Mangrove Partners IM LLC Makes New $887,000 Investment in Astec Industries, Inc. $ASTE

Mangrove Partners IM LLC purchased a new stake in shares of Astec Industries, Inc. (NASDAQ:ASTE) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,435 shares of the industrial products company’s stock, valued at approximately $887,000. Mangrove Partners IM LLC owned about 0.08% of Astec Industries at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of ASTE. iSAM Funds UK Ltd bought a new position in Astec Industries in the 3rd quarter worth approximately $50,000. Arrowstreet Capital Limited Partnership boosted its position in Astec Industries by 377.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 51,034 shares of the industrial products company’s stock valued at $2,456,000 after buying an additional 40,341 shares during the last quarter. Invesco Ltd. increased its stake in shares of Astec Industries by 3.1% in the 3rd quarter. Invesco Ltd. now owns 510,171 shares of the industrial products company’s stock valued at $24,555,000 after buying an additional 15,357 shares during the period. Quadrant Capital Group LLC acquired a new stake in shares of Astec Industries in the 3rd quarter valued at $203,000. Finally, Swiss National Bank raised its position in shares of Astec Industries by 1.5% during the third quarter. Swiss National Bank now owns 39,800 shares of the industrial products company’s stock worth $1,916,000 after acquiring an additional 600 shares during the last quarter. Institutional investors and hedge funds own 93.16% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on ASTE shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Astec Industries in a research report on Monday, December 29th. Wall Street Zen upgraded shares of Astec Industries from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Finally, Zacks Research raised shares of Astec Industries from a “hold” rating to a “strong-buy” rating in a research note 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’s stock. According to data from MarketBeat.com, Astec Industries currently has an average rating of “Buy”.

Insider Activity

In related news, insider Edward Terrell Gilbert, Jr. sold 975 shares of Astec Industries 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 sale, the insider 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.69% of the company’s stock.

Astec Industries Trading Down 1.5%

ASTE opened at $52.88 on Friday. The stock has a market capitalization of $1.21 billion, a P/E ratio of 31.48, a P/E/G ratio of 2.03 and a beta of 1.38. The company has a current ratio of 2.49, a quick ratio of 1.07 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. The firm’s fifty day simple moving average is $54.07 and its 200 day simple moving average is $48.79.

Astec Industries (NASDAQ:ASTE) last released its earnings results 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 return on equity of 11.35% and a net margin of 2.75%.The firm had revenue of $400.60 million during the quarter, compared to analysts’ expectations of $374.21 million.

Astec Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 9th will be issued a dividend of $0.13 per share. The ex-dividend date 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 (DPR) is presently 30.95%.

Astec Industries Company 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.