In a recent transaction, John L. Garrison Jr., former Director, Chairman, and CEO of Terex Corp (NYSE:TEX), a global manufacturer of lifting and material processing products, has sold a significant portion of his holdings in the company. The transaction involved the sale of 50,000 shares of common stock at an average price of $64.28 per share, amounting to a total value of over $3.2 million.
The shares were sold at varying prices ranging from $64.10 to $64.37, as indicated in the footnotes of the filing. Post-transaction, Garrison's ownership in the company includes 315,483 shares, which also accounts for shares received as a dividend. The sale was executed on March 27, 2024, and the filing was made public on March 29, 2024.
Investors often keep a close eye on insider transactions as they can provide insights into an executive's confidence in the company's future prospects. However, it's important to note that such sales could be motivated by a variety of personal financial reasons and may not necessarily reflect a negative outlook on the company's performance.
Terex Corp, headquartered in Norwalk, Connecticut, operates in various segments, including aerial work platforms, cranes, and materials processing. The company's stock is traded under the ticker symbol TEX on the New York Stock Exchange.
InvestingPro Insights
Amid the recent insider transaction involving John L. Garrison Jr., Terex Corp (NYSE:TEX) continues to display financial metrics that may be of interest to investors. One notable InvestingPro Tip is that Terex Corp has a perfect Piotroski Score of 9, suggesting that the company is in top financial health, which might provide some reassurance amidst insider selling activity. Additionally, the company has raised its dividend for 3 consecutive years, indicating a commitment to returning value to shareholders.
On the data side, Terex Corp's market capitalization stands at $4.31 billion, with a P/E ratio of 8.4, which is considered low relative to near-term earnings growth. This could suggest that the stock is potentially undervalued at its current trading price. The company's strong revenue growth over the last twelve months, at 16.61%, also reflects positively on its operational performance. Moreover, Terex Corp is trading near its 52-week high, with the price at 98.11% of this peak, which may be a sign of market confidence in the company's prospects.
For those interested in a deeper dive into Terex Corp's financial health and future outlook, additional InvestingPro Tips are available at InvestingPro. There are 13 more tips that could offer further insights into the company's performance and stock valuation. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription for access to these valuable insights.
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