Astec Industries (NASDAQ:ASTE) Hits New 1-Year High – Here’s Why

Shares of Astec Industries, Inc. (NASDAQ:ASTE) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $58.20 and last traded at $57.9240, with a volume of 25106 shares trading hands. The stock had previously closed at $57.43.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wall Street Zen downgraded Astec Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Weiss Ratings reiterated a “hold (c)” rating on shares of Astec Industries in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Astec Industries presently has a consensus rating of “Hold” and an average target price of $41.00.

Astec Industries Price Performance

The company has a quick ratio of 1.01, a current ratio of 2.58 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 27.70, a price-to-earnings-growth ratio of 2.49 and a beta of 1.45. The stock’s 50-day moving average price is $47.37 and its 200-day moving average price is $46.03.

Institutional Investors Weigh In On Astec Industries

Institutional investors have recently modified their holdings of the business. Teacher Retirement System of Texas increased its holdings in Astec Industries by 190.4% in the third quarter. Teacher Retirement System of Texas now owns 14,234 shares of the industrial products company’s stock valued at $685,000 after purchasing an additional 9,332 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Astec Industries by 2.0% in the 2nd quarter. Geode Capital Management LLC now owns 578,228 shares of the industrial products company’s stock valued at $24,109,000 after acquiring an additional 11,365 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Astec Industries by 8.3% in the 2nd quarter. Advisors Asset Management Inc. now owns 122,749 shares of the industrial products company’s stock valued at $5,117,000 after acquiring an additional 9,456 shares during the period. XTX Topco Ltd acquired a new position in Astec Industries during the second quarter valued at approximately $1,374,000. Finally, American Century Companies Inc. increased its stake in Astec Industries by 49.4% in the second quarter. American Century Companies Inc. now owns 539,935 shares of the industrial products company’s stock valued at $22,510,000 after purchasing an additional 178,545 shares in the last quarter. Institutional investors and hedge funds own 93.16% of the company’s stock.

About Astec Industries

Astec Industries, Inc is a designer and manufacturer of specialized equipment for infrastructure-related markets. Headquartered in Chattanooga, Tennessee, the company develops, engineers and produces machinery for asphalt road-building, aggregate processing, concrete production, underground mining, landscaping and utility installation. Astec’s product portfolio includes asphalt plants, portable crushers, conveyors, screening plants, mixers, continuous miners and related support equipment.

Organized into multiple operating segments—Roadbuilding; Aggregate & Mining; Energy; and Pavement Preservation & Maintenance—Astec Industries serves contractors and municipalities that build and maintain transportation, energy and utility networks.