Terex Corporation $TEX Stock Acquired by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Terex stake by 15,440.8% in the third quarter, ending the period with 1.77 million shares worth about $97.4 million, or roughly 1.58% of the company.
• Terex reported quarterly EPS of $1.50, beating the $1.42 consensus estimate, while revenue rose 58.4% year over year to $2.20 billion. The company declared a quarterly dividend of $0.17 per share, equivalent to a 1.2% yield.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $77.10; shares opened at $58.09 in the article’s reported session.

Allspring Global Investments Holdings LLC lifted its holdings in shares of Terex Corporation (NYSE:TEX - Free Report) by 15,440.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,773,516 shares of the industrial products company's stock after buying an additional 1,762,104 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.58% of Terex worth $97,437,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in TEX. GAMMA Investing LLC boosted its holdings in shares of Terex by 7.6% in the second quarter. GAMMA Investing LLC now owns 2,290 shares of the industrial products company's stock valued at $166,000 after acquiring an additional 161 shares in the last quarter. QRG Capital Management Inc. raised its holdings in Terex by 2.7% during the second quarter. QRG Capital Management Inc. now owns 7,847 shares of the industrial products company's stock worth $568,000 after purchasing an additional 208 shares in the last quarter. Arizona State Retirement System increased its position in shares of Terex by 0.7% during the 2nd quarter. Arizona State Retirement System now owns 31,373 shares of the industrial products company's stock valued at $2,271,000 after purchasing an additional 210 shares during the period. Greenleaf Trust increased its position in shares of Terex by 5.2% during the 3rd quarter. Greenleaf Trust now owns 4,498 shares of the industrial products company's stock valued at $237,000 after purchasing an additional 224 shares during the period. Finally, Verdence Capital Advisors LLC raised its stake in shares of Terex by 1.3% in the 3rd quarter. Verdence Capital Advisors LLC now owns 20,720 shares of the industrial products company's stock worth $1,090,000 after buying an additional 267 shares in the last quarter. 92.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TEX shares. Truist Financial reaffirmed a "buy" rating and set a $87.00 target price (up from $85.00) on shares of Terex in a report on Thursday, October 29th. Citigroup cut their price target on shares of Terex from $80.00 to $65.00 and set a "buy" rating for the company in a report on Monday, October 12th. Wall Street Zen lowered shares of Terex from a "buy" rating to a "hold" rating in a research report on Saturday, October 10th. Barclays lifted their price objective on shares of Terex from $65.00 to $70.00 and gave the stock an "overweight" rating in a research note on Monday, July 20th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Terex from $68.00 to $58.00 and set a "neutral" rating on the stock in a report on Thursday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $77.10.

Terex Stock Performance

Shares of Terex stock opened at $58.09 on Tuesday. Terex Corporation has a 12 month low of $41.70 and a 12 month high of $74.69. The company has a quick ratio of 0.92, a current ratio of 1.76 and a debt-to-equity ratio of 0.52. The stock has a market cap of $6.53 billion, a PE ratio of 29.34, a price-to-earnings-growth ratio of 1.06 and a beta of 1.48. The business has a fifty day simple moving average of $56.19 and a 200-day simple moving average of $61.76.

Terex (NYSE:TEX - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The industrial products company reported $1.50 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the prior year, the business earned $1.50 EPS. The business's revenue for the quarter was up 58.4% on a year-over-year basis. On average, sell-side analysts anticipate that Terex Corporation will post 4.92 EPS for the current fiscal year.

Terex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Monday, November 9th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Monday, November 9th. Terex's dividend payout ratio is presently 34.34%.

Terex Profile

Terex Corporation designs, manufactures and supports equipment used in construction, infrastructure, utilities, materials processing and environmental services. Its products include aerial work platforms and machinery for crushing, screening, washing and conveying materials, along with equipment for waste handling and other specialized applications.

The company sells equipment and aftermarket services worldwide through a portfolio of brands that includes Genie, Powerscreen, Finlay and Terex.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.