Analysts predict that Astec Industries, Inc. (NASDAQ:ASTE) will report $275.96 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Astec Industries’ earnings, with estimates ranging from $273.10 million to $280.39 million. Astec Industries posted sales of $252.05 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 9.5%. The company is expected to issue its next quarterly earnings report on Tuesday, October 23rd.
On average, analysts expect that Astec Industries will report full-year sales of $1.29 billion for the current year, with estimates ranging from $1.26 billion to $1.33 billion. For the next financial year, analysts forecast that the business will report sales of $1.35 billion, with estimates ranging from $1.31 billion to $1.37 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Astec Industries.
Astec Industries (NASDAQ:ASTE) last announced its earnings results on Tuesday, July 24th. The industrial products company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.12. Astec Industries had a negative net margin of 1.05% and a positive return on equity of 7.55%. The company had revenue of $347.00 million for the quarter, compared to the consensus estimate of $332.65 million. During the same period in the previous year, the business earned $0.62 EPS. The company’s revenue was up 16.5% on a year-over-year basis.
A number of equities research analysts recently issued reports on the stock. TheStreet cut shares of Astec Industries from a “b” rating to a “c+” rating in a report on Wednesday, July 25th. BidaskClub cut shares of Astec Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, October 3rd. Robert W. Baird cut shares of Astec Industries from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $64.00 to $53.00 in a research note on Tuesday, July 24th. Stifel Nicolaus dropped their price target on shares of Astec Industries from $65.00 to $63.00 and set a “buy” rating for the company in a research report on Wednesday, July 25th. Finally, Zacks Investment Research raised shares of Astec Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, September 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $64.00.
Shares of NASDAQ ASTE traded down $1.10 during mid-day trading on Wednesday, reaching $48.28. The company had a trading volume of 274,016 shares, compared to its average volume of 150,748. Astec Industries has a twelve month low of $44.92 and a twelve month high of $64.80. The company has a market capitalization of $1.16 billion, a PE ratio of 30.56 and a beta of 1.03.
Astec Industries announced that its board has authorized a stock buyback program on Monday, July 30th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the industrial products company to reacquire up to 13.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN increased its holdings in shares of Astec Industries by 94.0% in the first quarter. Wells Fargo & Company MN now owns 110,491 shares of the industrial products company’s stock valued at $6,097,000 after purchasing an additional 53,551 shares in the last quarter. Swiss National Bank increased its holdings in shares of Astec Industries by 4.9% in the first quarter. Swiss National Bank now owns 34,200 shares of the industrial products company’s stock valued at $1,887,000 after purchasing an additional 1,600 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Astec Industries by 9.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 165,296 shares of the industrial products company’s stock valued at $9,122,000 after purchasing an additional 14,684 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Astec Industries by 2.3% in the first quarter. Northern Trust Corp now owns 292,064 shares of the industrial products company’s stock valued at $16,116,000 after purchasing an additional 6,651 shares in the last quarter. Finally, BlackRock Inc. increased its holdings 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 valued at $139,755,000 after purchasing an additional 26,528 shares in the last quarter. 92.27% of the stock is owned by institutional investors.
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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