Terex (NYSE:TEX) Issues Quarterly Earnings Results

Terex (NYSE:TEX) posted its quarterly earnings results on Thursday. The industrial products company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.23, reports. Terex had a return on equity of 31.52% and a net margin of 9.87%. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.23 billion. Terex updated its FY24 guidance to $6.95-7.35 EPS and its FY 2024 guidance to 6.950-7.350 EPS.

Terex Stock Performance

TEX stock opened at $59.60 on Friday. The company has a quick ratio of 0.95, a current ratio of 2.01 and a debt-to-equity ratio of 0.37. The business’s fifty day simple moving average is $60.06 and its two-hundred day simple moving average is $56.28. Terex has a twelve month low of $42.50 and a twelve month high of $65.89. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of 7.89, a PEG ratio of 0.59 and a beta of 1.64.

Terex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Friday, March 8th were paid a $0.17 dividend. The ex-dividend date was Thursday, March 7th. This represents a $0.68 dividend on an annualized basis and a yield of 1.14%. Terex’s payout ratio is 9.01%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. The Goldman Sachs Group upped their price target on Terex from $52.00 to $59.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 13th. Truist Financial initiated coverage on Terex in a report on Thursday, March 14th. They set a “buy” rating and a $73.00 price objective on the stock. Bank of America reaffirmed an “underperform” rating and set a $57.00 price objective on shares of Terex in a report on Friday, January 19th. Citigroup upped their price objective on Terex from $54.00 to $63.00 and gave the stock a “neutral” rating in a report on Monday, February 12th. Finally, 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $65.08.

Insiders Place Their Bets

In other Terex news, CEO John L. Garrison, Jr. sold 50,000 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $64.28, for a total value of $3,214,000.00. Following the sale, the chief executive officer now owns 315,483 shares in the company, valued at $20,279,247.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Terex news, insider Joshua Gross sold 4,945 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $59.13, for a total value of $292,397.85. Following the sale, the insider now directly owns 21,457 shares of the company’s stock, valued at $1,268,752.41. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John L. Garrison, Jr. sold 50,000 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $64.28, for a total value of $3,214,000.00. Following the transaction, the chief executive officer now directly owns 315,483 shares in the company, valued at approximately $20,279,247.24. The disclosure for this sale can be found here. Insiders have sold a total of 132,039 shares of company stock worth $8,078,574 over the last quarter. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Terex

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its stake in Terex by 179.0% during the fourth quarter. Blue Trust Inc. now owns 466 shares of the industrial products company’s stock worth $27,000 after buying an additional 299 shares during the last quarter. Avior Wealth Management LLC boosted its stake in Terex by 440.7% during the third quarter. Avior Wealth Management LLC now owns 492 shares of the industrial products company’s stock worth $28,000 after buying an additional 401 shares during the last quarter. McGlone Suttner Wealth Management Inc. acquired a new position in Terex during the fourth quarter worth $29,000. FinTrust Capital Advisors LLC acquired a new position in Terex during the third quarter worth $31,000. Finally, Quantbot Technologies LP acquired a new position in Terex during the third quarter worth $32,000. Institutional investors and hedge funds own 92.88% 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.