Terex (NYSE:TEX) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Terex (NYSE:TEX) released its earnings results on Tuesday. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.10, Briefing.com reports. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.43 billion. Terex had a net margin of 9.55% and a return on equity of 28.71%. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.35 EPS. Terex updated its FY24 guidance to $7.15-7.45 EPS and its FY 2024 guidance to 7.150-7.450 EPS.

Terex Stock Down 7.2 %

NYSE:TEX traded down $4.58 during trading hours on Thursday, reaching $58.68. 1,189,328 shares of the stock were exchanged, compared to its average volume of 839,123. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.16 and a quick ratio of 1.06. The firm has a 50 day moving average of $57.17 and a 200 day moving average of $59.00. The stock has a market cap of $3.95 billion, a PE ratio of 7.74 and a beta of 1.57. Terex has a twelve month low of $43.70 and a twelve month high of $68.08.

Terex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, August 9th will be given a $0.17 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.16%. Terex’s dividend payout ratio is 9.01%.

Insider Activity at Terex

In other Terex news, CAO Stephen Johnston sold 3,239 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $62.00, for a total transaction of $200,818.00. Following the completion of the sale, the chief accounting officer now directly owns 14,606 shares of the company’s stock, valued at approximately $905,572. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Terex news, CAO Stephen Johnston sold 3,239 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $62.00, for a total transaction of $200,818.00. Following the sale, the chief accounting officer now owns 14,606 shares of the company’s stock, valued at approximately $905,572. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Scott Posner sold 12,500 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $60.48, for a total value of $756,000.00. Following the sale, the vice president now owns 58,224 shares in the company, valued at approximately $3,521,387.52. The disclosure for this sale can be found here. Insiders have sold 32,929 shares of company stock valued at $1,958,307 over the last three months. 1.90% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TEX. Truist Financial raised their price objective on shares of Terex from $68.00 to $74.00 and gave the company a “buy” rating in a report on Thursday. Raymond James initiated coverage on Terex in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Jefferies Financial Group dropped their price objective on Terex from $68.00 to $55.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. JPMorgan Chase & Co. raised their price objective on shares of Terex from $59.00 to $65.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Finally, UBS Group raised their price target on shares of Terex from $62.00 to $64.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $65.92.

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.