Barclays (LON:BARC) maintained its Equal-Weight recommendation for global manufacturer Terex (NYSE: NYSE:TEX) on Wednesday, with an average one-year price target of $68.99. This suggests a potential upside of 27.22% from its recent closing price of $54.23, according to data released on Thursday.
Terex, a global manufacturer of aerial work platforms and materials processing machinery, operates worldwide and engages customers throughout the product life cycle. The company's products are manufactured globally and sold worldwide. As per InvestingPro data, the company's revenue for LTM2023.Q2 stands at 4976.9M USD, showing a robust growth rate of 22.48%.
Despite the forecasted annual revenue of 4,535MM reflecting an 8.88% decrease, fund sentiment towards Terex remains bullish. Over the past quarter, 830 funds or institutions reported positions in Terex, marking a 2.98% increase from the previous quarter. Meanwhile, the average portfolio weight for TEX has grown by 10.76%, despite a minor decrease of 1.75% to 73,980K shares in institutional ownership over the past three months. The InvestingPro data also shows a healthy P/E ratio of 7.49, implying a strong earnings performance.
The put/call ratio of TEX stands at 0.83, further indicating bullish sentiment among investors. The projected non-GAAP EPS is 4.80. InvestingPro data reveals that the basic EPS for LTM2023.Q2 is 6.55 USD, reinforcing the company's strong earnings potential.
Key shareholders including Pzena Investment Management, Fisher Asset Management, Invesco, IJH, and VTSMX have recently adjusted their holdings in TEX. Pzena Investment Management reduced its holdings by a significant 37.38%, while Invesco boosted its portfolio allocation in TEX by an astounding 1,195.80%. Fisher Asset Management and IJH increased their allocations by 11.88% and 17.00% respectively, while VTSMX boosted its stake by 15.39%.
These shifts in ownership demonstrate continued confidence in Terex's prospects despite a forecasted decrease in annual revenue. This confidence is also reflected in the InvestingPro Tips, which note that Terex has a perfect Piotroski Score of 9 and that the revenue growth has been accelerating. The tips also highlight that the company yields a high return on invested capital and has consistently increased its earnings per share. For more insightful tips like these, consider checking out InvestingPro's pricing plans.
In conclusion, Terex's solid financial performance, coupled with the positive sentiment among investors and key shareholders, makes it a company worth watching in the investment landscape.
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