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

Summit Global Investments has significantly increased its investment in Terex Co. (NYSE:TEX) by 302.4% in the third quarter. This was revealed in their latest 13F filing submitted to the Securities and Exchange Commission. Following this acquisition, the institutional investor now owns a total of 22,141 shares in the industrial products company after purchasing an additional 16,639 shares during the quarter. As of the most recent filing, Summit Global Investments' holdings in Terex are valued at $1,171,000.

Other Institutional Investments

In addition to Summit Global Investments, several other large investors have also made moves in the Terex stock market. For example, HM Payson & Co. initiated a new position in Terex shares during the first quarter, valued at approximately $24,429,000. Similarly, Curated Wealth Partners LLC increased their stake by 200.0% in the second quarter, now owning 176,922 shares worth $9,702,000 after acquiring an additional 353,844 shares in that quarter.

AQR Capital Management LLC has also boosted its position by 18.4%, owning 1,837,563 shares valued at $99,045,000 after a gain of 285,750 shares. American Century Companies Inc. has increased its holdings by 25.6%, now having 1,322,729 shares worth about $72,538,000. Additionally, Millennium Management LLC raised its investments in Terex by 169.0% during the same period, now holding 264,885 shares valued at $14,526,000. The data shows that about 92.88% of Terex stock is currently owned by institutional investors.

Wall Street Analysts' Perspectives

Numerous analysts on Wall Street have weighed in on Terex stock. The Goldman Sachs Group recently reduced their price target for Terex shares from $72.00 to $62.00, assigning a "neutral" rating on September 20. Citigroup made a similar adjustment, lowering their price target from $60.00 to $57.00 with a "neutral" rating as well, on September 23.

JPMorgan Chase & Co. also revised their price objective, decreasing it from $65.00 to $62.00 and maintaining a "neutral" rating for the company on October 14. Robert W. Baird lowered their target price from $65.00 to $55.00 with a "neutral" rating as of October 31. Evercore ISI cut their target on Terex from $67.00 to $59.00, while still offering an "outperform" rating.

Overall, one research analyst has rated Terex with a sell, seven have issued a hold rating, and two analysts have recommended a buy. MarketBeat reports that the consensus rating for Terex is "Hold" with an average price target set at $59.56.

Overview of Terex's Financial Performance

As of the latest trading session, Terex stock opened at $55.75. The company holds a debt-to-equity ratio of 0.32, with a current ratio of 2.39 and a quick ratio of 1.16. Over the past year, Terex experienced a low of $47.30 and a high of $68.08. The company's market capitalization stands at $3.72 billion, featuring a P/E ratio of 8.14, and a beta of 1.53. The fifty-day moving average price of Terex is $53.18, while the 200-day moving average price is $55.89.

Earnings Report

On October 30, Terex announced its earnings results, reporting an EPS of $1.46 for the quarter, surpassing analysts' expectations of $1.31 by $0.15. The company achieved a return on equity of 24.92% and a net margin of 9.08%. Revenue for the quarter was $1.21 billion, slightly exceeding the consensus estimate of $1.16 billion. However, compared to the same quarter last year, Terex's revenue has fallen by 6.0% from an EPS of $1.75.

Upcoming Dividend Announcement

Recently, Terex declared a quarterly dividend of $0.17 per share, which will be issued on December 19 to shareholders on record as of November 8. This dividend translates into an annualized figure of $0.68, offering a yield of 1.22%. Currently, Terex's dividend payout ratio stands at 9.93%.

About Terex Corporation

Terex Corporation specializes in the manufacturing and sale of aerial work platforms and materials processing machinery across the globe. The company operates through two main segments: Materials Processing (MP) and Aerial Work Platforms (AWP). The MP segment designs and markets various materials processing equipment, which includes crushers, washing systems, and concrete mixers, among others, under various well-known brand names.

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