Terex Corporation (NYSE:TEX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $51.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.26% from the company’s previous close.
According to Zacks, “Terex will continue to benefit from progress on capital allocation strategy. Its focus on portfolio restructuring and cost-saving initiatives is likely to boost results in the near term. Terex has sold its remaining shares in Konecranes and received approximately $773 million for the sale of the 19.6 million shares of Konecranes. This brings the total consideration received for the disposition of the Material Handling & Port Solution segment to $1.6 billion. 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.”
Several other brokerages also recently issued reports on TEX. UBS AG restated a “buy” rating and issued a $44.00 price objective (up from $40.00) on shares of Terex Corporation in a research report on Tuesday, August 8th. Deutsche Bank AG set a $44.00 price objective on Terex Corporation and gave the company a “buy” rating in a research report on Thursday, August 3rd. TheStreet upgraded Terex Corporation from a “c” rating to a “b” rating in a research report on Tuesday, August 1st. 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. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $38.00 price objective on shares of Terex Corporation in a research report on Wednesday, September 13th. Four research analysts have rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $39.71.
Terex Corporation (NYSE:TEX) last posted its earnings results on Wednesday, August 2nd. The industrial products company reported $0.51 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.09. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.15 billion. Terex Corporation had a positive return on equity of 4.98% and a negative net margin of 1.76%. Terex Corporation’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.64 earnings per share.
Terex Corporation declared that its board has authorized a stock buyback program on Wednesday, September 6th that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 6.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In other Terex Corporation news, Director David A. Sachs bought 3,000 shares of Terex Corporation stock in a transaction that occurred on Friday, August 18th. The shares were purchased at an average cost of $37.97 per share, for a total transaction of $113,910.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Eric I. Cohen sold 10,000 shares of the stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $45.00, for a total value of $450,000.00. Following the transaction, the vice president now owns 195,980 shares in the company, valued at $8,819,100. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 4,264 shares of company stock worth $165,731 and have sold 98,679 shares worth $3,981,710. Corporate insiders own 2.50% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. M&T Bank Corp lifted its position in 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 buying an additional 130 shares during the period. Thrivent Financial For Lutherans lifted its position in 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 buying an additional 1,520 shares during the period. Legal & General Group Plc lifted its position in 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 buying an additional 9,152 shares during the period. AHL Partners LLP lifted its position in 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 buying an additional 5,423 shares during the period. Finally, Raymond James Financial Services Advisors Inc. lifted its position in 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 buying an additional 1,014 shares during the period. Hedge funds and other institutional investors own 97.38% of the company’s stock.
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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