Bank of New York Mellon Corp cut its stake in Astec Industries, Inc. (NASDAQ:ASTE) by 1.1% during the second quarter, Holdings Channel reports. The fund owned 616,522 shares of the industrial products company’s stock after selling 6,596 shares during the quarter. Bank of New York Mellon Corp’s holdings in Astec Industries were worth $36,867,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Astec Industries by 1.1% in the first quarter. BlackRock Inc. now owns 2,532,719 shares of the industrial products company’s stock worth $139,755,000 after acquiring an additional 26,528 shares during the last quarter. Franklin Resources Inc. increased its position in Astec Industries by 69.7% during the first quarter. Franklin Resources Inc. now owns 1,778,353 shares of the industrial products company’s stock worth $98,129,000 after buying an additional 730,594 shares during the last quarter. Gabelli Funds LLC increased its position in Astec Industries by 0.9% during the first quarter. Gabelli Funds LLC now owns 605,900 shares of the industrial products company’s stock worth $33,434,000 after buying an additional 5,700 shares during the last quarter. Marcato Capital Management LP acquired a new position in Astec Industries during the first quarter worth $29,016,000. Finally, Northern Trust Corp increased its position in Astec Industries by 2.3% during the first quarter. Northern Trust Corp now owns 292,064 shares of the industrial products company’s stock worth $16,116,000 after buying an additional 6,651 shares during the last quarter. 92.43% of the stock is currently owned by institutional investors and hedge funds.
ASTE has been the topic of several analyst reports. BidaskClub downgraded shares of Astec Industries from a “buy” rating to a “hold” rating in a research report on Friday, July 13th. Robert W. Baird downgraded shares of Astec Industries from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $64.00 to $53.00 in a research report on Tuesday, July 24th. TheStreet downgraded shares of Astec Industries from a “b” rating to a “c+” rating in a research report on Wednesday, July 25th. Stifel Nicolaus lowered their target price 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. Finally, ValuEngine downgraded shares of Astec Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. One investment 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 currently has an average rating of “Hold” and an average price target of $64.00.
Astec Industries stock opened at $49.25 on Friday. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 30.77, a price-to-earnings-growth ratio of 1.50 and a beta of 1.04. Astec Industries, Inc. has a one year low of $44.92 and a one year 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, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.12. The firm had revenue of $347.00 million for the quarter, compared to the consensus estimate of $332.65 million. Astec Industries had a negative net margin of 1.05% and a positive return on equity of 7.55%. The business’s quarterly revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.62 earnings per share. equities analysts anticipate that Astec Industries, Inc. will post 3.3 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 30th. Shareholders of record on Monday, August 13th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 0.89%. This is an increase from Astec Industries’s previous quarterly dividend of $0.10. The ex-dividend date was Friday, August 10th. Astec Industries’s dividend payout ratio is presently 27.85%.
Astec Industries announced that its Board of Directors has initiated a stock buyback plan on Monday, July 30th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the industrial products company to purchase up to 13.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
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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