Canada Pension Plan Investment Board Cuts Position in Terex Corporation (TEX)
Canada Pension Plan Investment Board reduced its stake in shares of Terex Corporation (NYSE:TEX) by 30.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,400 shares of the industrial products company’s stock after selling 31,200 shares during the period. Canada Pension Plan Investment Board owned 0.08% of Terex Corporation worth $3,259,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the stock. Capstone Asset Management Co. raised its position in shares of Terex Corporation by 1.5% during the 2nd quarter. Capstone Asset Management Co. now owns 14,468 shares of the industrial products company’s stock worth $543,000 after purchasing an additional 220 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Terex Corporation by 4.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 5,825 shares of the industrial products company’s stock worth $220,000 after purchasing an additional 262 shares during the last quarter. Mirador Capital Partners LP raised its position in shares of Terex Corporation by 4.5% during the 2nd quarter. Mirador Capital Partners LP now owns 9,118 shares of the industrial products company’s stock worth $360,000 after purchasing an additional 394 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Terex Corporation by 0.3% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 156,347 shares of the industrial products company’s stock worth $5,863,000 after purchasing an additional 492 shares during the last quarter. Finally, Gamco Investors INC. ET AL raised its holdings in Terex Corporation by 6.3% in the 2nd quarter. Gamco Investors INC. ET AL now owns 8,400 shares of the industrial products company’s stock valued at $315,000 after acquiring an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 89.20% of the company’s stock.
In related news, VP Mark I. Clair sold 4,880 shares of the company’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $40.00, for a total transaction of $195,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Brian J. Henry sold 10,154 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $40.00, for a total transaction of $406,160.00. Following the sale, the senior vice president now directly owns 313,263 shares of the company’s stock, valued at $12,530,520. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 1,204 shares of company stock valued at $51,805 and have sold 51,723 shares valued at $2,171,476. 2.50% of the stock is currently owned by corporate insiders.
Shares of Terex Corporation (NYSE TEX) opened at $44.02 on Friday. The company has a current ratio of 2.42, a quick ratio of 1.53 and a debt-to-equity ratio of 0.71. Terex Corporation has a twelve month low of $27.77 and a twelve month high of $48.86. The company has a market capitalization of $3,578.46, a price-to-earnings ratio of 37.65, a PEG ratio of 2.94 and a beta of 1.89.
Terex Corporation (NYSE:TEX) last announced its quarterly earnings results on Tuesday, October 31st. The industrial products company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.14. Terex Corporation had a negative net margin of 2.62% and a positive return on equity of 7.01%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the prior year, the company earned $0.19 EPS. The firm’s revenue was up 5.2% on a year-over-year basis. research analysts predict that Terex Corporation will post 1.29 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Thursday, November 9th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $0.32 dividend on an annualized basis and a yield of 0.73%. Terex Corporation’s dividend payout ratio (DPR) is -37.21%.
Terex Corporation declared that its board has authorized a share repurchase plan on Wednesday, September 6th that permits the company to repurchase $225.00 million in shares. This repurchase authorization permits the industrial products company to purchase up to 6.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
TEX has been the subject of several analyst reports. Bank of America Corporation cut their price target on Terex Corporation from $42.00 to $40.00 and set an “underperform” rating for the company in a report on Wednesday, November 8th. KeyCorp reiterated a “hold” rating on shares of Terex Corporation in a report on Wednesday, November 1st. OTR Global downgraded Terex Corporation to a “positive” rating in a report on Wednesday, September 13th. Deutsche Bank AG downgraded Terex Corporation from a “buy” rating to a “hold” rating and cut their price target for the company from $44.00 to $43.00 in a report on Thursday, September 21st. Finally, Wells Fargo & Company set a $52.00 price target on Terex Corporation and gave the company a “buy” rating in a report on Monday, October 16th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $41.93.
Terex Corporation 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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