Terex Co. (NYSE:TEX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.
According to Zacks, “Hurt by weak industry demand, Terex’s fourth-quarter both earnings and revenues declined 76% and 16.5%, respectively, on a year-over-year basis. However, Terex beat the Zacks Consensus Estimate on both counts. Due to ongoing challenges in the Cranes and AWP segment, Terex expects earnings per share to range between $0.60 and $0.80 in 2017 and sales at $3.9 billion. Further, the stock has underperformed the Zacks categorized industry. Lower fleet replacement from North American AWP rental customers will affect AWP segment while the global crane market will deteriorate further in 2017. However, the MP segment remains a consistent performer and is well positioned to benefit from increased construction spending. Also, the company is reviewing all aspects of its cost structure and has been taking actions throughout the entire company to reduce costs. Savings from these actions will help negate challenging conditions in its markets”
Other research analysts also recently issued research reports about the stock. Credit Suisse Group AG set a $38.00 price objective on shares of Terex and gave the company a “buy” rating in a research report on Saturday, February 25th. Deutsche Bank AG increased their price objective on shares of Terex from $24.00 to $34.00 and gave the company a “hold” rating in a research report on Tuesday, December 6th. Stifel Nicolaus increased their price objective on shares of Terex from $29.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, December 14th. OTR Global upgraded shares of Terex to a “positive” rating in a research report on Friday, March 17th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $33.00 price objective (up previously from $24.00) on shares of Terex in a research report on Wednesday, December 14th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. Terex currently has an average rating of “Hold” and an average price target of $30.06.
Terex (NYSE:TEX) traded up 0.108% during midday trading on Friday, reaching $32.485. The company’s stock had a trading volume of 1,068,153 shares. Terex has a 12 month low of $18.91 and a 12 month high of $33.87. The company’s market cap is $3.44 billion. The stock has a 50-day moving average price of $31.13 and a 200 day moving average price of $29.78.
Terex (NYSE:TEX) last issued its quarterly earnings data on Tuesday, February 21st. The industrial products company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.12. The company had revenue of $974.70 million for the quarter, compared to the consensus estimate of $918.81 million. Terex had a net margin of 2.01% and a return on equity of 7.39%. The firm’s revenue for the quarter was down 16.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.50 earnings per share. Analysts expect that Terex will post $0.82 earnings per share for the current fiscal year.
In other news, SVP Kevin Bradley sold 5,000 shares of the stock in a transaction on Thursday, March 30th. The shares were sold at an average price of $31.00, for a total value of $155,000.00. Following the completion of the sale, the senior vice president now directly owns 114,594 shares of the company’s stock, valued at $3,552,414. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steve Filipov sold 5,215 shares of the stock in a transaction on Friday, February 24th. The stock was sold at an average price of $30.14, for a total transaction of $157,180.10. Following the completion of the sale, the insider now directly owns 137,425 shares of the company’s stock, valued at $4,141,989.50. The disclosure for this sale can be found here. Over the last three months, insiders bought 472 shares of company stock valued at $14,999 and sold 60,215 shares valued at $1,880,330. Corporate insiders own 3.70% of the company’s stock.
Several institutional investors have recently modified their holdings of TEX. Norges Bank bought a new position in shares of Terex during the fourth quarter worth $34,781,000. Columbus Circle Investors bought a new position in shares of Terex during the first quarter worth $27,629,000. Assenagon Asset Management S.A. bought a new position in shares of Terex during the fourth quarter worth $24,649,000. Russell Investments Group Ltd. bought a new position in shares of Terex during the fourth quarter worth $24,684,000. Finally, Teacher Retirement System of Texas raised its position in shares of Terex by 4,469.0% in the third quarter. Teacher Retirement System of Texas now owns 694,399 shares of the industrial products company’s stock worth $17,645,000 after buying an additional 679,201 shares in the last quarter. Hedge funds and other institutional investors own 84.32% of the company’s stock.
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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