Invesco Ltd. trimmed its position in shares of Astec Industries, Inc. (NASDAQ:ASTE) by 46.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 258,586 shares of the industrial products company’s stock after selling 220,299 shares during the quarter. Invesco Ltd. owned approximately 1.14% of Astec Industries worth $16,274,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of ASTE. Sound Income Strategies LLC purchased a new stake in Astec Industries in the 2nd quarter worth $39,000. Eaton Vance Management purchased a new stake in Astec Industries in the 1st quarter worth $43,000. Rockefeller Capital Management L.P. purchased a new stake in Astec Industries in the 2nd quarter worth $59,000. William Blair Investment Management LLC purchased a new stake in Astec Industries in the 2nd quarter worth $65,000. Finally, Optimum Investment Advisors increased its holdings in Astec Industries by 36.4% in the 2nd quarter. Optimum Investment Advisors now owns 1,125 shares of the industrial products company’s stock worth $71,000 after acquiring an additional 300 shares in the last quarter. 91.89% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Matthew T. Sr Litchfield, Sr. sold 1,081 shares of the business’s stock in a transaction dated Tuesday, November 16th. The shares were sold at an average price of $71.11, for a total transaction of $76,869.91. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.15% of the company’s stock.
Astec Industries (NASDAQ:ASTE) last announced its quarterly earnings results on Wednesday, November 3rd. The industrial products company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.19. The firm had revenue of $267.00 million for the quarter, compared to analysts’ expectations of $266.16 million. Astec Industries had a net margin of 3.97% and a return on equity of 6.84%. The company’s revenue was up 15.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 EPS. On average, sell-side analysts predict that Astec Industries, Inc. will post 1.74 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 2nd. Stockholders of record on Wednesday, November 10th will be given a dividend of $0.12 per share. This is a boost from Astec Industries’s previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, November 9th. This represents a $0.48 annualized dividend and a dividend yield of 0.70%. Astec Industries’s payout ratio is presently 25.95%.
ASTE has been the subject of several recent analyst reports. Zacks Investment Research raised shares of Astec Industries from a “strong sell” rating to a “hold” rating and set a $58.00 price target for the company in a report on Tuesday, October 5th. Sidoti raised shares of Astec Industries from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $65.00 to $82.00 in a research note on Monday, November 8th. One analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $78.25.
About Astec Industries
Astec Industries, Inc engages in the manufacturing of equipment and components for the infrastructure, and aggregate and mining industries. It operates through the following segments: Infrastructure Solutions, Material Solutions, and Corporate. The Infrastructure Solutions segment markets line of asphalt plants and related components, asphalt pavers, screeds, milling machines, material transfer vehicles, stabilizers, and related ancillary equipment.
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