Terex Co. (NYSE:TEX) Short Interest Update
Terex Co. (NYSE:TEX) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totalling 6,506,300 shares, a growth of 39.2% from the July 31st total of 4,675,400 shares. Based on an average trading volume of 1,180,000 shares, the days-to-cover ratio is currently 5.5 days. Currently, 9.6% of the shares of the stock are short sold.
A number of institutional investors have recently added to or reduced their stakes in TEX. Nuveen Asset Management LLC increased its stake in Terex by 21,369.5% in the second quarter. Nuveen Asset Management LLC now owns 2,886,579 shares of the industrial products company’s stock valued at $90,638,000 after purchasing an additional 2,873,134 shares during the last quarter. BlackRock Inc. increased its stake in Terex by 22.7% in the second quarter. BlackRock Inc. now owns 7,024,611 shares of the industrial products company’s stock valued at $220,572,000 after purchasing an additional 1,301,760 shares during the last quarter. Prudential Financial Inc. increased its stake in Terex by 311.5% in the second quarter. Prudential Financial Inc. now owns 1,180,690 shares of the industrial products company’s stock valued at $37,074,000 after purchasing an additional 893,799 shares during the last quarter. AQR Capital Management LLC increased its stake in Terex by 103.1% in the second quarter. AQR Capital Management LLC now owns 538,604 shares of the industrial products company’s stock valued at $16,912,000 after purchasing an additional 273,431 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in Terex in the first quarter valued at $8,698,000. Hedge funds and other institutional investors own 88.31% of the company’s stock.
Several brokerages have recently issued reports on TEX. Royal Bank of Canada set a $35.00 price objective on Terex and gave the company a “hold” rating in a research report on Wednesday, July 31st. BMO Capital Markets reduced their price objective on Terex to $30.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 31st. UBS Group reduced their price objective on Terex from $34.00 to $31.00 and set a “neutral” rating on the stock in a research report on Thursday. Barclays restated a “hold” rating and issued a $33.00 price objective on shares of Terex in a research report on Monday, July 15th. Finally, TheStreet downgraded Terex from a “b-” rating to a “c+” rating in a research report on Monday, August 26th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $33.33.
Terex (NYSE:TEX) last released its earnings results on Monday, July 29th. The industrial products company reported $1.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.34 by ($0.13). The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.32 billion. Terex had a net margin of 0.29% and a return on equity of 27.40%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.98 earnings per share. As a group, equities analysts predict that Terex will post 3.58 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Monday, August 12th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $0.44 annualized dividend and a yield of 1.59%. Terex’s payout ratio is currently 16.24%.
Terex Company Profile
Terex Corporation manufactures and sells aerial work platforms, cranes, and materials processing machinery worldwide. The company operates through three segments: Aerial Work Platforms (AWP), Cranes, and Material Processing (MP). The AWP segment engages in the design, manufacture, service, and market of AWP equipment, telehandlers, and light towers, as well as related components and replacement parts under the Terex and Genie brands to construct and maintain industrial, commercial, and residential buildings and facilities, and for other commercial operations, as well as used in infrastructure projects.
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