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

Terex (NYSE:TEX) issued its earnings results on Tuesday. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.10, Briefing.com reports. Terex had a return on equity of 30.53% and a net margin of 9.87%. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period last year, the company earned $2.35 EPS. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. 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 3.9 %

TEX stock traded down $2.56 during mid-day trading on Wednesday, reaching $63.14. 1,553,739 shares of the company traded hands, compared to its average volume of 829,828. The stock has a market cap of $4.25 billion, a price-to-earnings ratio of 8.03 and a beta of 1.57. The company has a quick ratio of 1.06, a current ratio of 2.16 and a debt-to-equity ratio of 0.42. Terex has a fifty-two week low of $43.70 and a fifty-two week high of $68.08. The firm’s 50 day moving average price is $57.14 and its 200 day moving average price is $58.97.

Terex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Friday, August 9th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.08%. The ex-dividend date is Friday, August 9th. Terex’s payout ratio is presently 9.01%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Jefferies Financial Group decreased their price objective on Terex from $68.00 to $55.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. JPMorgan Chase & Co. boosted their price objective on Terex from $59.00 to $65.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Truist Financial dropped their target price on shares of Terex from $73.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, July 2nd. UBS Group lifted their price target on Terex from $62.00 to $64.00 and gave the company a “neutral” rating in a report on Tuesday, May 21st. Finally, Citigroup assumed coverage on shares of Terex in a research note on Wednesday, June 26th. They set a “neutral” rating and a $60.00 price target on the stock. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $64.33.

Insider Activity at Terex

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

Terex Company Profile

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.