Brokerages Anticipate Terex Corporation (TEX) Will Post Quarterly Sales of $999.17 Million
Wall Street analysts predict that Terex Corporation (NYSE:TEX) will report $999.17 million in sales for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have made estimates for Terex’s earnings, with the highest sales estimate coming in at $1.04 billion and the lowest estimate coming in at $990.50 million. Terex posted sales of $974.70 million during the same quarter last year, which suggests a positive year over year growth rate of 2.5%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, February 20th.
According to Zacks, analysts expect that Terex will report full year sales of $999.17 million for the current financial year, with estimates ranging from $4.29 billion to $4.34 billion. For the next year, analysts expect that the company will post sales of $4.58 billion per share, with estimates ranging from $4.50 billion to $4.69 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Terex.
Terex (NYSE:TEX) last released its earnings results on Tuesday, October 31st. The industrial products company reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.14. Terex had a negative net margin of 2.62% and a positive return on equity of 7.01%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the company earned $0.19 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis.
TEX has been the subject of several research reports. Wells Fargo & Company set a $52.00 target price on shares of Terex and gave the company a “buy” rating in a research note on Monday, October 16th. Zacks Investment Research upgraded shares of Terex from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research note on Wednesday, October 11th. UBS set a $52.00 price target on shares of Terex and gave the stock a “buy” rating in a research note on Wednesday, October 11th. ValuEngine cut shares of Terex from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, Deutsche Bank cut shares of Terex from a “buy” rating to a “hold” rating and cut their price target for the stock from $44.00 to $43.00 in a research note on Thursday, September 21st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $41.93.
Terex (NYSE:TEX) traded up $0.59 during midday trading on Thursday, hitting $45.91. 936,509 shares of the company traded hands, compared to its average volume of 1,440,837. The company has a current ratio of 2.42, a quick ratio of 1.53 and a debt-to-equity ratio of 0.71. Terex has a twelve month low of $28.67 and a twelve month high of $48.86. The company has a market capitalization of $3,868.60, a PE ratio of 40.71, a PEG ratio of 3.18 and a beta of 1.88.
Terex declared that its board has initiated a share repurchase plan on Wednesday, September 6th that permits the company to repurchase $225.00 million in shares. This repurchase authorization permits the industrial products company to reacquire up to 6.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Thursday, November 9th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date is Wednesday, November 8th. Terex’s dividend payout ratio is -37.21%.
In other news, insider Kieran Hegarty sold 15,115 shares of Terex stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $43.23, for a total value of $653,421.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Mark I. Clair sold 3,014 shares of Terex stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $45.53, for a total transaction of $137,227.42. The disclosure for this sale can be found here. In the last quarter, insiders bought 1,111 shares of company stock valued at $50,693 and sold 54,737 shares valued at $2,308,703. Insiders own 2.50% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its holdings in shares of Terex by 4.7% in the second quarter. PNC Financial Services Group Inc. now owns 5,825 shares of the industrial products company’s stock valued at $220,000 after purchasing an additional 262 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Terex by 5.7% in the second quarter. Legal & General Group Plc now owns 170,769 shares of the industrial products company’s stock valued at $6,400,000 after purchasing an additional 9,152 shares in the last quarter. AHL Partners LLP increased its holdings in shares of Terex by 7.6% in the second quarter. AHL Partners LLP now owns 77,063 shares of the industrial products company’s stock valued at $2,890,000 after purchasing an additional 5,423 shares in the last quarter. Oakbrook Investments LLC acquired a new stake in shares of Terex in the third quarter valued at approximately $320,000. Finally, Swiss National Bank increased its holdings in shares of Terex by 1.4% in the second quarter. Swiss National Bank now owns 177,000 shares of the industrial products company’s stock valued at $6,638,000 after purchasing an additional 2,500 shares in the last quarter. 96.87% of the stock is owned by institutional investors and hedge funds.
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Terex Company Profile
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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