Texas Permanent School Fund cut its stake in Terex Co. (NYSE:TEX) by 12.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,808 shares of the industrial products company’s stock after selling 5,790 shares during the period. Texas Permanent School Fund owned about 0.06% of Terex worth $1,629,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Pinnacle Associates Ltd. lifted its position in Terex by 32.4% in the second quarter. Pinnacle Associates Ltd. now owns 8,170 shares of the industrial products company’s stock valued at $345,000 after acquiring an additional 2,001 shares during the last quarter. Aperio Group LLC raised its holdings in shares of Terex by 3.8% in the second quarter. Aperio Group LLC now owns 79,091 shares of the industrial products company’s stock valued at $3,337,000 after buying an additional 2,924 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Terex by 39.7% in the second quarter. PNC Financial Services Group Inc. now owns 10,538 shares of the industrial products company’s stock valued at $445,000 after buying an additional 2,996 shares during the last quarter. Xact Kapitalforvaltning AB raised its holdings in shares of Terex by 24.9% in the second quarter. Xact Kapitalforvaltning AB now owns 15,053 shares of the industrial products company’s stock valued at $635,000 after buying an additional 3,000 shares during the last quarter. Finally, Clear Perspective Advisors LLC raised its holdings in shares of Terex by 62.0% in the second quarter. Clear Perspective Advisors LLC now owns 8,535 shares of the industrial products company’s stock valued at $360,000 after buying an additional 3,266 shares during the last quarter. 98.74% of the stock is owned by hedge funds and other institutional investors.
NYSE TEX opened at $31.78 on Friday. 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 Co. has a 52-week low of $28.64 and a 52-week high of $50.17. The stock has a market cap of $2.34 billion, a P/E ratio of 23.54, a PEG ratio of 0.60 and a beta of 1.61.
Terex (NYSE:TEX) last issued its earnings results on Thursday, November 1st. The industrial products company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.07). Terex had a return on equity of 18.86% and a net margin of 2.42%. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the previous year, the company posted $0.50 earnings per share. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts predict that Terex Co. will post 2.65 EPS for the current fiscal year.
Terex declared that its Board of Directors has authorized a stock repurchase program on Thursday, July 12th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 8.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Friday, November 9th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, November 8th. This represents a $0.40 annualized dividend and a yield of 1.26%. Terex’s payout ratio is currently 29.63%.
In other Terex news, insider Kevin A. Barr sold 11,937 shares of the company’s stock in a transaction dated 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 directly owns 101,980 shares in the company, valued at $3,919,091.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steve Filipov sold 6,929 shares of the company’s stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $38.85, for a total transaction of $269,191.65. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 973 shares of company stock worth $37,603 and have sold 38,866 shares worth $1,514,531. Corporate insiders own 3.50% of the company’s stock.
TEX has been the subject of a number of research reports. UBS Group set a $52.00 target price on shares of Terex and gave the company a “buy” rating in a report on Wednesday, August 22nd. Zacks Investment Research raised shares of Terex from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Tuesday, July 17th. Seaport Global Securities set a $49.00 target price on shares of Terex and gave the company a “buy” rating in a report on Friday, July 13th. TheStreet cut shares of Terex from a “b” rating to a “c+” rating in a report on Friday, November 2nd. Finally, ValuEngine cut shares of Terex from a “buy” rating to a “hold” rating in a report on Monday, July 30th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $41.75.
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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