Terex (TEX) PT Lowered to $42.00

Terex (NYSE:TEX) had its price target dropped by equities research analysts at Morgan Stanley from $46.00 to $42.00 in a research note issued to investors on Monday. The brokerage currently has a “hold” rating on the industrial products company’s stock. Morgan Stanley’s price objective indicates a potential upside of 32.49% from the stock’s current price.

TEX has been the topic of several other research reports. Seaport Global Securities set a $49.00 target price on Terex and gave the company a “buy” rating in a research note on Friday, July 13th. ValuEngine lowered Terex from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. Bank of America cut their target price on Terex from $40.00 to $28.00 and set an “underperform” rating on the stock in a research note on Friday, November 2nd. Zacks Investment Research upgraded Terex from a “sell” rating to a “hold” rating in a research note on Thursday, October 4th. Finally, UBS Group set a $52.00 target price on Terex and gave the company a “buy” rating in a research note on Wednesday, August 22nd. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $41.75.

TEX opened at $31.70 on Monday. Terex has a 1 year low of $28.64 and a 1 year high of $50.17. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.19 and a current ratio of 2.22. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 23.48, a P/E/G ratio of 0.51 and a beta of 1.61.

Terex (NYSE:TEX) last posted its earnings results on Thursday, November 1st. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.07). Terex had a net margin of 2.42% and a return on equity of 18.86%. The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter last year, the firm earned $0.50 EPS. Terex’s revenue for the quarter was up 10.6% on a year-over-year basis. Sell-side analysts predict that Terex will post 2.65 EPS for the current fiscal year.

Terex announced that its Board of Directors has authorized a share buyback program on Thursday, July 12th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the industrial products company to reacquire up to 8.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

In related news, VP Eric I. Cohen sold 10,000 shares of Terex stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $39.01, for a total transaction of $390,100.00. Following the completion of the sale, the vice president now owns 182,905 shares of the company’s stock, valued at $7,135,124.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kevin A. Barr sold 11,937 shares of Terex stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $38.43, for a total value of $458,738.91. Following the sale, the insider now directly owns 101,980 shares of the company’s stock, valued at approximately $3,919,091.40. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 973 shares of company stock worth $37,603 and have sold 38,866 shares worth $1,514,531. 3.50% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the stock. Pzena Investment Management LLC lifted its holdings in shares of Terex by 5.2% during the second quarter. Pzena Investment Management LLC now owns 3,270,221 shares of the industrial products company’s stock worth $137,971,000 after purchasing an additional 161,905 shares during the period. Morgan Stanley lifted its holdings in shares of Terex by 2.6% during the second quarter. Morgan Stanley now owns 3,199,629 shares of the industrial products company’s stock worth $134,992,000 after purchasing an additional 80,932 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of Terex by 559.4% during the third quarter. Fisher Asset Management LLC now owns 2,196,079 shares of the industrial products company’s stock worth $87,646,000 after purchasing an additional 1,863,038 shares during the period. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of Terex by 7.8% during the second quarter. Fuller & Thaler Asset Management Inc. now owns 1,799,220 shares of the industrial products company’s stock worth $75,909,000 after purchasing an additional 129,613 shares during the period. Finally, MERIAN GLOBAL INVESTORS UK Ltd lifted its holdings in shares of Terex by 640.1% during the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,529,116 shares of the industrial products company’s stock worth $61,027,000 after purchasing an additional 1,322,504 shares during the period. 98.74% of the stock is owned by hedge funds and other institutional investors.

About Terex

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.

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