Arizona State Retirement System Takes Position in Astec Industries, Inc. (NASDAQ:ASTE)

Posted by Defense World Staff on May 24th, 2023

Arizona State Retirement System purchased a new stake in Astec Industries, Inc. (NASDAQ:ASTE – Get Rating) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,451 shares of the industrial products company’s stock, valued at approximately $262,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Roubaix Capital LLC acquired a new position in shares of Astec Industries in the fourth quarter valued at about $2,459,000. Mesirow Institutional Investment Management Inc. acquired a new position in shares of Astec Industries in the fourth quarter valued at about $8,140,000. SG Americas Securities LLC grew its stake in shares of Astec Industries by 25.0% in the fourth quarter. SG Americas Securities LLC now owns 12,967 shares of the industrial products company’s stock valued at $527,000 after acquiring an additional 2,591 shares in the last quarter. Bank of Montreal Can grew its stake in shares of Astec Industries by 4.8% in the fourth quarter. Bank of Montreal Can now owns 11,385 shares of the industrial products company’s stock valued at $496,000 after acquiring an additional 521 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new position in shares of Astec Industries in the fourth quarter valued at about $2,206,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Astec Industries Trading Up 0.5 %

ASTE opened at $39.24 on Wednesday. The company’s 50 day moving average is $40.08 and its 200-day moving average is $41.79. Astec Industries, Inc. has a 1-year low of $31.04 and a 1-year high of $49.56. The company has a current ratio of 2.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10. The company has a market cap of $891.53 million, a P/E ratio of 112.12 and a beta of 1.50.

Astec Industries (NASDAQ:ASTE – Get Rating) last posted its quarterly earnings results on Wednesday, May 3rd. The industrial products company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.31. Astec Industries had a net margin of 0.59% and a return on equity of 6.17%. The company had revenue of $347.90 million for the quarter, compared to the consensus estimate of $341.36 million. During the same period last year, the company posted $0.41 EPS. The firm’s quarterly revenue was up 19.5% compared to the same quarter last year. Equities research analysts predict that Astec Industries, Inc. will post 2.58 earnings per share for the current fiscal year.

Astec Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 30th. Stockholders of record on Friday, May 12th will be paid a $0.13 dividend. The ex-dividend date is Thursday, May 11th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.33%. Astec Industries’s payout ratio is currently 148.58%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Stifel Nicolaus decreased their price target on shares of Astec Industries from $58.00 to $56.00 in a research note on Thursday, May 4th. StockNews.com initiated coverage on shares of Astec Industries in a research note on Thursday, May 18th. They set a “buy” rating on the stock. William Blair reiterated a “market perform” rating on shares of Astec Industries in a research note on Wednesday, March 1st. Finally, Robert W. Baird increased their price objective on shares of Astec Industries from $36.00 to $42.00 in a research note on Wednesday, March 1st.

Astec Industries Profile

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Astec Industries, Inc engages in the design, engineer, manufacture, and market of equipment and components used in road building and construction activities. It operates through the following segments: Infrastructure Solutions, Material Solutions, and Corporate and Other. The Infrastructure Solutions segment designs, engineers, manufactures, and markets a complete line of asphalt plants, concrete plants, and ancillary equipment, as well as supplying asphalt road construction equipment, industrial thermal systems, and heavy equipment.