Astec Industries, Inc. (ASTE) Releases Earnings Results
Astec Industries, Inc. (NASDAQ:ASTE) posted its quarterly earnings results on Tuesday. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.80 by $0.18, MarketWatch Earnings reports. The business had revenue of $301.90 million for the quarter, compared to the consensus estimate of $314.31 million. Astec Industries had a return on equity of 8.09% and a net margin of 4.43%. Astec Industries’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.79 earnings per share.
Shares of Astec Industries (NASDAQ ASTE) traded down 10.93% during trading on Tuesday, hitting $49.21. The stock had a trading volume of 209,280 shares. Astec Industries has a 52 week low of $47.34 and a 52 week high of $73.37. The firm has a 50 day moving average price of $56.05 and a 200-day moving average price of $61.60. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of 21.77 and a beta of 1.11.
Separately, BidaskClub cut Astec Industries from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. Astec Industries has an average rating of “Buy” and a consensus target price of $72.25.
Several large investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. purchased a new stake in Astec Industries during the first quarter valued at $103,000. State of Alaska Department of Revenue raised its stake in Astec Industries by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 2,110 shares of the industrial products company’s stock valued at $129,000 after buying an additional 40 shares in the last quarter. Quantbot Technologies LP raised its stake in Astec Industries by 110.2% in the first quarter. Quantbot Technologies LP now owns 2,182 shares of the industrial products company’s stock valued at $134,000 after buying an additional 1,144 shares in the last quarter. Acrospire Investment Management LLC raised its stake in Astec Industries by 7.0% in the first quarter. Acrospire Investment Management LLC now owns 2,789 shares of the industrial products company’s stock valued at $172,000 after buying an additional 183 shares in the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in Astec Industries during the fourth quarter valued at $206,000. Hedge funds and other institutional investors own 79.42% of the company’s stock.
About Astec Industries
Astec Industries, Inc designs, engineers, manufactures and markets equipment and components used primarily in road building and related construction activities. Its segments include Infrastructure Group, Aggregate and Mining Group and Energy Group. The Infrastructure Group segment is made up of five business units, including Astec, Inc, Roadtec, Inc, Carlson Paving Products, Inc, Astec Mobile Machinery GmbH and Astec Australia Pty Ltd.
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