The Manufacturers Life Insurance Company reduced its stake in shares of Terex Corporation (NYSE:TEX) by 6.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 143,485 shares of the industrial products company’s stock after selling 9,326 shares during the period. The Manufacturers Life Insurance Company owned 0.16% of Terex Corporation worth $5,381,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in TEX. BlackRock Inc. lifted its stake in Terex Corporation by 11,851.5% in the first quarter. BlackRock Inc. now owns 8,449,356 shares of the industrial products company’s stock valued at $265,310,000 after buying an additional 8,378,659 shares during the period. JPMorgan Chase & Co. lifted its holdings in Terex Corporation by 1,197.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,759,927 shares of the industrial products company’s stock worth $65,999,000 after purchasing an additional 1,624,263 shares during the last quarter. TIAA CREF Investment Management LLC lifted its holdings in Terex Corporation by 51.0% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 3,624,339 shares of the industrial products company’s stock worth $135,913,000 after purchasing an additional 1,224,422 shares during the last quarter. 1060 Capital LLC acquired a new position in Terex Corporation in the 2nd quarter valued at $25,739,000. Finally, Jennison Associates LLC raised its holdings in Terex Corporation by 123.1% in the 2nd quarter. Jennison Associates LLC now owns 1,071,708 shares of the industrial products company’s stock valued at $40,189,000 after acquiring an additional 591,334 shares in the last quarter. 89.20% of the stock is currently owned by institutional investors.
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Several equities research analysts have issued reports on TEX shares. UBS AG restated a “buy” rating and set a $44.00 target price (up previously from $40.00) on shares of Terex Corporation in a research report on Wednesday, August 2nd. BMO Capital Markets restated a “hold” rating and issued a $35.00 price objective on shares of Terex Corporation in a report on Thursday, July 20th. Deutsche Bank AG set a $44.00 target price on shares of Terex Corporation and gave the company a “buy” rating in a report on Thursday, August 3rd. TheStreet upgraded shares of Terex Corporation from a “c” rating to a “b” rating in a report on Tuesday, August 1st. Finally, Royal Bank Of Canada restated a “hold” rating and set a $38.00 price target on shares of Terex Corporation in a research report on Wednesday, September 13th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $41.93.
Terex Corporation (NYSE:TEX) traded up $0.07 on Tuesday, hitting $44.62. The stock had a trading volume of 1,597,300 shares, compared to its average volume of 1,451,308. The company has a market capitalization of $3,746.66, a PE ratio of 39.42, a PEG ratio of 3.08 and a beta of 1.89. The company has a current ratio of 2.42, a quick ratio of 1.53 and a debt-to-equity ratio of 0.71. Terex Corporation has a 1-year low of $27.77 and a 1-year high of $48.86.
Terex Corporation (NYSE:TEX) last announced its quarterly earnings results on Tuesday, October 31st. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.14. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.03 billion. Terex Corporation had a positive return on equity of 7.01% and a negative net margin of 2.62%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.19 earnings per share. analysts anticipate that Terex Corporation will post 1.29 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Thursday, November 9th will be issued a dividend of $0.08 per share. The ex-dividend date is Wednesday, November 8th. This represents a $0.32 annualized dividend and a yield of 0.72%. Terex Corporation’s payout ratio is currently -37.21%.
Terex Corporation declared that its Board of Directors has approved a stock buyback program on Wednesday, September 6th that authorizes the company to buyback $225.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 6.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In related news, insider Matthew Fearon sold 13,000 shares of the business’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $38.00, for a total transaction of $494,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David A. Sachs acquired 3,000 shares of Terex Corporation stock in a transaction that occurred on Friday, August 18th. The shares were purchased at an average price of $37.97 per share, for a total transaction of $113,910.00. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 4,204 shares of company stock valued at $165,715 and have sold 64,723 shares valued at $2,665,476. Company insiders own 2.50% of the company’s stock.
About Terex Corporation
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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