Mirae Asset Global Investments Co. Ltd. Has $16.28 Million Stake in Terex Co. (NYSE:TEX)

Posted by Defense World Staff on Aug 5th, 2023

Mirae Asset Global Investments Co. Ltd. raised its position in shares of Terex Co. (NYSE:TEX – Free Report) by 10.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 336,432 shares of the industrial products company’s stock after purchasing an additional 30,462 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 0.49% of Terex worth $16,277,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. raised 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 purchasing an additional 417,925 shares in the last quarter. Vanguard Group Inc. raised its position in Terex by 0.9% during 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 purchasing an additional 68,739 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Terex by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,007,281 shares of the industrial products company’s stock valued at $128,472,000 after purchasing an additional 44,022 shares in the last quarter. State Street Corp raised its position in Terex by 4.2% during the first quarter. State Street Corp now owns 2,225,934 shares of the industrial products company’s stock valued at $79,377,000 after purchasing an additional 90,371 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised 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 purchasing an additional 261,712 shares in the last quarter. 91.66% of the stock is currently owned by institutional investors and hedge funds.

Terex Stock Performance

Shares of TEX opened at $62.75 on Friday. The company has a current ratio of 2.07, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $4.23 billion, a P/E ratio of 9.62, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67. The firm’s fifty day simple moving average is $58.04 and its two-hundred day simple moving average is $52.58. Terex Co. has a 12 month low of $28.82 and a 12 month high of $65.64.

Terex (NYSE:TEX – Get Free Report) last issued its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.69. Terex had a net margin of 8.96% and a return on equity of 35.91%. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the prior year, the firm posted $1.07 earnings per share. The business’s quarterly revenue was up 30.3% compared to the same quarter last year. As a group, analysts predict that Terex Co. will post 7 EPS for the current year.

Terex Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 19th. Stockholders of record on Monday, August 14th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, August 11th. This represents a $0.68 annualized dividend and a dividend yield of 1.08%. This is a positive change from Terex’s previous quarterly dividend of $0.15. Terex’s dividend payout ratio is currently 9.20%.

Insider Activity

In other news, CEO John L. Garrison, Jr. sold 9,966 shares of the company’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $60.00, for a total transaction of $597,960.00. Following the transaction, the chief executive officer now owns 535,331 shares in the company, valued at $32,119,860. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Kieran Hegarty sold 27,000 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 186,659 shares in the company, valued at approximately $10,423,038.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John L. Garrison, Jr. sold 9,966 shares of the company’s stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $60.00, for a total transaction of $597,960.00. Following the completion of the sale, 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. Company insiders own 2.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on TEX. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Terex from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Wednesday, April 12th. Stifel Nicolaus boosted their target price on shares of Terex from $62.00 to $64.00 in a research note on Wednesday, May 3rd. Wells Fargo & Company boosted their target price on shares of Terex from $66.00 to $74.00 in a research note on Thursday. 58.com reaffirmed a “maintains” rating on shares of Terex in a research note on Wednesday, May 3rd. Finally, Robert W. Baird boosted their target price on shares of Terex from $57.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $61.58.

About Terex

(Free Report)

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.