SignalPoint Asset Management LLC Decreases Position in Terex Co. (TEX)

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SignalPoint Asset Management LLC reduced its stake in Terex Co. (NYSE:TEX) by 15.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 14,038 shares of the industrial products company’s stock after selling 2,582 shares during the period. SignalPoint Asset Management LLC’s holdings in Terex were worth $560,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in TEX. Delta Capital Management LLC bought a new position in Terex in the second quarter worth about $212,000. Lido Advisors LLC bought a new position in Terex in the second quarter worth about $246,000. Strs Ohio bought a new position in Terex in the second quarter worth about $307,000. Pinnacle Associates Ltd. raised its stake in Terex by 32.4% in the second quarter. Pinnacle Associates Ltd. now owns 8,170 shares of the industrial products company’s stock worth $345,000 after buying an additional 2,001 shares in the last quarter. Finally, Clear Perspective Advisors LLC raised its stake in Terex by 62.0% in the second quarter. Clear Perspective Advisors LLC now owns 8,535 shares of the industrial products company’s stock worth $360,000 after buying an additional 3,266 shares in the last quarter.

In related news, insider Steve Filipov sold 6,929 shares of the firm’s stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $38.85, for a total value of $269,191.65. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kevin A. Barr sold 11,937 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $38.43, for a total transaction of $458,738.91. Following the completion of the sale, the insider now owns 101,980 shares in the company, valued at approximately $3,919,091.40. The disclosure for this sale can be found here. In the last quarter, insiders have bought 1,344 shares of company stock worth $52,633 and have sold 38,866 shares worth $1,514,531. Corporate insiders own 3.50% of the company’s stock.

Shares of NYSE:TEX traded up $1.31 during trading on Wednesday, reaching $33.38. 277,475 shares of the stock traded hands, compared to its average volume of 1,299,419. Terex Co. has a 52-week low of $29.44 and a 52-week high of $50.17. The company has a quick ratio of 1.19, a current ratio of 2.11 and a debt-to-equity ratio of 1.15. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 24.73, a PEG ratio of 0.46 and a beta of 1.52.

Terex (NYSE:TEX) last posted its quarterly earnings results on Tuesday, July 31st. The industrial products company reported $0.98 EPS for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.08. Terex had a net margin of 2.91% and a return on equity of 16.66%. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.40 billion. As a group, sell-side analysts anticipate that Terex Co. will post 2.92 earnings per share for the current year.

Terex announced that its Board of Directors has initiated a stock buyback program on Thursday, July 12th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to buy up to 8.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Stockholders of record on Friday, November 9th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Thursday, November 8th. Terex’s payout ratio is 29.63%.

A number of equities analysts have weighed in on the stock. ValuEngine downgraded shares of Terex from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. Deutsche Bank reaffirmed a “sell” rating and set a $34.00 target price on shares of Terex in a research note on Wednesday, September 5th. UBS Group set a $52.00 target price on shares of Terex and gave the company a “buy” rating in a research note on Wednesday, August 22nd. Robert W. Baird raised shares of Terex from an “underperform” rating to a “neutral” rating and set a $38.00 target price for the company in a research note on Monday, August 20th. Finally, Bank of America raised their target price on shares of Terex from $36.00 to $40.00 and gave the company an “underperform” rating in a research note on Wednesday, August 1st. Four analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $45.50.

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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Institutional Ownership by Quarter for Terex (NYSE:TEX)

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