Terex Co. (NYSE:TEX) announced a quarterly dividend on Friday, October 12th, RTT News reports. Investors of record on Friday, November 9th will be given a dividend of 0.10 per share by the industrial products company on Wednesday, December 19th. This represents a $0.40 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend is Thursday, November 8th.
Terex has raised its dividend by an average of 17.0% per year over the last three years and has raised its dividend every year for the last 4 years. Terex has a dividend payout ratio of 13.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Terex to earn $3.64 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 11.0%.
NYSE:TEX opened at $31.70 on Wednesday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.19 and a current ratio of 2.22. Terex has a one year low of $28.64 and a one year high of $50.17. The company has a market cap of $2.30 billion, a P/E ratio of 23.48, a price-to-earnings-growth ratio of 0.51 and a beta of 1.61.
Terex declared that its Board of Directors has initiated a share buyback program on Thursday, July 12th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 8.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, insider Kevin A. Barr sold 11,937 shares of Terex stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $38.43, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steve Filipov sold 6,929 shares of Terex stock in a transaction on Friday, August 31st. The shares were sold at an average price of $38.85, for a total transaction of $269,191.65. The disclosure for this sale can be found here. In the last quarter, insiders bought 973 shares of company stock valued at $37,603 and sold 38,866 shares valued at $1,514,531. Insiders own 3.50% of the company’s stock.
A number of research analysts have recently issued reports on TEX shares. Vertical Research downgraded shares of Terex from a “buy” rating to a “hold” rating in a research report on Friday, November 2nd. Citigroup dropped their price target on shares of Terex from $45.00 to $38.00 and set a “neutral” rating on the stock in a research report on Friday, November 2nd. Wells Fargo & Co downgraded shares of Terex from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 19th. ValuEngine upgraded shares of Terex from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Finally, Longbow Research started coverage on shares of Terex in a research report on Friday, October 12th. They issued a “neutral” rating on the stock. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $41.75.
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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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