Terex Co. (NYSE:TEX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research 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”
A number of other research firms also recently weighed in on TEX. Stifel Nicolaus upped their target price on Terex from $29.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, December 14th. Royal Bank of Canada reiterated a “sector perform” rating and set a $33.00 target price (up from $24.00) on shares of Terex in a research report on Wednesday, December 14th. Citigroup Inc began coverage on Terex in a research report on Monday, February 6th. They set a “neutral” rating and a $36.00 price objective for the company. OTR Global upgraded Terex to a “positive” rating in a research report on Friday, December 9th. Finally, Deutsche Bank AG upgraded Terex from a “hold” rating to a “buy” rating and upped their price objective for the stock from $36.00 to $37.00 in a research report on Monday, February 27th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $30.06.
Terex (NYSE:TEX) traded up 0.34% during midday trading on Friday, reaching $32.56. 1,032,139 shares of the company were exchanged. Terex has a 52-week low of $18.91 and a 52-week high of $33.87. The stock’s market capitalization is $3.45 billion. The firm’s 50-day moving average price is $31.13 and its 200 day moving average price is $29.78.
Terex (NYSE:TEX) last released its earnings results on Tuesday, February 21st. The industrial products company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.12. The firm earned $974.70 million during the quarter, compared to the consensus estimate of $918.81 million. Terex had a return on equity of 7.39% and a net margin of 2.01%. The company’s revenue was down 16.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 EPS. Equities analysts predict that Terex will post $0.82 earnings per share for the current year.
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In related news, Director G Chris Andersen sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $31.06, for a total transaction of $310,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kevin Bradley sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 30th. The stock was sold at an average price of $31.00, for a total value of $155,000.00. Following the sale, the senior vice president now directly owns 114,594 shares of the company’s stock, valued at approximately $3,552,414. The disclosure for this sale can be found here. In 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.
A number of large investors have recently added to or reduced their stakes in TEX. Fisher Asset Management LLC boosted its stake in Terex by 3.5% in the third quarter. Fisher Asset Management LLC now owns 441,605 shares of the industrial products company’s stock valued at $11,221,000 after buying an additional 15,043 shares in the last quarter. Creative Planning boosted its stake in Terex by 3.1% in the third quarter. Creative Planning now owns 8,864 shares of the industrial products company’s stock valued at $225,000 after buying an additional 264 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Terex by 0.8% in the third quarter. Nisa Investment Advisors LLC now owns 76,620 shares of the industrial products company’s stock valued at $1,947,000 after buying an additional 600 shares in the last quarter. Bank of Montreal Can boosted its stake in Terex by 2.6% in the third quarter. Bank of Montreal Can now owns 45,323 shares of the industrial products company’s stock valued at $1,152,000 after buying an additional 1,160 shares in the last quarter. Finally, Oakbrook Investments LLC purchased a new position in shares of Terex during the third quarter valued at about $254,000. 84.32% of the stock is owned by institutional investors and hedge funds.
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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