Seaport Global Securities upgraded shares of Terex (NYSE:TEX) from a neutral rating to a buy rating in a research report released on Wednesday, Marketbeat reports. Seaport Global Securities currently has $46.00 price target on the industrial products company’s stock.
TEX has been the subject of a number of other reports. Morgan Stanley assumed coverage on Terex in a research note on Friday, March 2nd. They set an equal weight rating and a $45.00 target price for the company. Zacks Investment Research downgraded Terex from a buy rating to a hold rating in a research note on Tuesday, March 6th. Robert W. Baird set a $43.00 target price on Terex and gave the stock a hold rating in a research note on Friday, April 13th. Wells Fargo set a $45.00 target price on Terex and gave the stock a buy rating in a research note on Monday. Finally, Credit Suisse Group cut their target price on Terex from $61.00 to $59.00 and set an outperform rating for the company in a research note on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Hold and an average target price of $46.33.
Shares of TEX stock opened at $40.29 on Wednesday. The company has a market cap of $3,210.84, a PE ratio of 28.52, a price-to-earnings-growth ratio of 0.96 and a beta of 1.80. Terex has a 12-month low of $31.25 and a 12-month high of $50.17. The company has a quick ratio of 1.36, a current ratio of 2.30 and a debt-to-equity ratio of 0.80.
Terex declared that its board has authorized a stock repurchase plan on Wednesday, February 7th that permits the company to repurchase $325.00 million in shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other news, Director David A. Sachs acquired 6,500 shares of the company’s stock in a transaction that occurred on Friday, March 23rd. The stock was purchased at an average cost of $36.59 per share, with a total value of $237,835.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, VP Eric I. Cohen sold 10,121 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $49.90, for a total value of $505,037.90. Following the completion of the transaction, the vice president now directly owns 185,897 shares of the company’s stock, valued at $9,276,260.30. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 11,343 shares of company stock valued at $419,457 and sold 49,411 shares valued at $2,090,346. Company insiders own 3.50% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC increased its position in Terex by 388.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,550 shares of the industrial products company’s stock worth $123,000 after buying an additional 2,028 shares in the last quarter. Landaas & Co. WI ADV increased its position in Terex by 602.6% during the fourth quarter. Landaas & Co. WI ADV now owns 3,513 shares of the industrial products company’s stock worth $169,000 after buying an additional 3,013 shares in the last quarter. Investors Research Corp purchased a new position in Terex during the fourth quarter worth $203,000. LPL Financial LLC purchased a new position in Terex during the fourth quarter worth $211,000. Finally, CAPROCK Group Inc. purchased a new position in Terex during the fourth quarter worth $226,000. 97.80% of the stock is owned by hedge funds and other institutional investors.
Terex Company Profile
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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