Arizona State Retirement System increased its position in shares of Astec Industries, Inc. (NASDAQ:ASTE) by 222.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 32,181 shares of the industrial products company’s stock after buying an additional 22,215 shares during the period. Arizona State Retirement System’s holdings in Astec Industries were worth $1,883,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its stake in shares of Astec Industries by 87.5% during the third quarter. Victory Capital Management Inc. now owns 3,633 shares of the industrial products company’s stock worth $203,000 after buying an additional 1,695 shares during the period. Boothbay Fund Management LLC purchased a new stake in shares of Astec Industries during the third quarter worth approximately $305,000. Crossmark Global Holdings Inc. purchased a new stake in shares of Astec Industries during the third quarter worth approximately $307,000. Teacher Retirement System of Texas purchased a new stake in shares of Astec Industries during the fourth quarter worth approximately $393,000. Finally, National Investment Services Inc. WI purchased a new stake in shares of Astec Industries during the fourth quarter worth approximately $447,000. Hedge funds and other institutional investors own 91.10% of the company’s stock.
ASTE has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Astec Industries from a “strong sell” rating to a “hold” rating in a research note on Monday, December 4th. BidaskClub lowered shares of Astec Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. William Blair upgraded shares of Astec Industries from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 2nd. Seaport Global Securities reiterated a “hold” rating on shares of Astec Industries in a research note on Tuesday, January 23rd. Finally, Dougherty & Co upgraded shares of Astec Industries from a “neutral” rating to a “buy” rating and set a $70.00 price target on the stock in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $68.33.
Astec Industries (NASDAQ:ASTE) last announced its quarterly earnings results on Tuesday, February 20th. The industrial products company reported $0.42 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.03). The company had revenue of $312.38 million during the quarter, compared to analysts’ expectations of $288.14 million. Astec Industries had a net margin of 3.19% and a return on equity of 5.43%. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 earnings per share. analysts expect that Astec Industries, Inc. will post 3.46 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Monday, March 12th will be paid a $0.10 dividend. The ex-dividend date is Friday, March 9th. This represents a $0.40 annualized dividend and a yield of 0.66%. Astec Industries’s dividend payout ratio is currently 24.69%.
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Astec Industries Company Profile
Astec Industries, Inc designs, engineers, manufactures and markets equipment and components used primarily in road building and related construction activities. Its segments include Infrastructure Group, Aggregate and Mining Group and Energy Group. The Infrastructure Group segment is made up of five business units, including Astec, Inc, Roadtec, Inc, Carlson Paving Products, Inc, Astec Mobile Machinery GmbH and Astec Australia Pty Ltd.
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