Astec Industries (NASDAQ:ASTE) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS
Astec Industries (NASDAQ:ASTE) reported quarterly earnings of $0.47 per share, surpassing estimates of $0.45 by $0.02. The company achieved revenue of $350.10 million, exceeding the expected $336.00 million. Astec's return on equity was 11.52% with a net margin of 3.50%. The stock fell 2.2% to $45.37 following the announcement. Additionally, a quarterly dividend of $0.13 was declared, payable on November 26th. Institutional investors hold 93.16% of the company's stock, and analysts maintain a consensus rating of "Hold" with an average price target of $41.00.
Astec Industries (NASDAQ:ASTE - Get Free Report) announced its quarterly earnings data on Wednesday. The industrial products company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.02, Zacks reports. Astec Industries had a return on equity of 11.52% and a net margin of 3.50%.The company had revenue of $350.10 million for the quarter, compared to the consensus estimate of $336.00 million.
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Astec Industries Stock Down 2.2%
ASTE stock traded down $1.04 during midday trading on Wednesday, reaching $45.37. 368,546 shares of the company's stock traded hands, compared to its average volume of 171,219. The company has a quick ratio of 1.08, a current ratio of 2.71 and a debt-to-equity ratio of 0.13. The firm's fifty day moving average price is $47.18 and its 200-day moving average price is $42.75. Astec Industries has a 52 week low of $29.65 and a 52 week high of $50.83. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 22.80, a P/E/G ratio of 2.32 and a beta of 1.43.
Astec Industries Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Monday, November 10th will be given a $0.13 dividend. The ex-dividend date of this dividend is Monday, November 10th. This represents a $0.52 annualized dividend and a yield of 1.1%. Astec Industries's dividend payout ratio (DPR) is presently 26.13%.
Insider Buying and Selling at Astec Industries
In other news, insider Barend Snyman sold 2,498 shares of Astec Industries stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $47.22, for a total transaction of $117,955.56. Following the completion of the transaction, the insider directly owned 15,559 shares in the company, valued at $734,695.98. This trade represents a 13.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.69% of the company's stock.
Hedge Funds Weigh In On Astec Industries
Several large investors have recently added to or reduced their stakes in the business. Jane Street Group LLC lifted its holdings in shares of Astec Industries by 2.9% in the first quarter. Jane Street Group LLC now owns 46,566 shares of the industrial products company's stock valued at $1,604,000 after purchasing an additional 1,305 shares in the last quarter. Qube Research & Technologies Ltd raised its position in Astec Industries by 192.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 38,426 shares of the industrial products company's stock valued at $1,602,000 after buying an additional 25,267 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of Astec Industries during the first quarter valued at about $1,526,000. BNP Paribas Financial Markets lifted its position in shares of Astec Industries by 199.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 30,357 shares of the industrial products company's stock worth $1,266,000 after buying an additional 20,231 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its holdings in Astec Industries by 1,316.9% during the second quarter. Lazard Asset Management LLC now owns 29,797 shares of the industrial products company's stock worth $1,242,000 after acquiring an additional 27,694 shares during the period. Institutional investors own 93.16% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on the company. Weiss Ratings reissued a "hold (c+)" rating on shares of Astec Industries in a research note on Thursday, October 30th. Zacks Research upgraded shares of Astec Industries to a "hold" rating in a research report on Tuesday, October 7th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $41.00.
View Our Latest Research Report on ASTE
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.
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