BidaskClub Downgrades Astec Industries (ASTE) to Hold

BidaskClub lowered shares of Astec Industries (NASDAQ:ASTE) from a buy rating to a hold rating in a report issued on Monday, February 4th.

A number of other research firms have also recently weighed in on ASTE. ValuEngine cut shares of Astec Industries from a sell rating to a strong sell rating in a research report on Tuesday, October 23rd. Zacks Investment Research upgraded shares of Astec Industries from a sell rating to a hold rating in a research report on Monday, December 31st. Stifel Nicolaus cut shares of Astec Industries from a buy rating to a hold rating in a research report on Wednesday, October 24th. Finally, William Blair cut shares of Astec Industries from an outperform rating to a market perform rating in a research report on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Astec Industries presently has a consensus rating of Hold and a consensus target price of $58.00.

Shares of ASTE stock traded up $1.65 during trading hours on Monday, hitting $39.81. The company’s stock had a trading volume of 700,317 shares, compared to its average volume of 150,857. Astec Industries has a 12-month low of $27.86 and a 12-month high of $63.69. The company has a market capitalization of $908.27 million, a P/E ratio of 25.20 and a beta of 1.54. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 0.94.

Astec Industries (NASDAQ:ASTE) last announced its quarterly earnings results on Friday, March 1st. The industrial products company reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.04. The firm had revenue of $317.00 million for the quarter, compared to the consensus estimate of $314.98 million. Astec Industries had a negative net margin of 0.21% and a positive return on equity of 9.06%. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.47 earnings per share. As a group, sell-side analysts forecast that Astec Industries will post 2.83 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Tuesday, March 12th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend is Monday, March 11th. Astec Industries’s payout ratio is 27.85%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Teton Advisors Inc. lifted its stake in Astec Industries by 1.2% in the fourth quarter. Teton Advisors Inc. now owns 307,200 shares of the industrial products company’s stock worth $9,274,000 after acquiring an additional 3,600 shares during the last quarter. Gamco Investors INC. ET AL raised its holdings in Astec Industries by 0.5% during the fourth quarter. Gamco Investors INC. ET AL now owns 1,234,782 shares of the industrial products company’s stock worth $37,278,000 after purchasing an additional 5,645 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Astec Industries by 3.5% during the third quarter. Bank of New York Mellon Corp now owns 638,098 shares of the industrial products company’s stock worth $32,166,000 after purchasing an additional 21,576 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Astec Industries during the fourth quarter worth approximately $827,000. Finally, Legal & General Group Plc raised its holdings in Astec Industries by 26.6% during the third quarter. Legal & General Group Plc now owns 54,148 shares of the industrial products company’s stock worth $2,737,000 after purchasing an additional 11,362 shares in the last quarter. 89.78% of the stock is owned by institutional investors and hedge funds.

About Astec Industries

Astec Industries, Inc designs, engineers, manufactures, and markets equipment and components for the road building, aggregate processing, geothermal, water, oil and gas, and wood processing industries in the United States and internationally. The company operates through Infrastructure Group, Aggregate and Mining Group, and Energy Group segments.

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