Astec Industries, Inc. (NASDAQ:ASTE) Sees Significant Decline in Short Interest

Astec Industries, Inc. (NASDAQ:ASTEGet Free Report) was the recipient of a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 521,400 shares, a decline of 6.8% from the February 29th total of 559,500 shares. Approximately 2.3% of the company’s stock are short sold. Based on an average daily trading volume, of 132,800 shares, the short-interest ratio is currently 3.9 days.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ASTE shares. Stifel Nicolaus lifted their price target on shares of Astec Industries from $41.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, December 19th. StockNews.com raised shares of Astec Industries from a “hold” rating to a “buy” rating in a research note on Monday, March 11th.

View Our Latest Research Report on ASTE

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company increased its stake in shares of Astec Industries by 2.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,123 shares of the industrial products company’s stock worth $415,000 after purchasing an additional 196 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Astec Industries by 2.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 10,804 shares of the industrial products company’s stock worth $441,000 after purchasing an additional 218 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in shares of Astec Industries by 6.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 5,055 shares of the industrial products company’s stock worth $230,000 after purchasing an additional 300 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Astec Industries by 29.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 340 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its stake in shares of Astec Industries by 5.7% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 7,397 shares of the industrial products company’s stock worth $336,000 after purchasing an additional 401 shares during the last quarter. Institutional investors and hedge funds own 93.16% of the company’s stock.

Astec Industries Price Performance

ASTE opened at $43.71 on Monday. The company has a 50-day moving average of $38.15 and a 200-day moving average of $37.97. The company has a market capitalization of $993.97 million, a P/E ratio of 29.73 and a beta of 1.38. Astec Industries has a 1-year low of $28.97 and a 1-year high of $56.33. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.88 and a current ratio of 2.41.

Astec Industries (NASDAQ:ASTEGet Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The industrial products company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.28. Astec Industries had a net margin of 2.50% and a return on equity of 9.46%. The business had revenue of $337.20 million during the quarter, compared to the consensus estimate of $332.33 million. During the same quarter in the prior year, the firm earned $0.34 EPS. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. Equities analysts expect that Astec Industries will post 2.88 EPS for the current fiscal year.

Astec Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 11th were given a $0.13 dividend. The ex-dividend date was Friday, March 8th. This represents a $0.52 dividend on an annualized basis and a yield of 1.19%. Astec Industries’s payout ratio is 35.37%.

About Astec Industries

(Get Free Report)

Astec Industries, Inc designs, engineers, manufactures, and markets equipment and components used primarily in road building and related construction activities worldwide. The company operates in two segments, Infrastructure Solutions and Materials Solutions. The Infrastructure Solutions segment offers asphalt plants and related components, heaters, concrete dust control systems, asphalt pavers, vaporizers, concrete material handling systems, screeds, heat recovery units, paste back-fill plants, asphalt storage tanks, hot oil heaters, bagging plants, fuel storage tanks, industrial and asphalt burners and systems, custom batch plants, material transfer vehicles, soil stabilizing-reclaiming machinery, blower trucks and trailers, milling machines, soil remediation plants, wood chippers and grinders, pump trailers, concrete batch plants, control systems, liquid terminals, storage equipment and related parts, construction and retrofits, polymer plants, and concrete mixers, as well as engineering and environmental permitting services.

Further Reading

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