Astec Industries Inc. (ASTE) Trading Down 6.2%
Shares of Astec Industries Inc. (NASDAQ:ASTE) fell 6.2% during mid-day trading on Tuesday . The stock traded as low as $52.56 and last traded at $54.10, with a volume of 199,471 shares trading hands. The stock had previously closed at $57.67.
Several brokerages have issued reports on ASTE. Stifel Nicolaus boosted their target price on Astec Industries from $50.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, May 17th. Seaport Global Securities lowered Astec Industries from an “accumulate” rating to a “neutral” rating and set a $52.00 target price on the stock. in a research note on Wednesday, July 6th. Zacks Investment Research lowered Astec Industries from a “buy” rating to a “hold” rating in a research note on Friday, July 15th. BB&T Corp. restated a “hold” rating on shares of Astec Industries in a research note on Tuesday, July 12th. Finally, Maxim Group boosted their target price on Astec Industries from $48.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, May 16th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $50.89.
The firm has a market capitalization of $1.29 billion and a price-to-earnings ratio of 36.22. The company has a 50-day moving average of $55.65 and a 200-day moving average of $46.61.
Astec Industries (NASDAQ:ASTE) last issued its earnings results on Tuesday, April 26th. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.71 by $0.06. During the same quarter in the prior year, the business posted $0.65 earnings per share. The business had revenue of $278.70 million for the quarter, compared to analysts’ expectations of $302.55 million. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. On average, equities analysts predict that Astec Industries Inc. will post $2.28 EPS for the current year.
In other Astec Industries news, insider Malcolm L. Swanson sold 2,987 shares of the stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $49.33, for a total transaction of $147,348.71. Following the sale, the insider now directly owns 160 shares in the company, valued at approximately $7,892.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Jeffrey J. Elliott sold 2,718 shares of the stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $49.06, for a total value of $133,345.08. Following the sale, the vice president now owns 3,938 shares in the company, valued at $193,198.28. The disclosure for this sale can be found here.
Other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its position in Astec Industries by 2.3% in the fourth quarter. Rhumbline Advisers now owns 32,821 shares of the company’s stock valued at $1,336,000 after buying an additional 740 shares during the last quarter. California State Teachers Retirement System boosted its position in Astec Industries by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 35,138 shares of the company’s stock valued at $1,430,000 after buying an additional 625 shares during the last quarter. Employees Retirement System of Texas boosted its position in Astec Industries by 40.0% in the fourth quarter. Employees Retirement System of Texas now owns 66,500 shares of the company’s stock valued at $2,707,000 after buying an additional 19,000 shares during the last quarter. Comerica Bank boosted its position in Astec Industries by 38.7% in the fourth quarter. Comerica Bank now owns 71,708 shares of the company’s stock valued at $2,576,000 after buying an additional 20,015 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in Astec Industries by 4.0% in the fourth quarter. Bank of Montreal Can now owns 234,849 shares of the company’s stock valued at $9,559,000 after buying an additional 8,958 shares during 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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