Terex’s (TEX) Sell Rating Reiterated at Deutsche Bank
Deutsche Bank reiterated their sell rating on shares of Terex (NYSE:TEX) in a research note published on Wednesday morning, Marketbeat Ratings reports. Deutsche Bank currently has a $34.00 target price on the industrial products company’s stock.
A number of other research analysts have also recently issued reports on TEX. Zacks Investment Research cut Terex from a strong-buy rating to a hold rating in a research note on Tuesday, July 3rd. ValuEngine cut Terex from a hold rating to a sell rating in a research note on Wednesday, August 15th. Seaport Global Securities set a $49.00 price objective on Terex and gave the company a buy rating in a research note on Friday, July 13th. Bank of America increased their target price on shares of Terex from $36.00 to $40.00 and gave the stock an underperform rating in a report on Wednesday, August 1st. Finally, Jefferies Financial Group upgraded shares of Terex from a hold rating to a buy rating in a report on Thursday, June 21st. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Terex currently has a consensus rating of Hold and an average price target of $44.92.
Shares of NYSE:TEX opened at $37.91 on Wednesday. Terex has a 12-month low of $35.30 and a 12-month high of $50.17. The stock has a market cap of $2.84 billion, a PE ratio of 28.08, a P/E/G ratio of 0.57 and a beta of 1.57. The company has a current ratio of 2.11, a quick ratio of 1.19 and a debt-to-equity ratio of 1.15.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 19th. Stockholders of record on Thursday, August 9th will be issued a dividend of $0.10 per share. The ex-dividend date is Wednesday, August 8th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.06%. Terex’s dividend payout ratio is currently 29.63%.
Terex announced that its board has authorized a share buyback program on Thursday, July 12th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the industrial products company to purchase up to 8.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, insider Steve Filipov sold 6,929 shares of the stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $38.85, for a total transaction of $269,191.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paula H. Cholmondeley sold 16,214 shares of the stock in a transaction dated Friday, June 22nd. The stock was sold at an average price of $41.29, for a total transaction of $669,476.06. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 1,079 shares of company stock valued at $45,136 and have sold 50,645 shares valued at $2,043,999. Corporate insiders own 3.50% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in Terex by 21.6% in the second quarter. Bank of New York Mellon Corp now owns 1,449,090 shares of the industrial products company’s stock worth $61,137,000 after buying an additional 257,666 shares during the period. Verition Fund Management LLC purchased a new stake in Terex in the second quarter worth about $442,000. NorthCoast Asset Management LLC purchased a new stake in Terex in the second quarter worth about $642,000. California Public Employees Retirement System lifted its holdings in Terex by 9.0% in the second quarter. California Public Employees Retirement System now owns 272,706 shares of the industrial products company’s stock worth $11,505,000 after buying an additional 22,527 shares during the period. Finally, Baldwin Investment Management LLC purchased a new stake in Terex in the second quarter worth about $764,000. Institutional investors and hedge funds own 98.80% of the company’s stock.
Terex Corporation manufactures and sells aerial work platforms, cranes, and materials processing machinery worldwide. The company operates through three segments: Aerial Work Platforms (AWP), Cranes, and Material Processing (MP). The AWP segment engages in the design, manufacture, service, and market of AWP equipment, telehandlers, and light towers, as well as related components and replacement parts under the Terex and Genie brands to construct and maintain industrial, commercial, and residential buildings and facilities, and for other commercial operations, as well as used in infrastructure projects.
See Also: Price to Earnings Ratio (PE) Basics
Receive News & Ratings for Terex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Terex and related companies with MarketBeat.com's FREE daily email newsletter.