Terex Corp (NYSE:TEX) has reached a new 52-week high, with its stock price soaring to $65.89. This milestone reflects a significant uptrend in the company's performance, marking a notable peak in its trading history. Over the past year, Terex Corp has seen a positive change of 7.66%, indicating a steady growth trajectory. This recent high offers a promising outlook for the company, as it continues to navigate the market dynamics and deliver value to its shareholders.
In other recent news, Terex Corporation has reported a 5% increase in Q1 sales to $1.3 billion, with earnings per share of $1.60. The company's operating margins expanded by 20 basis points, and gross margins improved by 40 basis points. This has led Terex to raise its full-year sales and earnings outlook. Terex also announced the acquisition of Dover (NYSE:DOV) Environmental Solutions Group (ESG) for $2 billion in cash, a strategic move set to enhance Terex's existing waste recycling and scrap business. The acquisition is expected to be immediately accretive to earnings in its first year.
Analyst firms Baird, Jefferies, and Citi have updated their stance on Terex. Baird raised the price target for Terex to $67 from $58, maintaining a Neutral rating. Jefferies also raised the price target for Terex to $67 from $55, while Citi initiated coverage with a Neutral rating.
In other developments, Terex is actively exploring mergers and acquisitions to strengthen its portfolio. The company reaffirmed its 2024 free cash flow outlook range of $325 million to $375 million. These are among the recent developments that provide insights into Terex's performance and strategic direction.
InvestingPro Insights
Terex Corp's (TEX) recent surge to a new 52-week high is complemented by its solid financial performance and market sentiment. According to real-time data from InvestingPro, the company boasts a robust market capitalization of $4.42 billion and is trading at an attractive P/E ratio of 8.61, which is in line with the adjusted P/E for the last twelve months as of Q1 2024 at 8.58. This indicates that the company's earnings are strong relative to its share price, a sign that may interest value investors.
InvestingPro Tips highlight that Terex Corp has raised its dividend for 3 consecutive years and has maintained dividend payments for 12 consecutive years, suggesting a commitment to returning value to shareholders. Additionally, the company's liquid assets exceed its short-term obligations, providing financial flexibility. With a dividend yield of 1.09% and a 13.33% dividend growth in the last twelve months, Terex Corp demonstrates a balance between growth and income.
For those looking to delve deeper into Terex Corp’s financial health and stock performance, more InvestingPro Tips are available, including an analysis of the company's moderate level of debt and its strong return over the last month. To access these additional insights, readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. With these resources, investors can make more informed decisions backed by comprehensive data and expert analysis.
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