Terex (TEX) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Terex (NYSE:TEX) from a sell rating to a hold rating in a report released on Monday morning.

According to Zacks, “Due to lower-than-expected third-quarter results, Terex lowered sales growth guidance to 17% and adjusted earnings per share guidance to $2.60-$2.70 for fiscal 2018. Further, higher input costs primarily due to the imposition of tariffs, and foreign exchange headwinds resulted in the trimmed guidance. Over the past year, Terex has underperformed the industry. The company also updated production plans for the Cranes segment which has been affected by supply chain challenges so far in 2018. However, its Aerial Work Platform  and Material Processing segments are poised for growth . Also, an improving backlog along with an enhanced global market & environment positions the company well.”

TEX has been the subject of a number of other research reports. Bank of America decreased their price objective on shares of Terex from $40.00 to $28.00 and set an underperform rating for the company in a report on Friday, November 2nd. Morgan Stanley decreased their price objective on shares of Terex from $46.00 to $42.00 and set a hold rating for the company in a report on Monday, November 5th. ValuEngine cut shares of Terex from a sell rating to a strong sell rating in a report on Friday, October 19th. BMO Capital Markets reduced their price target on shares of Terex to $35.00 and set a market perform rating for the company in a report on Monday, November 19th. Finally, Credit Suisse Group reduced their price target on shares of Terex from $62.00 to $54.00 and set an outperform rating for the company in a report on Monday, November 5th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $40.83.

Shares of NYSE TEX opened at $29.70 on Monday. The company has a market cap of $2.14 billion, a P/E ratio of 22.00, a PEG ratio of 0.23 and a beta of 1.59. The company has a quick ratio of 1.14, a current ratio of 2.22 and a debt-to-equity ratio of 1.16. Terex has a 52-week low of $25.47 and a 52-week high of $50.17.

Terex (NYSE:TEX) last issued its quarterly earnings data on Thursday, November 1st. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.07). The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.28 billion. Terex had a net margin of 2.42% and a return on equity of 18.86%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 EPS. As a group, equities research analysts predict that Terex will post 2.65 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. TIAA CREF Investment Management LLC lifted its position in shares of Terex by 116.3% in the third quarter. TIAA CREF Investment Management LLC now owns 6,096,257 shares of the industrial products company’s stock worth $243,302,000 after purchasing an additional 3,277,715 shares in the last quarter. Morgan Stanley lifted its position in shares of Terex by 2.6% in the second quarter. Morgan Stanley now owns 3,199,629 shares of the industrial products company’s stock worth $134,992,000 after purchasing an additional 80,932 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Terex by 559.4% in the third quarter. Fisher Asset Management LLC now owns 2,196,079 shares of the industrial products company’s stock worth $87,646,000 after purchasing an additional 1,863,038 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its position in shares of Terex by 19.1% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 2,143,467 shares of the industrial products company’s stock worth $85,546,000 after purchasing an additional 344,247 shares in the last quarter. Finally, MERIAN GLOBAL INVESTORS UK Ltd lifted its position in shares of Terex by 640.1% in the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,529,116 shares of the industrial products company’s stock worth $61,027,000 after purchasing an additional 1,322,504 shares in the last quarter. 98.70% of the stock is currently owned by institutional investors and hedge funds.

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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