Zurcher Kantonalbank Zurich Cantonalbank Buys 12,842 Shares of Terex Corporation (TEX)
Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Terex Corporation (NYSE:TEX) by 281.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,397 shares of the industrial products company’s stock after acquiring an additional 12,842 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Terex were worth $783,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Sei Investments Co. increased its position in Terex by 19.5% in the 2nd quarter. Sei Investments Co. now owns 3,800 shares of the industrial products company’s stock valued at $142,000 after acquiring an additional 619 shares during the period. Pacer Advisors Inc. increased its position in Terex by 450.2% in the 3rd quarter. Pacer Advisors Inc. now owns 4,446 shares of the industrial products company’s stock valued at $200,000 after acquiring an additional 3,638 shares during the period. Clear Perspective Advisors LLC acquired a new position in Terex in the 2nd quarter valued at about $198,000. CIBC World Markets Inc. acquired a new position in Terex in the 2nd quarter valued at about $210,000. Finally, National Planning Corp acquired a new position in Terex in the 2nd quarter valued at about $209,000. Hedge funds and other institutional investors own 96.87% of the company’s stock.
Several equities analysts recently issued reports on TEX shares. UBS restated a “buy” rating and issued a $44.00 price target (up previously from $40.00) on shares of Terex in a research report on Tuesday, August 8th. BMO Capital Markets restated a “hold” rating and issued a $35.00 price target on shares of Terex in a research report on Monday, August 21st. OTR Global cut Terex to a “positive” rating in a research report on Wednesday, September 13th. Royal Bank Of Canada restated a “hold” rating and issued a $38.00 price target on shares of Terex in a research report on Wednesday, September 13th. Finally, Deutsche Bank cut Terex from a “buy” rating to a “hold” rating and dropped their price target for the company from $44.00 to $43.00 in a research report on Thursday, September 21st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $41.93.
Terex Corporation (NYSE:TEX) traded up $0.52 during midday trading on Tuesday, reaching $46.33. The company’s stock had a trading volume of 2,348,000 shares, compared to its average volume of 1,447,209. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.42 and a quick ratio of 1.53. Terex Corporation has a 52 week low of $28.67 and a 52 week high of $48.86. The firm has a market cap of $3,910.00, a PE ratio of 40.54, a price-to-earnings-growth ratio of 3.17 and a beta of 1.88.
Terex (NYSE:TEX) last released its earnings results on Tuesday, October 31st. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.14. Terex had a positive return on equity of 7.01% and a negative net margin of 2.62%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the firm posted $0.19 EPS. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. research analysts predict that Terex Corporation will post 1.29 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Thursday, November 9th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.69%. The ex-dividend date is Wednesday, November 8th. Terex’s payout ratio is -16.67%.
Terex announced that its board has authorized a share repurchase program on Wednesday, September 6th that permits the company to repurchase $225.00 million in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 6.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
In related news, VP Eric I. Cohen sold 8,892 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $39.50, for a total value of $351,234.00. Following the sale, the vice president now owns 196,280 shares in the company, valued at approximately $7,753,060. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Mark I. Clair sold 3,014 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $45.53, for a total value of $137,227.42. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 1,204 shares of company stock worth $51,805 and have sold 54,737 shares worth $2,308,703. Insiders own 2.50% of the company’s stock.
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Terex Corporation is a manufacturer of lifting and material processing products and services that deliver lifecycle solutions. The Company has three business segments: Aerial Work Platforms (AWP), Cranes and Materials Processing (MP). It delivers lifecycle solutions to a range of industries, including the construction, infrastructure, manufacturing, shipping, utility, quarrying and mining industries.
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