BlackRock Advisors LLC cut its stake in Astec Industries Inc. (NASDAQ:ASTE) by 19.7% during the second quarter, Holdings Channel reports. The firm owned 125,662 shares of the company’s stock after selling 30,757 shares during the period. BlackRock Advisors LLC owned approximately 0.55% of Astec Industries worth $7,056,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. PineBridge Investments L.P. raised 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 in the last quarter. Teacher Retirement System of Texas raised 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 in the last quarter. Capital Fund Management S.A. acquired a new stake in Astec Industries during the second quarter worth approximately $241,000. Royal Bank of Canada raised its stake in Astec Industries by 1.4% in the first quarter. Royal Bank of Canada now owns 5,125 shares of the company’s stock worth $239,000 after buying an additional 73 shares in the last quarter. Finally, National Investment Services Inc. WI acquired a new stake in Astec Industries during the second quarter worth approximately $292,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.
Astec Industries Inc. (NASDAQ:ASTE) opened at 58.11 on Friday. The firm’s 50 day moving average is $58.19 and its 200-day moving average is $54.47. Astec Industries Inc. has a 12 month low of $30.76 and a 12 month high of $62.75. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 32.10 and a beta of 1.26.
Astec Industries (NASDAQ:ASTE) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.04. Astec Industries had a net margin of 4.18% and a return on equity of 6.72%. The company earned $294.40 million during the quarter, compared to analyst estimates of $283.44 million. During the same period in the prior year, the business posted $0.51 EPS. The firm’s revenue was up 11.5% compared to the same quarter last year. On average, equities analysts forecast that Astec Industries Inc. will post $2.40 EPS for the current year.
A number of research firms have commented on ASTE. Zacks Investment Research raised shares of Astec Industries from a “sell” rating to a “buy” rating and set a $70.00 target price for the company in a report on Thursday, July 28th. Maxim Group boosted their price target on shares of Astec Industries from $60.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, July 27th. BB&T Corp. reissued a “hold” rating on shares of Astec Industries in a research report on Tuesday, July 12th. Stifel Nicolaus upped their price target on shares of Astec Industries from $63.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 27th. Finally, Robert W. Baird lowered shares of Astec Industries from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Tuesday, July 19th. They noted that the move was a valuation call. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $54.25.
In other Astec Industries news, CFO David C. Silvious sold 1,076 shares of the company’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $59.98, for a total value of $64,538.48. Following the completion of the transaction, the chief financial officer now directly owns 1,070 shares in the company, valued at approximately $64,178.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman W Norman Smith sold 10,000 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $60.22, for a total transaction of $602,200.00. Following the completion of the transaction, the insider now owns 9,390 shares of the company’s stock, valued at $565,465.80. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.
About Astec Industries
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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