Terex (NYSE:TEX) Shares Down 5.6%

Terex Co. (NYSE:TEX – Get Rating)’s share price dropped 5.6% during mid-day trading on Friday . The stock traded as low as $46.65 and last traded at $46.90. Approximately 326,881 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 881,183 shares. The stock had previously closed at $49.68.

Analyst Ratings Changes

TEX has been the topic of several research analyst reports. Morgan Stanley raised their price objective on shares of Terex from $52.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday, February 13th. Citigroup downgraded shares of Terex from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $45.00 to $63.00 in a research note on Wednesday, February 15th. StockNews.com initiated coverage on shares of Terex in a research note on Thursday. They issued a “buy” rating on the stock. KeyCorp raised their price objective on shares of Terex from $56.00 to $72.00 and gave the stock an “overweight” rating in a research note on Monday, February 13th. Finally, Credit Suisse Group raised their price objective on shares of Terex from $50.00 to $59.00 and gave the stock a “neutral” rating in a research note on Monday, February 13th. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Terex presently has an average rating of “Hold” and a consensus target price of $55.45.

Terex Price Performance

The company has a debt-to-equity ratio of 0.65, a current ratio of 1.96 and a quick ratio of 0.97. The stock’s 50 day simple moving average is $52.65 and its two-hundred day simple moving average is $43.41. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 10.44, a P/E/G ratio of 0.54 and a beta of 1.67.

Terex (NYSE:TEX – Get Rating) last issued its earnings results on Friday, February 10th. The industrial products company reported $1.34 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $1.10 billion. During the same quarter in the previous year, the company earned $0.82 EPS. The firm’s revenue for the quarter was up 23.0% compared to the same quarter last year. On average, analysts forecast that Terex Co. will post 4.89 earnings per share for the current fiscal year.

Terex Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 20th. Stockholders of record on Thursday, March 9th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend is Wednesday, March 8th. This is an increase from Terex’s previous quarterly dividend of $0.13. Terex’s payout ratio is currently 13.82%.

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

Insider Activity

In other news, CAO Stephen Johnston sold 2,428 shares of the business’s stock in a transaction on Monday, February 13th. The shares were sold at an average price of $55.51, for a total value of $134,778.28. Following the sale, the chief accounting officer now owns 12,340 shares in the company, valued at approximately $684,993.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Stephen Johnston sold 2,428 shares of Terex stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $55.51, for a total value of $134,778.28. Following the completion of the transaction, the chief accounting officer now directly owns 12,340 shares of the company’s stock, valued at $684,993.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John L. Garrison, Jr. sold 150,000 shares of Terex stock in a transaction dated Tuesday, February 14th. The shares were sold at an average price of $56.16, for a total value of $8,424,000.00. Following the completion of the transaction, the chief executive officer now directly owns 646,609 shares of the company’s stock, valued at $36,313,561.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 374,481 shares of company stock worth $21,446,276. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Terex

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. NorthCrest Asset Manangement LLC grew its position in shares of Terex by 2.1% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 9,700 shares of the industrial products company’s stock worth $414,000 after buying an additional 200 shares during the period. SummerHaven Investment Management LLC raised its stake in Terex by 0.9% in the 4th quarter. SummerHaven Investment Management LLC now owns 27,189 shares of the industrial products company’s stock valued at $1,162,000 after acquiring an additional 252 shares during the period. Public Employees Retirement System of Ohio raised its stake in Terex by 5.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 5,464 shares of the industrial products company’s stock valued at $162,000 after acquiring an additional 287 shares during the period. Arizona State Retirement System raised its stake in Terex by 1.6% in the 4th quarter. Arizona State Retirement System now owns 19,132 shares of the industrial products company’s stock valued at $817,000 after acquiring an additional 300 shares during the period. Finally, LVZ Inc. increased its position in Terex by 4.4% during the 4th quarter. LVZ Inc. now owns 7,237 shares of the industrial products company’s stock worth $309,000 after buying an additional 303 shares during the period. 87.37% of the stock is owned by institutional investors.

Terex Company Profile

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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.