Vanguard Group Inc. reduced its position in shares of Terex Corporation (NYSE:TEX) by 4.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,614,224 shares of the industrial products company’s stock after selling 385,154 shares during the quarter. Vanguard Group Inc. owned about 7.96% of Terex Corporation worth $285,533,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. M&T Bank Corp increased its stake in shares of Terex Corporation by 1.5% in the 1st quarter. M&T Bank Corp now owns 8,905 shares of the industrial products company’s stock valued at $279,000 after acquiring an additional 130 shares during the last quarter. Thrivent Financial For Lutherans increased its stake in shares of Terex Corporation by 8.3% in the 1st quarter. Thrivent Financial For Lutherans now owns 19,920 shares of the industrial products company’s stock valued at $625,000 after acquiring an additional 1,520 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Terex Corporation by 5.7% in the 2nd quarter. Legal & General Group Plc now owns 170,769 shares of the industrial products company’s stock valued at $6,400,000 after acquiring an additional 9,152 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of Terex Corporation by 13.5% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 8,515 shares of the industrial products company’s stock valued at $267,000 after acquiring an additional 1,014 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Terex Corporation by 7.6% in the 1st quarter. Geode Capital Management LLC now owns 824,753 shares of the industrial products company’s stock valued at $25,897,000 after acquiring an additional 58,306 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.
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Terex Corporation (NYSE:TEX) opened at 45.51 on Wednesday. Terex Corporation has a 12 month low of $21.88 and a 12 month high of $45.93. The company has a 50 day moving average price of $41.93 and a 200 day moving average price of $36.91. The firm’s market capitalization is $4.07 billion.
Terex Corporation (NYSE:TEX) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.09. The company had revenue of $1.18 billion during 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%. The firm’s revenue was down 8.9% compared to the same quarter last year. During the same period last year, the company earned $0.64 earnings per share. Analysts anticipate that Terex Corporation will post $1.15 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 19th. Shareholders of record on Wednesday, August 9th were issued a $0.08 dividend. The ex-dividend date was Monday, August 7th. This represents a $0.32 dividend on an annualized basis and a yield of 0.70%. Terex Corporation’s payout ratio is currently -50.79%.
Terex Corporation announced that its Board of Directors has authorized a share buyback program on Wednesday, September 6th that allows the company to repurchase $225.00 million in shares. This repurchase authorization allows the industrial products company to repurchase up to 6.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
In other Terex Corporation news, SVP Kevin Bradley sold 3,000 shares of Terex Corporation stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $39.00, for a total value of $117,000.00. Following the completion of the sale, the senior vice president now directly owns 45,612 shares in the company, valued at $1,778,868. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Eric I. Cohen sold 3,392 shares of Terex Corporation stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $39.23, for a total value of $133,068.16. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 4,264 shares of company stock valued at $165,731 and sold 101,679 shares valued at $4,098,710. Insiders own 2.50% of the company’s stock.
A number of analysts have recently commented on TEX shares. TheStreet raised Terex Corporation from a “c” rating to a “b” rating in a research note on Tuesday, August 1st. Zacks Investment Research raised Terex Corporation from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Thursday, July 13th. Credit Suisse Group set a $45.00 price target on Terex Corporation and gave the company a “buy” rating in a research note on Monday, June 26th. UBS AG reaffirmed a “buy” rating and issued a $44.00 price target (up from $40.00) on shares of Terex Corporation in a research note on Tuesday, August 8th. Finally, Deutsche Bank AG set a $44.00 price target on Terex Corporation and gave the company a “buy” rating in a research note on Thursday, August 3rd. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $38.50.
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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