In a recent move, John L. Garrison Jr., the former Director, Chairman, and CEO of Terex Corp (NYSE:TEX), has sold a notable quantity of company shares. According to the latest filings, Garrison disposed of a total of 75,000 shares across two separate transactions.
On March 20, 2024, Garrison sold 59,094 shares at an average price of $60.07, with individual sales ranging from $60.00 to $60.45 per share. The following day, on March 21, he continued by selling an additional 15,906 shares at an average price of $61.74, with sales prices varying from $60.22 to $62.20. The total proceeds from these sales amounted to approximately $4,531,813.
Investors tracking insider transactions may note that these sales have adjusted Garrison's holding in Terex Corp, leaving him with a total of 364,928 shares after the transactions. The sales were reported to have taken place directly, and it's indicated that the shares owned following the transactions include those received as dividends.
The filings make clear that Garrison stands ready to provide full details of the number of shares sold at each price upon request by the SEC staff, Terex Corporation, or a security holder of Terex Corporation.
While the reasons behind Garrison's stock sales are not disclosed in the filings, such transactions are closely watched as they can provide insights into an insider's perspective on the company's current valuation and future prospects.
InvestingPro Insights
Terex Corp (NYSE:TEX) has recently been the subject of insider transactions, with former CEO John L. Garrison Jr. selling a significant number of shares. For investors considering the implications of this move, certain metrics and InvestingPro Tips can provide a deeper understanding of the company's current financial health and future outlook.
From a valuation standpoint, Terex Corp is trading at a low P/E ratio of 7.99, suggesting that the stock may be undervalued relative to its near-term earnings growth potential. This aligns with the InvestingPro Tips indicating that the company is trading at a low earnings multiple. Furthermore, the company has a strong track record of maintaining its dividend, having raised it for 3 consecutive years, and has upheld payments for 12 consecutive years, which is a positive sign for income-focused investors.
InvestingPro Data reveals that Terex Corp has a market capitalization of $4.14 billion and has seen a revenue growth of 16.61% over the last twelve months as of Q4 2023. Additionally, the company has demonstrated a robust return on assets of 15.39%, which could be appealing to investors looking for companies with efficient use of their capital.
Investors interested in further analysis and metrics can find additional InvestingPro Tips on the company's performance and prospects by visiting InvestingPro. For those seeking a comprehensive investment tool, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Beyond the insights mentioned here, there are 7 more tips available on InvestingPro that could further inform investment decisions regarding Terex Corp.
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