Astec Industries Lowered to “Underperform” at Zacks (ASTE)
Astec Industries (NASDAQ:ASTE) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a report released on Tuesday. They currently have a $37.00 target price on the stock. Zacks‘s price objective indicates a potential downside of 9.47% from the company’s current price.
Zacks’ analyst wrote, “We are downgrading Astec Industries from Neutral to Underperform, with a target price of $37.00. Though the company posted improved earnings and revenue in the second quarter of 2014, it remains wary about the lack of visibility of a long-term highway bill which has made customers cautious regarding major equipment purchases, in turn affecting Astec’s performance. In addition, adverse weather conditions, increasing competition and ongoing economic uncertainties may pose as headwinds in the future. Construction financing and rising construction costs remain a concern for the company as well.”
Shares of Astec Industries (NASDAQ:ASTE) traded down 0.49% on Tuesday, hitting $40.67. 85,281 shares of the company’s stock traded hands. Astec Industries has a 52-week low of $33.15 and a 52-week high of $46.00. The stock has a 50-day moving average of $41.28 and a 200-day moving average of $40.72. The company has a market cap of $932.0 million and a price-to-earnings ratio of 24.33.
Astec Industries (NASDAQ:ASTE) last posted its quarterly earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.63. The company had revenue of $277.30 million for the quarter, compared to the consensus estimate of $264.26 million. During the same quarter last year, the company posted $0.48 earnings per share. Astec Industries’s revenue was up 11.8% compared to the same quarter last year. Analysts expect that Astec Industries will post $1.94 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 29th. Shareholders of record on Tuesday, August 12th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.98%. The ex-dividend date is Friday, August 8th.
Astec Industries, Inc designs, engineers, manufactures and markets equipment and components used primarily in road building and related construction activities.
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