Terex Corp. (NYSE:TEX) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Including Material Handling & Port Solutions (MHPS) as discontinued operations, Terex expects earnings per share is expected to be between $0.85 and $1.15 in 2016, excluding restructuring and other unusual items. The company guided net sales of $4.3 billion–$4.5 billion for 2016. Its Aerial Work Platforms (AWP) segment witnessed decline in backlog and sales in the second-quarter 2016. With lower demand for replacement of machines, Terex expects this trend to persist through 2017 and anticipates sales to be down around 15% for the full year, compared to 2015. Cranes sales are also projected to be down roughly 15% for 2016. Moreover, Terex’s performance will be hurt by weak mining market and choppy oil and gas prices. The post-Brexit uncertainty also remains a concern. The company has a negative record of earnings suprises in the recent quarters. Its estimates have also gone down recently.”
A number of other research analysts also recently issued reports on the stock. Credit Agricole SA began coverage on shares of Terex Corp. in a research report on Friday, September 30th. They set a “buy” rating and a $30.00 target price on the stock. Morgan Stanley restated a “hold” rating and set a $21.00 target price on shares of Terex Corp. in a research report on Friday, September 16th. Deutsche Bank AG began coverage on shares of Terex Corp. in a research report on Tuesday, September 6th. They set a “hold” rating and a $26.00 target price on the stock. BMO Capital Markets restated a “hold” rating and set a $24.00 target price on shares of Terex Corp. in a research report on Monday, August 29th. Finally, Jefferies Group downgraded shares of Terex Corp. from a “buy” rating to a “hold” rating and set a $25.00 target price on the stock. in a research report on Tuesday, August 9th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. Terex Corp. currently has a consensus rating of “Hold” and an average target price of $24.09.
Terex Corp. (NYSE:TEX) opened at 24.99 on Tuesday. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of 50.59 and a beta of 2.93. The stock has a 50 day moving average of $24.22 and a 200 day moving average of $23.23. Terex Corp. has a 12-month low of $13.62 and a 12-month high of $25.66.
Terex Corp. (NYSE:TEX) last released its earnings results on Tuesday, August 2nd. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.10. Terex Corp. had a net margin of 0.92% and a return on equity of 9.63%. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the prior year, the company posted $0.78 EPS. The company’s revenue was down 10.1% compared to the same quarter last year. Equities research analysts anticipate that Terex Corp. will post $0.96 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 19th. Shareholders of record on Wednesday, August 10th were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Monday, August 8th. This represents a $0.28 annualized dividend and a yield of 1.12%. Terex Corp.’s dividend payout ratio (DPR) is currently 57.14%.
In other news, Director G Chris Andersen sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $24.02, for a total transaction of $480,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kevin A. Barr sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $23.75, for a total transaction of $237,500.00. Following the transaction, the insider now directly owns 153,788 shares of the company’s stock, valued at $3,652,465. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Pzena Investment Management LLC boosted its position in shares of Terex Corp. by 49.1% in the second quarter. Pzena Investment Management LLC now owns 7,164,504 shares of the company’s stock valued at $145,511,000 after buying an additional 2,359,735 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Terex Corp. by 2,882.0% in the second quarter. Prudential Financial Inc. now owns 1,992,054 shares of the company’s stock valued at $40,459,000 after buying an additional 1,925,252 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in shares of Terex Corp. by 105.3% in the second quarter. TIAA CREF Investment Management LLC now owns 3,191,643 shares of the company’s stock valued at $64,822,000 after buying an additional 1,636,964 shares in the last quarter. Schroder Investment Management Group acquired a new position in shares of Terex Corp. during the second quarter valued at $23,860,000. Finally, Highline Capital Management L.P. acquired a new position in shares of Terex Corp. during the second quarter valued at $14,572,000. 81.01% of the stock is owned by institutional investors.
About Terex Corp.
Terex Corporation is a lifting and material handling solutions company. The Company is focused on providing its operations and delivering solutions for a range of commercial applications, including the construction, infrastructure, mining, manufacturing, transportation, energy and utility industries.
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