Lisanti Capital Growth LLC Buys 8,460 Shares of Terex Co. (TEX)
Lisanti Capital Growth LLC lifted its stake in shares of Terex Co. (NYSE:TEX) by 11.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 84,744 shares of the industrial products company’s stock after acquiring an additional 8,460 shares during the quarter. Terex accounts for about 2.3% of Lisanti Capital Growth LLC’s portfolio, making the stock its largest position. Lisanti Capital Growth LLC’s holdings in Terex were worth $4,086,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently bought and sold shares of TEX. Landaas & Co. WI ADV grew its stake in shares of Terex by 602.6% during the fourth quarter. Landaas & Co. WI ADV now owns 3,513 shares of the industrial products company’s stock worth $169,000 after purchasing an additional 3,013 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Terex by 450.2% in the third quarter. Pacer Advisors Inc. now owns 4,446 shares of the industrial products company’s stock valued at $200,000 after acquiring an additional 3,638 shares in the last quarter. Invictus RG boosted its stake in Terex by 95.4% in the third quarter. Invictus RG now owns 4,618 shares of the industrial products company’s stock valued at $208,000 after acquiring an additional 2,255 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Terex by 4.7% during the second quarter. PNC Financial Services Group Inc. now owns 5,825 shares of the industrial products company’s stock worth $220,000 after buying an additional 262 shares during the period. Finally, CAPROCK Group Inc. acquired a new stake in shares of Terex during the fourth quarter worth about $226,000. 96.63% of the stock is currently owned by institutional investors and hedge funds.
In other Terex news, VP Mark I. Clair sold 3,014 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $45.53, for a total value of $137,227.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Eric I. Cohen sold 10,121 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $49.90, for a total transaction of $505,037.90. Following the completion of the transaction, the vice president now directly owns 185,897 shares of the company’s stock, valued at $9,276,260.30. The disclosure for this sale can be found here. Insiders have purchased 641 shares of company stock valued at $29,842 over the last three months. 2.50% of the stock is currently owned by corporate insiders.
Terex declared that its Board of Directors has initiated a share buyback plan on Wednesday, February 7th that authorizes the company to repurchase $325.00 million in shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 19th. Investors of record on Friday, March 9th will be issued a dividend of $0.10 per share. This is a boost from Terex’s previous quarterly dividend of $0.08. This represents a $0.40 annualized dividend and a yield of 0.94%. Terex’s dividend payout ratio is currently -16.67%.
TEX has been the subject of several recent research reports. Citigroup increased their target price on shares of Terex from $39.00 to $49.00 and gave the stock a “neutral” rating in a research note on Friday, October 13th. KeyCorp reiterated a “hold” rating on shares of Terex in a research note on Wednesday, November 1st. Bank of America decreased their target price on shares of Terex from $42.00 to $40.00 and set an “underperform” rating for the company in a research note on Wednesday, November 8th. Wells Fargo & Co set a $52.00 target price on shares of Terex and gave the stock a “buy” rating in a research note on Monday, October 16th. Finally, OTR Global upgraded shares of Terex to a “positive” rating in a research note on Tuesday, December 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Terex presently has a consensus rating of “Hold” and a consensus target price of $44.71.
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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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