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Strength Seen in Terex (TEX): Can Its 8.5% Jump Turn into More Strength?
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Terex (TEX - Free Report) shares ended the last trading session 8.5% higher at $60.43. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.6% gain over the past four weeks.
Terex has been witnessing strong demand for its products across multiple businesses and all major geographies, which is expected to reflect on its upcoming second-quarter 2024 results. Its backlog was $3.1 billion at the end of the first quarter, which was significantly above historical levels. Also, Terex’s ongoing efforts to improve efficiency and reduce costs will aid second-quarter earnings.
This machinery products maker is expected to post quarterly earnings of $2.03 per share in its upcoming report, which represents a year-over-year change of -13.6%. Revenues are expected to be $1.4 billion, down 0.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Terex, the consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on TEX going forward to see if this recent jump can turn into more strength down the road.
Terex is part of the Zacks Manufacturing - Construction and Mining industry. Hyster-Yale (HY - Free Report) , another stock in the same industry, closed the last trading session 5.3% higher at $74.48. HY has returned -2.5% in the past month.
For Hyster-Yale, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.28. This represents a change of +3.2% from what the company reported a year ago. Hyster-Yale currently has a Zacks Rank of #3 (Hold).
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Strength Seen in Terex (TEX): Can Its 8.5% Jump Turn into More Strength?
Terex (TEX - Free Report) shares ended the last trading session 8.5% higher at $60.43. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.6% gain over the past four weeks.
Terex has been witnessing strong demand for its products across multiple businesses and all major geographies, which is expected to reflect on its upcoming second-quarter 2024 results. Its backlog was $3.1 billion at the end of the first quarter, which was significantly above historical levels. Also, Terex’s ongoing efforts to improve efficiency and reduce costs will aid second-quarter earnings.
This machinery products maker is expected to post quarterly earnings of $2.03 per share in its upcoming report, which represents a year-over-year change of -13.6%. Revenues are expected to be $1.4 billion, down 0.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Terex, the consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on TEX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Terex is part of the Zacks Manufacturing - Construction and Mining industry. Hyster-Yale (HY - Free Report) , another stock in the same industry, closed the last trading session 5.3% higher at $74.48. HY has returned -2.5% in the past month.
For Hyster-Yale, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.28. This represents a change of +3.2% from what the company reported a year ago. Hyster-Yale currently has a Zacks Rank of #3 (Hold).