Summit Global Investments Sells 6,326 Shares of Terex Co. (NYSE:TEX)

Summit Global Investments lessened its stake in Terex Co. (NYSE:TEX) by 35.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,445 shares of the industrial products company’s stock after selling 6,326 shares during the period. Summit Global Investments’ holdings in Terex were worth $658,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. FMR LLC grew its position in Terex by 3.9% during the third quarter. FMR LLC now owns 2,691,767 shares of the industrial products company’s stock valued at $155,100,000 after acquiring an additional 102,193 shares during the last quarter. Greenhaven Associates Inc. grew its holdings in shares of Terex by 101.5% during the 4th quarter. Greenhaven Associates Inc. now owns 1,456,700 shares of the industrial products company’s stock valued at $83,702,000 after purchasing an additional 733,690 shares during the last quarter. AQR Capital Management LLC raised its position in Terex by 9.3% in the 3rd quarter. AQR Capital Management LLC now owns 1,137,753 shares of the industrial products company’s stock worth $65,557,000 after purchasing an additional 96,834 shares during the period. Victory Capital Management Inc. lifted its stake in Terex by 2.5% in the fourth quarter. Victory Capital Management Inc. now owns 803,906 shares of the industrial products company’s stock worth $46,192,000 after purchasing an additional 19,925 shares during the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new stake in Terex during the third quarter valued at about $36,672,000. Institutional investors own 92.88% of the company’s stock.

Wall Street Analysts Forecast Growth

TEX has been the topic of several analyst reports. Evercore ISI decreased their price objective on Terex from $65.00 to $63.00 and set an “outperform” rating on the stock in a report on Tuesday, February 20th. UBS Group downgraded Terex from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $61.00 to $62.00 in a research report on Tuesday, February 13th. JPMorgan Chase & Co. cut shares of Terex from an “overweight” rating to a “neutral” rating and set a $63.00 target price on the stock. in a report on Monday, March 18th. Truist Financial assumed coverage on shares of Terex in a report on Thursday, March 14th. They set a “buy” rating and a $73.00 price target for the company. Finally, Citigroup raised their price target on shares of Terex from $54.00 to $63.00 and gave the stock a “neutral” rating in a report on Monday, February 12th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $65.17.

Terex Stock Performance

Terex stock opened at $58.35 on Friday. Terex Co. has a fifty-two week low of $43.70 and a fifty-two week high of $65.89. The stock’s 50 day simple moving average is $60.34 and its two-hundred day simple moving average is $56.39. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.95 and a current ratio of 2.16. The stock has a market cap of $3.93 billion, a price-to-earnings ratio of 7.73, a PEG ratio of 0.57 and a beta of 1.66.

Terex (NYSE:TEX) last issued its quarterly earnings results on Friday, February 9th. The industrial products company reported $1.41 earnings per share for the quarter, hitting the consensus estimate of $1.41. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.23 billion. Terex had a return on equity of 30.53% and a net margin of 9.87%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.34 earnings per share. As a group, analysts expect that Terex Co. will post 7.1 earnings per share for the current fiscal year.

Terex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Friday, March 8th were given a dividend of $0.17 per share. The ex-dividend date was Thursday, March 7th. This represents a $0.68 dividend on an annualized basis and a yield of 1.17%. Terex’s dividend payout ratio (DPR) is currently 9.01%.

Insider Buying and Selling

In other news, CEO John L. Garrison, Jr. sold 59,094 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $60.07, for a total value of $3,549,776.58. Following the sale, the chief executive officer now directly owns 380,834 shares of the company’s stock, valued at approximately $22,876,698.38. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Terex news, insider Kieran Hegarty sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $56.80, for a total transaction of $1,022,400.00. Following the completion of the sale, the insider now directly owns 198,619 shares in the company, valued at approximately $11,281,559.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO John L. Garrison, Jr. sold 59,094 shares of Terex stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $60.07, for a total transaction of $3,549,776.58. Following the completion of the transaction, the chief executive officer now directly owns 380,834 shares of the company’s stock, valued at $22,876,698.38. The disclosure for this sale can be found here. Insiders have sold 132,039 shares of company stock valued at $8,078,574 over the last quarter. Corporate insiders own 1.90% of the company’s stock.

Terex Company Profile

Terex Corporation manufactures and sells aerial work platforms and materials processing machinery worldwide. It operates in two segments, Materials Processing (MP) and Aerial Work Platforms (AWP). The MP segment designs, manufactures, services, and markets materials processing and specialty equipment, includes crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and related components and replacement parts under the Terex, Powerscreen, Fuchs, EvoQuip, Canica, Cedarapids, CBI, Simplicity, Franna, Terex Ecotec, Finlay, ProAll, ZenRobotics, Terex Washing Systems, Terex MPS, Terex Jaques, Terex Advance, ProStack, Terex Bid-Well, MDS, and Terex Recycling Systems brands.