Posted by admin on Aug 4th, 2022

Shares of Astec Industries, Inc. (NASDAQ:ASTE – Get Rating) gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $48.96, but opened at $46.63. Astec Industries shares last traded at $44.45, with a volume of 309 shares traded.

The industrial products company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.33). The firm had revenue of $318.20 million during the quarter, compared to analyst estimates of $308.70 million. Astec Industries had a net margin of 1.20% and a return on equity of 4.74%. The firm’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 earnings per share.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 29th. Investors of record on Friday, August 12th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend is Thursday, August 11th. Astec Industries’s dividend payout ratio (DPR) is 82.76%.

Several research firms recently commented on ASTE. Robert W. Baird lowered Astec Industries from an “outperform” rating to a “neutral” rating and set a $40.00 target price on the stock. in a report on Friday, April 8th. StockNews.com lowered Astec Industries from a “buy” rating to a “hold” rating in a report on Friday, May 13th.

A number of hedge funds have recently bought and sold shares of the business. Arizona State Retirement System boosted its position in Astec Industries by 5.5% during the second quarter. Arizona State Retirement System now owns 6,169 shares of the industrial products company’s stock worth $252,000 after purchasing an additional 323 shares in the last quarter. Valicenti Advisory Services Inc. lifted its position in shares of Astec Industries by 0.7% in the second quarter. Valicenti Advisory Services Inc. now owns 74,028 shares of the industrial products company’s stock valued at $3,019,000 after acquiring an additional 500 shares in the last quarter. Byrne Asset Management LLC lifted its position in shares of Astec Industries by 96.1% in the first quarter. Byrne Asset Management LLC now owns 1,047 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 513 shares in the last quarter. Captrust Financial Advisors lifted its position in shares of Astec Industries by 31.2% in the first quarter. Captrust Financial Advisors now owns 2,639 shares of the industrial products company’s stock valued at $113,000 after acquiring an additional 628 shares in the last quarter. Finally, Strs Ohio lifted its position in shares of Astec Industries by 6.0% in the second quarter. Strs Ohio now owns 15,900 shares of the industrial products company’s stock valued at $648,000 after acquiring an additional 900 shares in the last quarter. Hedge funds and other institutional investors own 94.52% of the company’s stock.

The firm has a market cap of $948.63 million, a PE ratio of 71.60 and a beta of 1.35. The firm has a 50-day moving average price of $44.18 and a two-hundred day moving average price of $46.69.

Astec Industries, Inc designs, engineers, manufactures, and markets equipment and components used primarily in road building and related construction activities in the United States and internationally. 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.

Receive News & Ratings for Astec Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Astec Industries and related companies with MarketBeat.com's FREE daily email newsletter.

System1 (NYSE:SST) Shares Gap Up to $8.27

VanEck Fallen Angel High Yield Bond ETF (NASDAQ:ANGL) Stock Holdings Lifted by Steward Partners Investment Advisory LLC