23,600 Terex Corporation $TEX Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems cut its Terex stake by 45.6% in the third quarter, selling 23,600 shares and retaining 28,100 shares valued at $1.478 million. Institutional investors collectively own 92.88% of the company.
• Terex reported quarterly EPS of $1.50, above the $1.42 consensus, and revenue of $2.20 billion, up 58.4% year over year. The company declared a $0.17 quarterly dividend, equivalent to a 1.2% yield.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $74.73; several firms recently lowered their targets, while maintaining ratings ranging from Buy to Hold.

VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its stake in Terex Corporation (NYSE:TEX - Free Report) by 45.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,100 shares of the industrial products company's stock after selling 23,600 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Terex were worth $1,478,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ancora Advisors LLC acquired a new stake in shares of Terex during the second quarter valued at $29,000. Essential Partners LLC increased its position in Terex by 171.2% during the 1st quarter. Essential Partners LLC now owns 564 shares of the industrial products company's stock worth $33,000 after purchasing an additional 356 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Terex in the 2nd quarter valued at about $35,000. Optiver Holding B.V. raised its stake in Terex by 67.5% in the 1st quarter. Optiver Holding B.V. now owns 782 shares of the industrial products company's stock valued at $46,000 after purchasing an additional 315 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC acquired a new position in Terex in the 1st quarter valued at about $47,000. 92.88% of the stock is currently owned by hedge funds and other institutional investors.

Terex Stock Performance

Terex stock opened at $57.60 on Thursday. The firm has a market capitalization of $6.47 billion, a P/E ratio of 29.09, a PEG ratio of 1.06 and a beta of 1.48. The stock has a fifty day moving average price of $56.71 and a 200 day moving average price of $61.83. Terex Corporation has a 52 week low of $41.70 and a 52 week high of $74.69. The company has a current ratio of 1.76, a quick ratio of 0.92 and a debt-to-equity ratio of 0.52.

Terex (NYSE:TEX - Get Free Report) last released its earnings results on Wednesday, October 28th. The industrial products company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.08. Terex had a return on equity of 11.79% and a net margin of 2.64%. The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the prior year, the business posted $1.50 earnings per share. The firm's revenue for the quarter was up 58.4% compared to the same quarter last year. Equities research analysts anticipate that Terex Corporation will post 4.92 earnings per share for the current year.

Terex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Monday, November 9th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.2%. Terex's dividend payout ratio is currently 34.34%.

Analysts Set New Price Targets

Several research firms have issued reports on TEX. Morgan Stanley decreased their price target on shares of Terex from $86.00 to $84.00 and set an "overweight" rating on the stock in a research note on Thursday, October 29th. Citigroup cut their price objective on shares of Terex from $80.00 to $65.00 and set a "buy" rating for the company in a research report on Monday, October 12th. JPMorgan Chase & Co. reduced their price objective on shares of Terex from $68.00 to $58.00 and set a "neutral" rating on the stock in a research note on Thursday, October 8th. Wells Fargo & Company reduced their price objective on shares of Terex from $70.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Monday, October 26th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Terex in a research report on Thursday, October 15th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Terex currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.73.

Terex Company Profile

Terex Corporation NYSE: TEX is a global manufacturer of equipment used in construction, infrastructure development, utilities, recycling and material processing. The company designs and produces machinery intended to help customers build, maintain and improve transportation networks, commercial sites, utility systems and industrial facilities.

Terex operates primarily through its Aerial Work Platforms and Materials Processing businesses. Its products include aerial lifts, telehandlers and other access equipment, as well as crushing, screening, conveying, washing, recycling and environmental-processing machinery.

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