Harvey Partners LLC Has $24.11 Million Stock Position in Astec Industries, Inc. $ASTE

Harvey Partners LLC increased its stake in Astec Industries, Inc. (NASDAQ:ASTE) by 48.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 501,000 shares of the industrial products company’s stock after purchasing an additional 163,155 shares during the quarter. Astec Industries makes up 2.1% of Harvey Partners LLC’s investment portfolio, making the stock its 22nd largest holding. Harvey Partners LLC owned about 2.19% of Astec Industries worth $24,113,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. iSAM Funds UK Ltd purchased a new position in shares of Astec Industries in the third quarter worth approximately $50,000. Tower Research Capital LLC TRC grew its position in Astec Industries by 412.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,212 shares of the industrial products company’s stock worth $92,000 after purchasing an additional 1,780 shares in the last quarter. SG Americas Securities LLC purchased a new position in Astec Industries during the 3rd quarter worth approximately $136,000. AlphaQuest LLC acquired a new stake in Astec Industries during the 3rd quarter valued at $194,000. Finally, Quadrant Capital Group LLC acquired a new stake in Astec Industries during the 3rd quarter valued at $203,000. 93.16% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Astec Industries

In related news, insider Edward Terrell Gilbert, Jr. sold 975 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $61.07, for a total value of $59,543.25. Following the transaction, the insider directly owned 8,828 shares of the company’s stock, valued at approximately $539,125.96. This trade represents a 9.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ASTE. Wall Street Zen raised Astec Industries from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Astec Industries in a research note on Monday, December 29th. Finally, Zacks Research upgraded Astec Industries from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Astec Industries presently has an average rating of “Buy”.

Astec Industries Stock Performance

Shares of ASTE opened at $52.88 on Monday. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 31.48, a price-to-earnings-growth ratio of 2.00 and a beta of 1.38. The company’s fifty day moving average is $54.07 and its 200-day moving average is $48.82. The company has a quick ratio of 1.07, a current ratio of 2.49 and a debt-to-equity ratio of 0.47. Astec Industries, Inc. has a 12 month low of $29.65 and a 12 month high of $64.37.

Astec Industries (NASDAQ:ASTE) last issued its quarterly earnings data on Wednesday, February 25th. The industrial products company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.32. Astec Industries had a net margin of 2.75% and a return on equity of 11.35%. The firm had revenue of $400.60 million during the quarter, compared to analysts’ expectations of $374.21 million.

Astec Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 9th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Monday, March 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.0%. Astec Industries’s dividend payout ratio is currently 30.95%.

Astec Industries Profile

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.