Astec Industries (ASTE) Stock Rating Upgraded by BidaskClub

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Astec Industries (NASDAQ:ASTE) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

ASTE has been the subject of a number of other research reports. ValuEngine downgraded shares of Astec Industries from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Stifel Nicolaus lowered their price target on shares of Astec Industries from $65.00 to $63.00 and set a “buy” rating for the company in a report on Wednesday, July 25th. TheStreet downgraded shares of Astec Industries from a “b” rating to a “c+” rating in a report on Wednesday, July 25th. Finally, Robert W. Baird downgraded shares of Astec Industries from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $64.00 to $53.00 in a report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. Astec Industries presently has an average rating of “Hold” and an average target price of $64.00.

Shares of NASDAQ:ASTE opened at $48.75 on Wednesday. Astec Industries has a 12 month low of $44.92 and a 12 month high of $64.80. The stock has a market capitalization of $1.13 billion, a P/E ratio of 30.85, a price-to-earnings-growth ratio of 1.48 and a beta of 1.04.

Astec Industries (NASDAQ:ASTE) last announced its quarterly earnings results on Tuesday, July 24th. The industrial products company reported $1.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.12. Astec Industries had a negative net margin of 1.05% and a positive return on equity of 7.55%. The firm had revenue of $347.00 million during the quarter, compared to the consensus estimate of $332.65 million. During the same quarter last year, the firm earned $0.62 EPS. The firm’s revenue for the quarter was up 16.5% compared to the same quarter last year. research analysts expect that Astec Industries will post 3.3 earnings per share for the current year.

Astec Industries announced that its Board of Directors has initiated a stock buyback program on Monday, July 30th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the industrial products company to reacquire up to 13.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

A number of hedge funds and other institutional investors have recently made changes to their positions in ASTE. Global X Management Co. LLC lifted its stake in Astec Industries by 316.7% in the first quarter. Global X Management Co. LLC now owns 4,667 shares of the industrial products company’s stock worth $258,000 after purchasing an additional 3,547 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Astec Industries by 94.0% in the first quarter. Wells Fargo & Company MN now owns 110,491 shares of the industrial products company’s stock worth $6,097,000 after purchasing an additional 53,551 shares during the last quarter. SG Americas Securities LLC lifted its stake in Astec Industries by 19.7% in the first quarter. SG Americas Securities LLC now owns 9,055 shares of the industrial products company’s stock worth $500,000 after purchasing an additional 1,491 shares during the last quarter. Swiss National Bank lifted its stake in Astec Industries by 4.9% in the first quarter. Swiss National Bank now owns 34,200 shares of the industrial products company’s stock worth $1,887,000 after purchasing an additional 1,600 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its stake in Astec Industries by 9.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 165,296 shares of the industrial products company’s stock worth $9,122,000 after purchasing an additional 14,684 shares during the last quarter. 92.43% of the stock is owned by institutional investors and hedge funds.

About Astec Industries

Astec Industries, Inc designs, engineers, manufactures, and markets equipment and components for the road building, aggregate processing, geothermal, water, oil and gas, and wood processing industries in the United States and internationally. The company operates through Infrastructure Group, Aggregate and Mining Group, and Energy Group segments.

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Analyst Recommendations for Astec Industries (NASDAQ:ASTE)

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