Q3 2017 EPS Estimates for Terex Corporation Lifted by Analyst (TEX)
Terex Corporation (NYSE:TEX) – William Blair boosted their Q3 2017 earnings estimates for shares of Terex Corporation in a report released on Wednesday. William Blair analyst L. De. Maria now expects that the industrial products company will earn $0.31 per share for the quarter, up from their prior estimate of $0.26. William Blair also issued estimates for Terex Corporation’s Q4 2017 earnings at $0.27 EPS and FY2018 earnings at $1.55 EPS.
Several other research firms have also commented on TEX. UBS AG reaffirmed a “buy” rating and set a $44.00 price target (up previously from $40.00) on shares of Terex Corporation in a research report on Wednesday. BMO Capital Markets reaffirmed a “hold” rating and set a $35.00 price target on shares of Terex Corporation in a research report on Thursday, July 20th. Zacks Investment Research raised Terex Corporation from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Thursday, July 13th. TheStreet raised Terex Corporation from a “c” rating to a “b” rating in a research report on Tuesday, August 1st. Finally, Deutsche Bank AG set a $44.00 price target on Terex Corporation and gave the stock a “buy” rating in a research report on Thursday. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Terex Corporation presently has an average rating of “Hold” and an average price target of $35.94.
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Terex Corporation (NYSE:TEX) opened at 39.44 on Friday. Terex Corporation has a 12-month low of $21.88 and a 12-month high of $39.90. The firm’s market cap is $3.77 billion. The stock’s 50 day moving average is $37.34 and its 200 day moving average is $33.55.
Terex Corporation (NYSE:TEX) last posted its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.09. Terex Corporation had a negative net margin of 1.76% and a positive return on equity of 4.98%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the company posted $0.64 earnings per share. The company’s revenue for the quarter was down 8.9% compared to the same quarter last year.
Terex Corporation declared that its Board of Directors has authorized a share buyback program 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 buy up to 8.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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 issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date is Monday, August 7th. Terex Corporation’s payout ratio is currently -50.79%.
In other news, SVP Kevin Bradley sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $39.00, for a total value of $117,000.00. Following the transaction, the senior vice president now owns 45,612 shares of the company’s stock, valued at $1,778,868. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Eric I. Cohen sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $36.42, for a total value of $364,200.00. The disclosure for this sale can be found here. In the last three months, insiders bought 841 shares of company stock worth $29,607 and sold 71,508 shares worth $2,502,041. Insiders own 2.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Terex Corporation by 11,851.5% in the first quarter. BlackRock Inc. now owns 8,449,356 shares of the industrial products company’s stock worth $265,310,000 after buying an additional 8,378,659 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Terex Corporation by 160.8% in the first quarter. Alliancebernstein L.P. now owns 3,095,591 shares of the industrial products company’s stock worth $97,202,000 after buying an additional 1,908,447 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Terex Corporation by 17.1% in the first quarter. Dimensional Fund Advisors LP now owns 6,444,169 shares of the industrial products company’s stock worth $202,346,000 after buying an additional 943,237 shares in the last quarter. Columbus Circle Investors acquired a new position in shares of Terex Corporation during the first quarter worth $27,629,000. Finally, Jennison Associates LLC raised its position in shares of Terex Corporation by 123.1% in the second quarter. Jennison Associates LLC now owns 1,071,708 shares of the industrial products company’s stock worth $40,189,000 after buying an additional 591,334 shares in the last quarter. 90.89% of the stock is currently owned by hedge funds and other institutional investors.
About Terex Corporation
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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