On September 20, 2023, it was reported that Greenhaven Associates Inc. had acquired a new position in shares of Terex Co. (NYSE:TEX) during the second quarter. According to the filing with the SEC, the fund purchased 739,010 shares of the industrial products company’s stock, with an approximate value of $44,215,000. This investment accounts for 0.6% of Greenhaven Associates Inc.’s portfolio and ranks as their 18th largest holding. At the end of the most recent reporting period, Greenhaven Associates Inc. owned approximately 1.09% of Terex.
In recent months, several brokerages have issued reports on TEX. StockNews.com initiated coverage on Terex and gave it a “buy” rating in a research note dated August 17th. Meanwhile, Citigroup raised their price objective on Terex from $52.00 to $65.00 and provided a “neutral” rating for the company in a report published on July 18th. Additionally, Raymond James began covering Terex on July 6th and assigned a “market perform” rating to the stock.
The Goldman Sachs Group also released a research report on August 3rd where they increased their price target from $53.00 to $60.00 and labeled Terex as “neutral.” Finally, Robert W. Baird raised their price objective for Terex from $57.00 to $65.00 and gave the stock a “neutral” rating in a report released on August 2nd.
In total, nine analysts have given Terex a hold rating while four analysts have assigned it a buy rating based on data from Bloomberg. The consensus rating for the stock is currently classified as “Hold,” with an average target price of $61.58.
Furthermore, Terex opened at $58.54 on Wednesday and has shown resilience in the face of market volatility. The company maintains a debt-to-equity ratio of 0.51, indicating a relatively balanced financial structure. It also exhibits a quick ratio of 1.02 and a current ratio of 2.07, suggesting strong liquidity positions.
Over the past fifty-two weeks, Terex’s stock price has fluctuated between a low of $28.82 and a high of $65.64. As of September 20, 2023, the company boasts a market capitalization of $3.95 billion with a P/E ratio of 8.98 and a PEG ratio of 0.46. Additionally, Terex carries a beta value of 1.68.
The firm’s fifty-day moving average price is $60.04, while its 200-day moving average stands at $53.88.
Terex Co., known for its expertise in industrial products, continues to make strides in the market despite various challenges faced by the industry as a whole; steadfastly maintaining investor interest without wavering from what many consider to be prudent investment principles during times of economic uncertainty and increased market scrutiny.
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Terex Attracts Investments and Delivers Strong Earnings Results, Announces Dividend Increase
On September 20, 2023, various hedge funds and institutional investors made significant changes to their positions in the company Terex. Ameritas Advisory Services LLC acquired a new stake in Terex during the first quarter for approximately $26,000. Tucker Asset Management LLC also purchased a new stake in Terex, valued at around $27,000 during the same period. Dark Forest Capital Management LP followed suit by buying shares of Terex worth approximately $28,000.
Parkside Financial Bank & Trust increased its stake in the company by 87.5% during the first quarter. The bank currently owns 930 shares of Terex’s stock, totaling $45,000 after purchasing an additional 434 shares last quarter. Money Concepts Capital Corp also bought a new position in Terex valued at $47,000 during the fourth quarter. It is noteworthy that hedge funds and other institutional investors now own about 93.39% of Terex’s stock.
In another development, CEO John L. Garrison Jr., sold 9,966 shares of Terex stock on June 29th for an average price of $60 per share. The total value of this transaction amounted to $597,960. Following the sale, Garrison now holds approximately 535,331 shares of the companys stock with an estimated value of $32,119,860. This information was disclosed in a legal filing with the Securities and Exchange Commission.
Multiple brokerages have issued reports on TERX with varying ratings and price targets for the stock based on their analysis. StockNews.com initiated coverage on Terex and assigned it a “buy” rating on August 17th. Citigroup raised its price objective from $52 to $65 per share while maintaining a “neutral” rating for Terex on July 18th.
Raymond James began covering Terex and provided a “market perform” rating for the company in their research note on July 6th. On August 3rd, The Goldman Sachs Group boosted their price target from $53 to $60 per share and gave Terex a “neutral” rating. Meanwhile, Robert W. Baird increased their price objective for the stock from $57 to $65 per share and assigned it a “neutral” rating on August 2nd.
Currently, nine analysts have given a hold rating and four recommend buying Terex’s stock. According to Bloomberg data, the company has an average consensus rating of “Hold” with an average target price of $61.58.
Terex reported its earnings results on August 1st, posting earnings per share (EPS) of $2.35 for the quarter. This exceeded the consensus estimate of $1.66 by $0.69. Furthermore, Terex achieved a return on equity of 35.91% and a net margin of 8.96%. The company generated revenue of $1.40 billion during the quarter, surpassing analysts’ expectations of $1.27 billion.
Compared to the same period in the previous year, Terex experienced a significant increase in revenue by 30.3% on a year-over-year basis during this quarter earnings report.
Equity research analysts predict that Terex Co.’s current fiscal year will yield 7.09 earnings per share based on these positive results.
Additionally, Terex recently announced an increase in its quarterly dividend payment from $0.15 to $0.17 which was paid out on September 19th to investors recorded as shareholders since August 14th.
The ex-dividend date for this payment was August 11th, and based on the new dividend rate, it represents an annualized dividend payout of $0.68 per share with a yield of approximately 1.16%.
To summarize, Terex has attracted the attention of hedge funds and institutional investors who made substantial changes to their positions. CEO John L. Garrison Jr. sold a significant number of shares, but still remains a major shareholder. Multiple brokerages have provided ratings and price targets for Terex’s stock based on their analysis.
Furthermore, Terex exceeded analyst expectations in its latest earnings report, reporting impressive revenue growth and boosting confidence in the company’s future prospects. Lastly, Terex announced an increased dividend payment to reward its shareholders.
