can be found here. In the last quarter, insiders acquired 973 shares of company stock worth $37,603 and sold 38,866 shares worth $1,514,531. 3.50% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pzena Investment Management LLC boosted its holdings in shares of Terex by 5.2% during the 2nd quarter. Pzena Investment Management LLC now owns 3,270,221 shares of the industrial products company’s stock worth $137,971,000 after buying an additional 161,905 shares during the period. Morgan Stanley boosted its holdings in Terex by 2.6% in the 2nd quarter. Morgan Stanley now owns 3,199,629 shares of the industrial products company’s stock valued at $134,992,000 after purchasing an additional 80,932 shares during the period. Fisher Asset Management LLC boosted its holdings in Terex by 559.4% in the 3rd quarter. Fisher Asset Management LLC now owns 2,196,079 shares of the industrial products company’s stock valued at $87,646,000 after purchasing an additional 1,863,038 shares during the period. Fuller & Thaler Asset Management Inc. boosted its holdings in Terex by 7.8% in the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 1,799,220 shares of the industrial products company’s stock valued at $75,909,000 after purchasing an additional 129,613 shares during the period. Finally, MERIAN GLOBAL INVESTORS UK Ltd boosted its holdings in Terex by 640.1% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,529,116 shares of the industrial products company’s stock valued at $61,027,000 after purchasing an additional 1,322,504 shares during the period. Institutional investors own 98.74% of the company’s stock.

About Terex

Terex Corporation manufactures and sells aerial work platforms, cranes, and materials processing machinery worldwide. The company operates through three segments: Aerial Work Platforms (AWP), Cranes, and Material Processing (MP). The AWP segment engages in the design, manufacture, service, and market of AWP equipment, telehandlers, and light towers, as well as related components and replacement parts under the Terex and Genie brands to construct and maintain industrial, commercial, and residential buildings and facilities, and for other commercial operations, as well as used in infrastructure projects.

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