Terex Corp. Forecasted to Earn Q3 2016 Earnings of $0.20 Per Share (TEX)
Terex Corp. (NYSE:TEX) – Equities researchers at Seaport Global Securities cut their Q3 2016 earnings per share estimates for shares of Terex Corp. in a report released on Friday. Seaport Global Securities analyst M. Shlisky now forecasts that the brokerage will earn $0.20 per share for the quarter, down from their prior estimate of $0.21.
Several other equities analysts have also recently weighed in on the company. Bank of America Corp. upgraded Terex Corp. from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $21.00 to $29.00 in a report on Friday. Deutsche Bank AG lifted their price objective on Terex Corp. from $26.00 to $28.00 and gave the company a “hold” rating in a report on Wednesday, October 12th. Zacks Investment Research cut Terex Corp. from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 4th. Credit Agricole SA initiated coverage on Terex Corp. in a report on Friday, September 30th. They set a “buy” rating and a $30.00 price objective on the stock. Finally, Morgan Stanley reiterated a “hold” rating and set a $21.00 price objective on shares of Terex Corp. in a report on Friday, September 16th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $24.50.
Terex Corp. (NYSE:TEX) opened at 24.67 on Monday. Terex Corp. has a one year low of $13.62 and a one year high of $25.85. The firm has a market cap of $2.68 billion, a P/E ratio of 49.94 and a beta of 2.93. The firm’s 50-day moving average price is $24.33 and its 200 day moving average price is $23.21.
Terex Corp. (NYSE:TEX) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.54 by $0.10. Terex Corp. had a return on equity of 9.63% and a net margin of 0.92%. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the company posted $0.78 earnings per share. The company’s revenue for the quarter was down 10.1% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently modified their holdings of TEX. Artemis Investment Management LLP raised its position in shares of Terex Corp. by 298.5% in the second quarter. Artemis Investment Management LLP now owns 497,184 shares of the company’s stock worth $10,100,000 after buying an additional 372,408 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Terex Corp. by 9.4% in the second quarter. BNP Paribas Arbitrage SA now owns 50,956 shares of the company’s stock worth $1,035,000 after buying an additional 4,362 shares in the last quarter. Kennedy Capital Management Inc. purchased a new position in shares of Terex Corp. during the first quarter worth approximately $2,503,000. BlackRock Group LTD raised its position in shares of Terex Corp. by 31.0% in the first quarter. BlackRock Group LTD now owns 85,515 shares of the company’s stock worth $2,126,000 after buying an additional 20,240 shares in the last quarter. Finally, Pzena Investment Management LLC raised 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 worth $145,511,000 after buying an additional 2,359,735 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.
In other Terex Corp. news, insider Matthew Fearon sold 3,632 shares of the company’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $24.69, for a total value of $89,674.08. Following the transaction, the insider now directly owns 111,114 shares of the company’s stock, valued at approximately $2,743,404.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director G Chris Andersen sold 20,000 shares of the company’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $24.02, for a total value of $480,400.00. The disclosure for this sale can be found here. Corporate insiders own 3.70% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 19th. Investors of record on Thursday, November 10th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend is Tuesday, November 8th. Terex Corp.’s payout ratio is presently 57.14%.
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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