Raymond James Financial Services Advisors Inc. bought a new position in shares of Astec Industries, Inc. (NASDAQ:ASTE) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,923 shares of the industrial products company’s stock, valued at approximately $294,000.
Other institutional investors have also added to or reduced their stakes in the company. Eqis Capital Management Inc. acquired a new position in shares of Astec Industries during the 2nd quarter valued at about $386,000. Penn Capital Management Co. Inc. boosted its position in shares of Astec Industries by 20.1% during the 2nd quarter. Penn Capital Management Co. Inc. now owns 233,411 shares of the industrial products company’s stock valued at $13,978,000 after acquiring an additional 39,066 shares during the last quarter. Amalgamated Bank acquired a new position in shares of Astec Industries during the 2nd quarter valued at about $209,000. Bank of Montreal Can boosted its position in shares of Astec Industries by 4.7% during the 2nd quarter. Bank of Montreal Can now owns 147,310 shares of the industrial products company’s stock valued at $8,809,000 after acquiring an additional 6,649 shares during the last quarter. Finally, SG Capital Management LLC boosted its position in shares of Astec Industries by 134.1% during the 2nd quarter. SG Capital Management LLC now owns 118,470 shares of the industrial products company’s stock valued at $7,085,000 after acquiring an additional 67,854 shares during the last quarter. 92.43% of the stock is owned by institutional investors and hedge funds.
Shares of ASTE stock opened at $49.69 on Thursday. The stock has a market cap of $1.12 billion, a PE ratio of 31.45, a PEG ratio of 1.47 and a beta of 1.04. Astec Industries, Inc. has a twelve month low of $44.92 and a twelve month high of $64.80.
Astec Industries (NASDAQ:ASTE) last posted its 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 company had revenue of $347.00 million for the quarter, compared to analysts’ expectations of $332.65 million. During the same quarter in the prior year, the company posted $0.62 earnings per share. Astec Industries’s revenue for the quarter was up 16.5% compared to the same quarter last year. analysts expect that Astec Industries, Inc. will post 3.3 earnings per share for the current year.
Astec Industries declared that its board has approved a share buyback plan on Monday, July 30th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 13.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 30th. Shareholders of record on Monday, August 13th were given a $0.11 dividend. The ex-dividend date was Friday, August 10th. This represents a $0.44 dividend on an annualized basis and a yield of 0.89%. This is a boost from Astec Industries’s previous quarterly dividend of $0.10. Astec Industries’s dividend payout ratio is presently 27.85%.
ASTE has been the topic of several recent research reports. BidaskClub raised shares of Astec Industries from a “hold” rating to a “buy” rating in a research report on Thursday, June 28th. Stifel Nicolaus lowered their price target on shares of Astec Industries from $65.00 to $63.00 and set a “buy” rating on the stock in a research report on Wednesday, July 25th. TheStreet cut shares of Astec Industries from a “b” rating to a “c+” rating in a research report on Wednesday, July 25th. ValuEngine raised shares of Astec Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, May 9th. Finally, Robert W. Baird cut 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 research report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $64.00.
Astec Industries Company Profile
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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