Astec Industries Inc. (ASTE) Cut to Hold at Zacks Investment Research
Astec Industries Inc. (NASDAQ:ASTE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “For Astec, momentum in the domestic business will continue as reflected by its robust backlog. Passage of the highway bill and pellet plant order bodes well for the infrastructure group. Astec’s acquisition of Power Flame is in sync with its strategy to grow, both organically and through acquisitions of strong companies that serve its industries. Power Flame’s strong market share, innovative technology and dependable quality products will boost Astec’s Energy Group’s performance. The company’s persistent focus on lean efforts and gross margins will also drive growth. However, its international backlog remains affected by the strong U.S. dollar, low oil and natural gas prices, and the global mining slowdown.”
Several other research analysts also recently commented on the company. Seaport Global Securities downgraded Astec Industries from an “accumulate” rating to a “neutral” rating and set a $52.00 target price for the company. in a research note on Wednesday, July 6th. Robert W. Baird cut Astec Industries from an “outperform” rating to a “neutral” rating and set a $55.00 price target for the company. in a report on Tuesday, July 19th. They noted that the move was a valuation call. Stifel Nicolaus lifted their price target on Astec Industries from $63.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, July 27th. BB&T Corp. reissued a “hold” rating on shares of Astec Industries in a report on Tuesday, July 12th. Finally, Maxim Group lifted their price target on Astec Industries from $60.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, July 27th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $54.25.
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Shares of Astec Industries (NASDAQ:ASTE) opened at 58.29 on Tuesday. The company has a market cap of $1.34 billion, a PE ratio of 32.20 and a beta of 1.26. Astec Industries has a one year low of $30.76 and a one year high of $62.75. The stock’s 50 day moving average price is $58.35 and its 200 day moving average price is $54.15.
Astec Industries (NASDAQ:ASTE) last issued its earnings results on Tuesday, July 26th. The company reported $0.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.04. Astec Industries had a return on equity of 6.72% and a net margin of 4.18%. The company earned $294.40 million during the quarter, compared to the consensus estimate of $283.44 million. During the same period in the previous year, the company posted $0.51 EPS. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. Equities analysts predict that Astec Industries will post $2.40 earnings per share for the current fiscal year.
In other news, insider Steven L. Claude sold 1,987 shares of Astec Industries stock in a transaction on Friday, July 29th. The stock was sold at an average price of $60.23, for a total value of $119,677.01. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO David C. Silvious sold 1,076 shares of Astec Industries stock in a transaction on Friday, August 5th. The shares were sold at an average price of $59.98, for a total value of $64,538.48. Following the completion of the transaction, the chief financial officer now owns 1,070 shares in the company, valued at approximately $64,178.60. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. PineBridge Investments L.P. raised its position in shares of Astec Industries by 4.6% in the second quarter. PineBridge Investments L.P. now owns 2,396 shares of the company’s stock valued at $134,000 after buying an additional 105 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of Astec Industries by 14.1% in the second quarter. Teacher Retirement System of Texas now owns 2,727 shares of the company’s stock valued at $153,000 after buying an additional 336 shares during the last quarter. BlackRock Inc. raised its position in shares of Astec Industries by 153.9% in the second quarter. BlackRock Inc. now owns 3,263 shares of the company’s stock valued at $183,000 after buying an additional 1,978 shares during the last quarter. Mason Street Advisors LLC acquired a new position in shares of Astec Industries during the second quarter valued at about $207,000. Finally, AQR Capital Management LLC acquired a new position in shares of Astec Industries during the second quarter valued at about $223,000. Institutional investors own 79.16% of the company’s stock.
Astec Industries Company Profile
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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