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Ternium S.A. (NYSE:TX) Sees Large Growth in Short Interest

kopsource · Dec 3, 2022 18:22

Ternium S.A. (NYSE:TX – Get Rating) was the recipient of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 594,200 shares, an increase of 17.4% from the October 31st total of 506,200 shares. Currently, 0.3% of the company's stock are short sold. Based on an average daily volume of 305,400 shares, the days-to-cover ratio is presently 1.9 days.

Analysts Set New Price Targets

Several brokerages recently commented on TX. The Goldman Sachs Group cut their price target on shares of Ternium from $60.00 to $52.00 and set a "buy" rating on the stock in a research note on Tuesday, September 6th. Grupo Santander cut Ternium from an "outperform" rating to a "neutral" rating and decreased their target price for the company from $45.00 to $35.00 in a research report on Monday, November 28th. Bank of America downgraded Ternium from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $53.00 to $40.00 in a research note on Friday, August 26th. Finally, StockNews.com initiated coverage on Ternium in a research note on Wednesday, October 12th. They issued a "buy" rating for the company. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $45.00.

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Ternium Stock Performance

TX stock traded up $0.72 during trading on Friday, hitting $31.55. The company had a trading volume of 143,358 shares, compared to its average volume of 255,515. The firm has a 50-day moving average price of $29.41 and a 200-day moving average price of $33.28. The company has a quick ratio of 2.31, a current ratio of 4.21 and a debt-to-equity ratio of 0.05. The firm has a market cap of $6.32 billion, a PE ratio of 2.27 and a beta of 1.50. Ternium has a 1-year low of $26.01 and a 1-year high of $50.36.

Ternium (NYSE:TX – Get Rating) last announced its earnings results on Thursday, November 3rd. The basic materials company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.92). Ternium had a net margin of 15.85% and a return on equity of 20.59%. The company had revenue of $4.13 billion during the quarter, compared to analysts' expectations of $4.10 billion. On average, analysts expect that Ternium will post 9.31 earnings per share for the current year.

Ternium Cuts Dividend

The company also recently declared an annual dividend, which was paid on Tuesday, November 22nd. Stockholders of record on Tuesday, November 15th were paid a dividend of $0.90 per share. The ex-dividend date of this dividend was Monday, November 14th. This represents a dividend yield of 3.25%. Ternium's dividend payout ratio (DPR) is 12.97%.

Institutional Investors Weigh In On Ternium

Hedge funds have recently added to or reduced their stakes in the company. Lazard Asset Management LLC raised its position in Ternium by 11.8% in the third quarter. Lazard Asset Management LLC now owns 2,854,430 shares of the basic materials company's stock worth $78,181,000 after acquiring an additional 301,864 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its holdings in shares of Ternium by 18.0% in the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,383,756 shares of the basic materials company's stock valued at $49,940,000 after purchasing an additional 211,356 shares in the last quarter. Prudential PLC lifted its stake in shares of Ternium by 21.4% in the third quarter. Prudential PLC now owns 958,337 shares of the basic materials company's stock valued at $26,249,000 after purchasing an additional 169,132 shares during the period. Contrarian Capital Management L.L.C. boosted its holdings in Ternium by 2.7% during the second quarter. Contrarian Capital Management L.L.C. now owns 934,581 shares of the basic materials company's stock worth $33,729,000 after buying an additional 24,366 shares in the last quarter. Finally, TT International Asset Management LTD grew its position in Ternium by 7.3% during the third quarter. TT International Asset Management LTD now owns 857,402 shares of the basic materials company's stock worth $23,484,000 after buying an additional 58,347 shares during the period. Institutional investors and hedge funds own 11.23% of the company's stock.

Ternium Company Profile

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Ternium SA manufactures, processes, and sells various steel products in Mexico, Argentina, Paraguay, Chile, Bolivia, Uruguay, Brazil, the United States, Colombia, Guatemala, Costa Rica, Honduras, El Salvador, and Nicaragua. It operates through two segments, Steel and Mining. The Steel segment offers slabs, billets and round bars, hot rolled flat products, merchant bars, reinforcing bars, stirrups and rods, tin plate and galvanized products, tubes, beams, insulated panels, roofing and cladding, roof tiles, steel decks, pre-engineered metal building systems, and pig iron products; and sells energy.