Astec Industries Inc. (NASDAQ:ASTE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “For Astec, momentum in the domestic business will continue as reflected by its robust backlog. Passage of the highway bill and pellet plant order bodes well for the infrastructure group. Astec’s acquisition of Power Flame is in sync with its strategy to grow, both organically and through acquisitions of strong companies that serve its industries. Power Flame’s strong market share, innovative technology and dependable quality products will boost Astec’s Energy Group’s performance. The company’s persistent focus on lean efforts and gross margins will also drive growth. However, its international backlog remains affected by the strong U.S. dollar, low oil and natural gas prices, and the global mining slowdown.”
Other research analysts have also recently issued reports about the company. Robert W. Baird cut Astec Industries from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research report on Tuesday, July 19th. They noted that the move was a valuation call. Maxim Group lifted their price objective on Astec Industries from $60.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, July 27th. Seaport Global Securities cut Astec Industries from an “accumulate” rating to a “neutral” rating and set a $52.00 price objective on the stock. in a research report on Wednesday, July 6th. Stifel Nicolaus lifted their price objective on Astec Industries from $63.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, July 27th. Finally, BB&T Corp. reaffirmed a “hold” rating on shares of Astec Industries in a research report on Tuesday, July 12th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Astec Industries has a consensus rating of “Hold” and an average target price of $54.25.
Shares of Astec Industries (NASDAQ:ASTE) opened at 58.75 on Tuesday. The stock has a market capitalization of $1.35 billion, a P/E ratio of 32.46 and a beta of 1.26. The firm’s 50-day moving average is $58.33 and its 200 day moving average is $54.03. Astec Industries has a 12-month low of $30.76 and a 12-month high of $62.75.
Astec Industries (NASDAQ:ASTE) last announced its earnings results on Tuesday, July 26th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.04. The business had revenue of $294.40 million for the quarter, compared to analysts’ expectations of $283.44 million. Astec Industries had a return on equity of 6.72% and a net margin of 4.18%. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period last year, the firm posted $0.51 earnings per share. On average, equities research analysts forecast that Astec Industries will post $2.40 EPS for the current fiscal year.
In other Astec Industries news, CFO David C. Silvious sold 1,076 shares of Astec Industries stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $59.98, for a total value of $64,538.48. Following the sale, the chief financial officer now owns 1,070 shares of the company’s stock, valued at approximately $64,178.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman W Norman Smith sold 10,000 shares of Astec Industries stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $60.22, for a total value of $602,200.00. Following the completion of the sale, the insider now directly owns 9,390 shares in the company, valued at approximately $565,465.80. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. PineBridge Investments L.P. increased its stake in Astec Industries by 4.6% in the second quarter. PineBridge Investments L.P. now owns 2,396 shares of the company’s stock worth $134,000 after buying an additional 105 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Astec Industries by 14.1% in the second quarter. Teacher Retirement System of Texas now owns 2,727 shares of the company’s stock worth $153,000 after buying an additional 336 shares during the last quarter. BlackRock Inc. increased its stake in Astec Industries by 153.9% in the second quarter. BlackRock Inc. now owns 3,263 shares of the company’s stock worth $183,000 after buying an additional 1,978 shares during the last quarter. Mason Street Advisors LLC purchased a new stake in Astec Industries during the second quarter worth about $207,000. Finally, AQR Capital Management LLC purchased a new stake in Astec Industries during the second quarter worth about $223,000. 79.16% of the stock is currently owned by institutional investors and hedge funds.
Astec Industries Company Profile
Astec Industries, Inc designs, engineers, manufactures and markets equipment and components used primarily in road building and related construction activities. The Company’s products are used in each phase of road building, from quarrying and crushing the aggregate to application of the road surface.
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