Terex (NYSE:TEX) Price Target Cut to $62.00

Terex (NYSE:TEX) had its price target reduced by The Goldman Sachs Group from $72.00 to $62.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. The Goldman Sachs Group’s target price points to a potential upside of 15.18% from the company’s previous close.

Several other brokerages have also weighed in on TEX. Evercore ISI dropped their target price on Terex from $67.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Raymond James started coverage on shares of Terex in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Jefferies Financial Group dropped their price target on shares of Terex from $68.00 to $55.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. JPMorgan Chase & Co. upped their price objective on shares of Terex from $59.00 to $65.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Finally, Truist Financial boosted their price target on Terex from $68.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Terex presently has a consensus rating of “Hold” and a consensus price target of $62.30.

Terex Stock Performance

TEX stock opened at $53.83 on Friday. The stock has a market cap of $3.60 billion, a P/E ratio of 7.13, a P/E/G ratio of 3.61 and a beta of 1.53. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.07 and a current ratio of 2.21. The firm has a 50 day simple moving average of $56.02 and a 200 day simple moving average of $57.89. Terex has a 52 week low of $43.70 and a 52 week high of $68.08.

Terex (NYSE:TEX) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.10. Terex had a net margin of 9.55% and a return on equity of 27.89%. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter last year, the business posted $2.35 EPS. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. Research analysts anticipate that Terex will post 7.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Andra Rush bought 2,205 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was acquired at an average cost of $54.36 per share, for a total transaction of $119,863.80. Following the completion of the purchase, the director now owns 21,983 shares of the company’s stock, valued at approximately $1,194,995.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of Terex

Several institutional investors have recently bought and sold shares of TEX. Blue Trust Inc. lifted its holdings in shares of Terex by 57.5% during the second quarter. Blue Trust Inc. now owns 512 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 187 shares during the period. FinTrust Capital Advisors LLC lifted its holdings in Terex by 202.2% during the 1st quarter. FinTrust Capital Advisors LLC now owns 695 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 465 shares during the last quarter. OLD Point Trust & Financial Services N A bought a new stake in shares of Terex during the fourth quarter worth $61,000. International Assets Investment Management LLC acquired a new stake in shares of Terex in the second quarter valued at $109,000. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Terex in the second quarter valued at about $111,000. Institutional investors and hedge funds own 92.88% of the company’s stock.

About Terex

Terex Corporation manufactures and sells aerial work platforms and materials processing machinery worldwide. It operates in two segments, Materials Processing (MP) and Aerial Work Platforms (AWP). The MP segment designs, manufactures, services, and markets materials processing and specialty equipment, includes crushers, washing systems, screens, trommels, 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 related components and replacement parts under the Terex, Powerscreen, Fuchs, EvoQuip, Canica, Cedarapids, CBI, Simplicity, Franna, Terex Ecotec, Finlay, ProAll, ZenRobotics, Terex Washing Systems, Terex MPS, Terex Jaques, Terex Advance, ProStack, Terex Bid-Well, MDS, and Terex Recycling Systems brands.