Astec Industries Inc. (ASTE) Trading Up 2.8%
Astec Industries Inc. (NASDAQ:ASTE)’s share price was up 2.8% on Thursday . The company traded as high as $56.71 and last traded at $56.61, with a volume of 75,580 shares. The stock had previously closed at $55.05.
A number of equities analysts have weighed in on ASTE shares. Zacks Investment Research upgraded Astec Industries from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a report on Monday, June 13th. Maxim Group upped their target price on Astec Industries from $48.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, May 16th. Stifel Nicolaus upped their target price on Astec Industries from $50.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, May 17th. Finally, Seaport Global Securities reaffirmed an “accumulate” rating on shares of Astec Industries in a research report on Tuesday, April 12th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $49.33.
The stock has a market cap of $1.32 billion and a price-to-earnings ratio of 37.15. The stock’s 50 day moving average is $54.51 and its 200-day moving average is $45.56.
Astec Industries (NASDAQ:ASTE) last posted its quarterly earnings results on Tuesday, April 26th. The company reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.06. During the same period last year, the business earned $0.65 earnings per share. The firm had revenue of $278.70 million for the quarter, compared to analysts’ expectations of $302.55 million. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis. On average, equities research analysts predict that Astec Industries Inc. will post $2.28 earnings per share for the current year.
In other news, insider Richard A. Patek sold 1,769 shares of the stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $53.07, for a total transaction of $93,880.83. Following the transaction, the insider now owns 1,763 shares of the company’s stock, valued at approximately $93,562.41. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Malcolm L. Swanson sold 2,987 shares of the stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $49.33, for a total value of $147,348.71. Following the transaction, the insider now directly owns 160 shares in the company, valued at approximately $7,892.80. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of Astec Industries by 6.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,343,421 shares of the company’s stock worth $54,678,000 after buying an additional 83,524 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of Astec Industries by 11.2% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 1,350,000 shares of the company’s stock worth $54,945,000 after buying an additional 136,000 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Astec Industries by 12.1% in the fourth quarter. Victory Capital Management Inc. now owns 594,990 shares of the company’s stock worth $24,217,000 after buying an additional 64,247 shares in the last quarter. Bank of Montreal Can raised its position in shares of Astec Industries by 4.0% in the fourth quarter. Bank of Montreal Can now owns 234,849 shares of the company’s stock worth $9,559,000 after buying an additional 8,958 shares in the last quarter. Finally, Gabelli Funds LLC raised its position in shares of Astec Industries by 6.3% in the fourth quarter. Gabelli Funds LLC now owns 616,300 shares of the company’s stock worth $25,083,000 after buying an additional 36,300 shares in the last quarter.
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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