Short Interest in Terex Co. (NYSE:TEX) Rises By 39.2%

Terex Co. (NYSE:TEX) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 6,506,300 shares, a growth of 39.2% from the July 31st total of 4,675,400 shares. Based on an average trading volume of 1,180,000 shares, the days-to-cover ratio is presently 5.5 days. Currently, 9.6% of the company’s stock are sold short.

TEX stock traded up $0.71 during mid-day trading on Wednesday, hitting $27.99. The stock had a trading volume of 965,307 shares, compared to its average volume of 1,061,271. The company has a current ratio of 2.21, a quick ratio of 1.43 and a debt-to-equity ratio of 1.68. Terex has a 1-year low of $22.91 and a 1-year high of $42.74. The company has a fifty day moving average of $26.49 and a 200 day moving average of $30.03. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 10.33, a PEG ratio of 0.86 and a beta of 1.77.

Terex (NYSE:TEX) last posted its quarterly earnings results on Monday, July 29th. The industrial products company reported $1.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.34 by ($0.13). The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Terex had a return on equity of 27.40% and a net margin of 0.29%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the business earned $0.98 earnings per share. As a group, sell-side analysts expect that Terex will post 3.58 earnings per share for the current fiscal year.



The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Monday, August 12th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $0.44 dividend on an annualized basis and a yield of 1.57%. Terex’s dividend payout ratio is currently 16.24%.

A number of institutional investors and hedge funds have recently modified their holdings of TEX. BlackRock Inc. grew its position in Terex by 22.7% in the second quarter. BlackRock Inc. now owns 7,024,611 shares of the industrial products company’s stock worth $220,572,000 after acquiring an additional 1,301,760 shares in the last quarter. Pzena Investment Management LLC lifted its stake in shares of Terex by 7.7% in the 2nd quarter. Pzena Investment Management LLC now owns 3,471,316 shares of the industrial products company’s stock valued at $108,999,000 after purchasing an additional 248,600 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in Terex by 21,369.5% in the second quarter. Nuveen Asset Management LLC now owns 2,886,579 shares of the industrial products company’s stock worth $90,638,000 after purchasing an additional 2,873,134 shares in the last quarter. Prudential PLC boosted its holdings in Terex by 0.5% in the second quarter. Prudential PLC now owns 2,558,400 shares of the industrial products company’s stock worth $80,334,000 after purchasing an additional 11,700 shares in the last quarter. Finally, LSV Asset Management boosted its holdings in Terex by 7.0% in the first quarter. LSV Asset Management now owns 1,723,056 shares of the industrial products company’s stock worth $55,361,000 after purchasing an additional 112,970 shares in the last quarter. 88.31% of the stock is currently owned by hedge funds and other institutional investors.

TEX has been the topic of several research analyst reports. TheStreet cut Terex from a “b-” rating to a “c+” rating in a research note on Monday, August 26th. Barclays reissued a “hold” rating and issued a $33.00 price target on shares of Terex in a research report on Monday, July 15th. Royal Bank of Canada set a $35.00 price target on shares of Terex and gave the stock a “hold” rating in a report on Wednesday, July 31st. ValuEngine upgraded shares of Terex from a “strong sell” rating to a “sell” rating in a report on Friday, August 2nd. Finally, Evercore ISI reaffirmed an “in-line” rating and set a $31.00 price objective (down from $40.00) on shares of Terex in a research report on Friday, May 31st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $33.58.

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.

See Also: Price to Earnings Ratio (PE)

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