Summit Global Investments Increases Its Stake in Terex Co. (NYSE:TEX)

In the third quarter, Summit Global Investments significantly increased its stake in Terex Co. (NYSE:TEX) by a remarkable 302.4%, as reported in its latest 13F filing submitted to the Securities and Exchange Commission. Following this acquisition, the institutional investor now holds 22,141 shares of the industrial products company's stock after purchasing an additional 16,639 shares during the quarter. As per the recent SEC filing, the value of Summit Global Investments' holdings in Terex stands at approximately $1,171,000.

Institutional Interest in Terex

Several other institutional investors have also engaged in buying and selling Terex shares. For instance, HM Payson & Co. established a new position in Terex during the first quarter, investing around $24,429,000. Meanwhile, Curated Wealth Partners LLC raised its holdings in Terex by 200.0% in the second quarter, now owning 176,922 shares valued at $9,702,000 after acquiring an additional 353,844 shares during the last quarter. Additionally, AQR Capital Management LLC increased its stake by 18.4% in the second quarter, resulting in ownership of 1,837,563 shares worth around $99,045,000. American Century Companies Inc. also grew its stake by 25.6%, owning 1,322,729 shares valued at approximately $72,538,000 after acquiring 269,777 shares recently. Lastly, Millennium Management LLC boosted its holdings by 169.0%, now owning 264,885 shares valued at $14,526,000. Notably, institutional investors control about 92.88% of Terex's stock.

Market Analysts on Terex

Market analysts have been actively commenting on Terex stock. The Goldman Sachs Group reduced their price target for Terex shares from $72.00 to $62.00 and assigned a "neutral" rating in a research report dated September 20th. Citigroup followed suit, lowering their price target from $60.00 to $57.00 and maintaining a "neutral" rating as well on September 23rd. On October 14th, JPMorgan Chase & Co. also adjusted their price objective from $65.00 to $62.00 while keeping a "neutral" rating. Further, Robert W. Baird scaled back their target price on Terex from $65.00 to $55.00 and held a "neutral" rating on October 31st. Finally, Evercore ISI reduced their price target from $67.00 to $59.00 while rating the stock as "outperform" on August 19th. Currently, one research analyst has issued a sell rating, seven have advised holding the stock, while two have given it a buy rating. According to MarketBeat, Terex's consensus rating is labeled as "Hold" with an average price target of $59.56.

Terex Stock Performance

As of Friday, Terex shares opened at $55.75. The company reports a debt-to-equity ratio of 0.32, a current ratio of 2.39, and a quick ratio of 1.16. In terms of stock performance, Terex has seen a one-year low of $47.30 and a high of $68.08. The market capitalization stands at $3.72 billion, showcasing a P/E ratio of 8.14 and a PEG ratio of 4.73, with a beta of 1.53. Currently, the fifty-day moving average price for Terex is $53.18, while the 200-day moving average price is $55.89.

Earnings Report and Dividends

Terex last reported its earnings results on October 30th, revealing an earnings per share (EPS) figure of $1.46 for the quarter, exceeding the consensus estimate of $1.31 by $0.15. The company achieved a return on equity of 24.92% and reported a net margin of 9.08%. Revenue for the quarter amounted to $1.21 billion, surpassing the consensus expectation of $1.16 billion. In comparison to the same quarter last year, Terex experienced a decline of 6.0% in revenue and a decrease in EPS from $1.75.

Terex recently declared a quarterly dividend, which is set to be disbursed on December 19th to shareholders recorded by November 8th. Each shareholder will receive $0.17 per share, equating to an annualized dividend of $0.68, which reflects a dividend yield of 1.22%. The company’s dividend payout ratio currently stands at 9.93%.

About Terex Corporation

Terex Corporation is a global manufacturer that specializes in producing and selling aerial work platforms and materials processing machinery. The company operates in two primary segments: Materials Processing (MP) and Aerial Work Platforms (AWP). The MP segment is responsible for designing, manufacturing, servicing, and marketing various materials processing and specialty equipment, including crushers, washing systems, screens, and various types of cranes, among others.

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