Wells Fargo & Company Analysts Give Terex Corporation (TEX) a $52.00 Price Target
Terex Corporation (NYSE:TEX) has been assigned a $52.00 target price by equities research analysts at Wells Fargo & Company in a report issued on Monday. The firm currently has a “buy” rating on the industrial products company’s stock. Wells Fargo & Company’s price objective suggests a potential upside of 13.74% from the company’s previous close.
A number of other analysts have also recently weighed in on TEX. Credit Suisse Group set a $45.00 price objective on shares of Terex Corporation and gave the stock a “buy” rating in a research note on Monday, June 26th. Zacks Investment Research upgraded shares of Terex Corporation from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Thursday, July 13th. BMO Capital Markets reiterated a “hold” rating and set a $35.00 target price on shares of Terex Corporation in a research note on Thursday, July 20th. UBS AG reiterated a “buy” rating and set a $44.00 target price (up from $40.00) on shares of Terex Corporation in a research note on Wednesday, August 2nd. Finally, TheStreet upgraded shares of Terex Corporation from a “c” rating to a “b” rating in a research note on Tuesday, August 1st. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Terex Corporation currently has a consensus rating of “Hold” and an average target price of $41.43.
Shares of Terex Corporation (NYSE:TEX) traded up 1.12% on Monday, reaching $46.23. 214,167 shares of the company’s stock traded hands. The firm’s market capitalization is $4.13 billion. Terex Corporation has a 52 week low of $21.88 and a 52 week high of $46.80. The company’s 50-day moving average is $42.73 and its 200-day moving average is $37.25.
Terex Corporation (NYSE:TEX) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share for the quarter, topping the Zacks’ 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 business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the company earned $0.64 earnings per share. Terex Corporation’s revenue for the quarter was down 8.9% on a year-over-year basis. Equities research analysts anticipate that Terex Corporation will post $1.15 earnings per share for the current fiscal year.
Terex Corporation announced that its Board of Directors has approved a share repurchase program on Wednesday, September 6th that authorizes the company to buyback $225.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 6.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In other Terex Corporation news, VP Eric I. Cohen sold 10,000 shares of the company’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $45.00, for a total transaction of $450,000.00. Following the transaction, the vice president now directly owns 195,980 shares in the company, valued at approximately $8,819,100. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Kevin A. Barr sold 2,682 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $43.05, for a total transaction of $115,460.10. Following the transaction, the insider now owns 126,762 shares in the company, valued at $5,457,104.10. The disclosure for this sale can be found here. In the last three months, insiders have acquired 4,264 shares of company stock worth $165,731 and have sold 98,679 shares worth $3,981,710. 2.50% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Dean Capital Management acquired a new position in Terex Corporation during the 2nd quarter valued at about $2,434,000. Sterling Capital Management LLC acquired a new position in Terex Corporation during the 2nd quarter valued at about $768,000. Caxton Associates LP lifted its position in Terex Corporation by 66.7% during the 2nd quarter. Caxton Associates LP now owns 150,000 shares of the industrial products company’s stock valued at $5,625,000 after purchasing an additional 60,000 shares during the period. BlueCrest Capital Management Ltd acquired a new position in Terex Corporation during the 2nd quarter valued at about $2,872,000. Finally, Gotham Asset Management LLC lifted its position in Terex Corporation by 30.9% during the 2nd quarter. Gotham Asset Management LLC now owns 459,144 shares of the industrial products company’s stock valued at $17,218,000 after purchasing an additional 108,486 shares during the period. Institutional investors own 97.40% 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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