7,426 Shares in Terex Co. (NYSE:TEX) Bought by Ergoteles LLC

Posted by Defense World Staff on Mar 7th, 2023

Ergoteles LLC acquired a new position in Terex Co. (NYSE:TEX – Get Rating) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 7,426 shares of the industrial products company’s stock, valued at approximately $221,000.

Several other institutional investors also recently modified their holdings of TEX. William Blair Investment Management LLC bought a new stake in shares of Terex in the second quarter worth $29,743,000. Federated Hermes Inc. grew its stake in shares of Terex by 579.5% in the second quarter. Federated Hermes Inc. now owns 664,258 shares of the industrial products company’s stock worth $18,182,000 after purchasing an additional 566,507 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Terex by 110.8% in the first quarter. Renaissance Technologies LLC now owns 833,600 shares of the industrial products company’s stock worth $29,726,000 after purchasing an additional 438,200 shares during the last quarter. BlackRock Inc. boosted its position in Terex by 5.3% during the first quarter. BlackRock Inc. now owns 8,373,481 shares of the industrial products company’s stock valued at $298,598,000 after acquiring an additional 417,925 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Terex by 21.6% during the second quarter. Goldman Sachs Group Inc. now owns 1,471,160 shares of the industrial products company’s stock valued at $40,265,000 after acquiring an additional 261,712 shares during the last quarter. Institutional investors own 87.37% of the company’s stock.

Terex Trading Down 1.5 %

TEX opened at $59.40 on Tuesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.96 and a quick ratio of 0.97. Terex Co. has a fifty-two week low of $26.64 and a fifty-two week high of $60.85. The firm has a market capitalization of $4.01 billion, a PE ratio of 13.69, a P/E/G ratio of 0.66 and a beta of 1.67. The company’s 50-day moving average is $50.79 and its 200 day moving average is $42.42.

Terex (NYSE:TEX – Get Rating) last posted its earnings results on Friday, February 10th. The industrial products company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.21. Terex had a net margin of 6.79% and a return on equity of 27.44%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the business posted $0.82 EPS. The firm’s revenue was up 23.0% compared to the same quarter last year. As a group, research analysts predict that Terex Co. will post 4.89 earnings per share for the current fiscal year.

Terex Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 20th. Investors of record on Thursday, March 9th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date is Wednesday, March 8th. This is a positive change from Terex’s previous quarterly dividend of $0.13. Terex’s dividend payout ratio is currently 11.98%.

Terex announced that its board has approved a stock buyback plan on Monday, December 19th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the industrial products company to reacquire up to 5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have commented on the stock. KeyCorp upped their price target on shares of Terex from $56.00 to $72.00 and gave the company an “overweight” rating in a research report on Monday, February 13th. Robert W. Baird upped their price target on shares of Terex from $37.00 to $46.00 and gave the company a “neutral” rating in a research report on Tuesday, December 13th. TheStreet raised shares of Terex from a “c+” rating to a “b” rating in a research report on Thursday, February 9th. JPMorgan Chase & Co. upped their price target on shares of Terex from $48.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 13th. Finally, Credit Suisse Group upped their price target on shares of Terex from $50.00 to $59.00 and gave the company a “neutral” rating in a research report on Monday, February 13th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Terex has an average rating of “Hold” and a consensus target price of $54.83.

Insider Buying and Selling

In related news, CEO John L. Garrison, Jr. sold 9,904 shares of the company’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $60.01, for a total value of $594,339.04. Following the sale, the chief executive officer now owns 456,019 shares in the company, valued at approximately $27,365,700.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Terex news, CEO John L. Garrison, Jr. sold 9,904 shares of the stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $60.01, for a total value of $594,339.04. Following the completion of the sale, the chief executive officer now owns 456,019 shares in the company, valued at approximately $27,365,700.19. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO John L. Garrison, Jr. sold 150,000 shares of the stock in a transaction dated Tuesday, February 14th. The shares were sold at an average price of $56.16, for a total transaction of $8,424,000.00. Following the completion of the sale, the chief executive officer now owns 646,609 shares of the company’s stock, valued at approximately $36,313,561.44. The disclosure for this sale can be found here. Insiders have sold 365,574 shares of company stock worth $20,911,856 in the last quarter. Insiders own 2.50% of the company’s stock.

About Terex

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Terex Corp. engages in the manufacturing of aerial work platforms, cranes, and materials processing machinery. It operates through the Material Processing and Aerial Work Platforms segments. The Materials Processing segment designs, manufactures, services and markets materials processing and equipment, including crushers, washing systems, screens, 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 their related components and replacement parts.