Public Employees Retirement Association of Colorado cut its stake in Terex Corporation (NYSE:TEX) by 2.3% during the second quarter, Holdings Channel reports. The institutional investor owned 22,029 shares of the industrial products company’s stock after selling 515 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Terex Corporation were worth $826,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its position in Terex Corporation by 7.8% in the first quarter. PNC Financial Services Group Inc. now owns 5,563 shares of the industrial products company’s stock valued at $175,000 after buying an additional 403 shares in the last quarter. US Bancorp DE increased its position in Terex Corporation by 9.3% in the first quarter. US Bancorp DE now owns 5,989 shares of the industrial products company’s stock valued at $188,000 after buying an additional 510 shares in the last quarter. New England Research & Management Inc. bought a new position in Terex Corporation during the second quarter valued at approximately $274,000. Invictus RG bought a new position in Terex Corporation during the first quarter valued at approximately $237,000. Finally, Meadow Creek Investment Management LLC increased its position in Terex Corporation by 80.6% in the first quarter. Meadow Creek Investment Management LLC now owns 7,744 shares of the industrial products company’s stock valued at $243,000 after buying an additional 3,456 shares in the last quarter. Hedge funds and other institutional investors own 99.28% of the company’s stock.
Terex Corporation (NYSE:TEX) opened at 37.71 on Friday. The firm’s 50 day moving average price is $38.31 and its 200-day moving average price is $34.08. Terex Corporation has a 12-month low of $21.88 and a 12-month high of $40.24. The stock’s market cap is $3.37 billion.
Terex Corporation (NYSE:TEX) last issued its earnings results on Wednesday, August 2nd. The industrial products company reported $0.51 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.09. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.15 billion. Terex Corporation had a negative net margin of 1.76% and a positive return on equity of 4.98%. The company’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same period last year, the company posted $0.64 earnings per share. Equities research analysts anticipate that Terex Corporation will post $1.15 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 19th. Stockholders of record on Wednesday, August 9th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date is Monday, August 7th. Terex Corporation’s dividend payout ratio (DPR) is presently -50.79%.
Terex Corporation declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 30th that allows the company to buyback $280.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 8.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
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Several research firms have recently commented on TEX. UBS AG reiterated a “buy” rating and issued a $44.00 price objective (up previously from $40.00) on shares of Terex Corporation in a report on Tuesday, August 8th. Deutsche Bank AG set a $44.00 price objective on Terex Corporation and gave the stock a “buy” rating in a report on Thursday, August 3rd. Zacks Investment Research upgraded Terex Corporation from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a report on Thursday, July 13th. TheStreet upgraded Terex Corporation from a “c” rating to a “b” rating in a report on Tuesday, August 1st. Finally, J P Morgan Chase & Co upgraded Terex Corporation from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $30.00 to $47.00 in a report on Tuesday, April 25th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $36.63.
In related news, insider Steve Filipov sold 4,564 shares of Terex Corporation stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $38.22, for a total transaction of $174,436.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Brian J. Henry sold 7,512 shares of Terex Corporation stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $33.48, for a total transaction of $251,501.76. Following the transaction, the senior vice president now directly owns 322,993 shares in the company, valued at $10,813,805.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 1,224 shares of company stock worth $44,403 and have sold 85,464 shares worth $3,167,075. Company insiders own 2.50% of the company’s stock.
Terex Corporation Company Profile
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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