Wells Fargo & Company Upgrades Ternium (NYSE:TX) to Equal Weight

Key Points

• Wells Fargo upgraded Ternium from underweight to equal weight and raised its price target to $45 from $43, implying about 5% upside from the current share price.
• The analyst community remains moderately positive overall: Ternium has a consensus rating of “Moderate Buy” with an average price target of $46.55, though recent calls have been mixed.
• The stock was trading around $42.85 on Thursday, and the company recently reported $1.10 EPS on $3.93 billion in revenue for the quarter.

Ternium (NYSE:TX - Get Free Report) was upgraded by equities researchers at Wells Fargo & Company from an "underweight" rating to an "equal weight" rating in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a $45.00 target price on the basic materials company's stock, up from their prior target price of $43.00. Wells Fargo & Company's price objective points to a potential upside of 5.02% from the stock's current price.

TX has been the topic of several other reports. Wall Street Zen lowered shares of Ternium from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 27th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Ternium in a research note on Wednesday, May 20th. Bradesco Corretora upgraded shares of Ternium to an "outperform" rating and set a $62.00 price objective on the stock in a report on Tuesday, May 19th. Itau BBA Securities raised shares of Ternium from a "market perform" rating to an "outperform" rating and set a $59.00 price objective on the stock in a research report on Sunday, May 24th. Finally, UBS Group raised their target price on Ternium from $39.00 to $41.00 and gave the company a "neutral" rating in a research note on Thursday, April 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Ternium has an average rating of "Moderate Buy" and a consensus price target of $46.55.

Ternium Trading Up 0.2%

NYSE TX opened at $42.85 on Thursday. The stock has a market capitalization of $8.59 billion, a P/E ratio of 14.73, a P/E/G ratio of 0.13 and a beta of 1.29. The business has a 50 day simple moving average of $45.98 and a 200 day simple moving average of $42.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.63 and a quick ratio of 1.53. Ternium has a one year low of $29.98 and a one year high of $51.73.

Ternium (NYSE:TX - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The basic materials company reported $1.10 earnings per share (EPS) for the quarter. The firm had revenue of $3.93 billion for the quarter. Ternium had a return on equity of 3.70% and a net margin of 3.66%. Research analysts expect that Ternium will post 6.13 earnings per share for the current year.

Institutional Trading of Ternium

A number of hedge funds and other institutional investors have recently bought and sold shares of TX. Lazard Asset Management LLC lifted its stake in shares of Ternium by 8.0% in the first quarter. Lazard Asset Management LLC now owns 6,336,127 shares of the basic materials company's stock valued at $254,395,000 after buying an additional 469,846 shares in the last quarter. Cape Ann Asset Management Ltd increased its position in shares of Ternium by 20.5% during the fourth quarter. Cape Ann Asset Management Ltd now owns 1,068,649 shares of the basic materials company's stock worth $40,812,000 after acquiring an additional 182,000 shares in the last quarter. Amundi raised its holdings in shares of Ternium by 19.9% in the 1st quarter. Amundi now owns 703,304 shares of the basic materials company's stock worth $28,238,000 after acquiring an additional 116,813 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Ternium by 569.4% in the 1st quarter. Millennium Management LLC now owns 126,827 shares of the basic materials company's stock worth $3,952,000 after acquiring an additional 107,880 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Ternium by 586.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 97,202 shares of the basic materials company's stock valued at $3,903,000 after acquiring an additional 83,041 shares in the last quarter. Institutional investors own 11.98% of the company's stock.

About Ternium

Ternium SA NYSE: TX is a leading vertically integrated steel producer with operations across the Americas. The company manufactures a broad range of flat and long steel products, including hot‐rolled and cold‐rolled coils, galvanized and tin-coated sheets, plates, rebars, wire rods, bars and structural sections. These products serve diverse end markets such as automotive, construction, energy, industrial machinery, home appliances and packaging.

Established in 2005 through the consolidation of steel assets in Argentina and Mexico, Ternium has grown to operate major production facilities in Argentina, Brazil, Mexico, Colombia, Central America and the United States.

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