Shares of Terex Co. (NYSE:TEX – Get Free Report) reached a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as $63.41 and last traded at $62.95, with a volume of 108561 shares trading hands. The stock had previously closed at $60.89.
The newly announced dividend which will be paid on Tuesday, September 19th. Investors of record on Monday, August 14th will be paid a $0.17 dividend. This is an increase from Terex’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 1.08%. The ex-dividend date is Friday, August 11th. Terex’s dividend payout ratio (DPR) is 11.43%.
Wall Street Analyst Weigh In
Several brokerages have issued reports on TEX. Robert W. Baird raised their price objective on shares of Terex from $47.00 to $50.00 in a research report on Tuesday, May 2nd. Citigroup cut their price objective on shares of Terex from $63.00 to $50.00 in a research report on Tuesday, April 18th. Raymond James began coverage on shares of Terex in a research report on Thursday, July 6th. They set a “market perform” rating for the company. Stifel Nicolaus raised their price objective on shares of Terex from $62.00 to $64.00 in a research report on Wednesday, May 3rd. Finally, Bank of America downgraded shares of Terex from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $66.00 to $54.00 in a research report on Friday, March 17th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Terex has a consensus rating of “Hold” and an average target price of $55.45.
Terex Price Performance
Terex (NYSE:TEX – Get Free Report) last announced its quarterly earnings data on Monday, May 1st. The industrial products company reported $1.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.56. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Terex had a net margin of 7.76% and a return on equity of 31.41%. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period last year, the firm posted $0.74 earnings per share. As a group, sell-side analysts predict that Terex Co. will post 5.94 EPS for the current fiscal year.
Insiders Place Their Bets
In other Terex news, CEO John L. Garrison, Jr. sold 9,966 shares of the business’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $60.00, for a total transaction of $597,960.00. Following the sale, the chief executive officer now owns 535,331 shares of the company’s stock, valued at $32,119,860. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Kieran Hegarty sold 27,000 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $55.84, for a total value of $1,507,680.00. Following the transaction, the insider now owns 186,659 shares in the company, valued at $10,423,038.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO John L. Garrison, Jr. sold 9,966 shares of the business’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $60.00, for a total transaction of $597,960.00. Following the completion of the transaction, the chief executive officer now owns 535,331 shares in the company, valued at approximately $32,119,860. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,966 shares of company stock valued at $2,408,280. 2.40% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Terex
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in Terex by 5.3% in the first quarter. BlackRock Inc. now owns 8,373,481 shares of the industrial products company’s stock valued at $298,598,000 after buying an additional 417,925 shares during the period. Vanguard Group Inc. lifted its holdings in Terex by 0.9% in the first quarter. Vanguard Group Inc. now owns 7,767,160 shares of the industrial products company’s stock valued at $276,978,000 after buying an additional 68,739 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Terex by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 3,041,702 shares of the industrial products company’s stock valued at $147,154,000 after purchasing an additional 34,421 shares during the period. State Street Corp raised its holdings in shares of Terex by 0.3% during the first quarter. State Street Corp now owns 2,334,269 shares of the industrial products company’s stock valued at $112,932,000 after purchasing an additional 7,171 shares during the period. Finally, FMR LLC raised its holdings in shares of Terex by 32.4% during the first quarter. FMR LLC now owns 1,974,430 shares of the industrial products company’s stock valued at $95,523,000 after purchasing an additional 482,695 shares during the period. Institutional investors and hedge funds own 91.66% 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, Aerial Work Platforms (AWP) and Materials Processing (MP). The AWP segment designs, manufactures, services, and markets aerial work platform equipment, utility equipment, and telehandlers under the Terex and Genie brands.
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