Astec Industries (NASDAQ:ASTE) Shares Gap Up – Here’s What Happened

Astec Industries, Inc. (NASDAQ:ASTE)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $41.87, but opened at $43.64. Astec Industries shares last traded at $43.5240, with a volume of 6,750 shares traded.

Wall Street Analyst Weigh In

ASTE has been the subject of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Astec Industries in a research note on Tuesday, August 4th. Zacks Research downgraded Astec Industries from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen cut Astec Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 4th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

Astec Industries Stock Down 0.4%

The business’s 50 day simple moving average is $52.64 and its 200 day simple moving average is $54.36. The company has a current ratio of 2.52, a quick ratio of 1.10 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $998.38 million, a PE ratio of 51.02, a PEG ratio of 1.18 and a beta of 1.36.

Astec Industries (NASDAQ:ASTE) last issued its quarterly earnings data on Wednesday, August 5th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.10). The company had revenue of $408.10 million for the quarter, compared to analysts’ expectations of $405.50 million. Astec Industries had a net margin of 1.26% and a return on equity of 10.26%. During the same quarter last year, the company earned $0.72 earnings per share. On average, equities research analysts forecast that Astec Industries, Inc. will post 3.36 earnings per share for the current year.

Astec Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 10th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, August 10th. Astec Industries’s dividend payout ratio (DPR) is 61.18%.

Hedge Funds Weigh In On Astec Industries

Large investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in Astec Industries by 15.6% in the first quarter. Royal Bank of Canada now owns 65,654 shares of the industrial products company’s stock worth $2,262,000 after purchasing an additional 8,847 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of Astec Industries during the first quarter valued at approximately $1,526,000. Millennium Management LLC grew its stake in shares of Astec Industries by 188.2% during the first quarter. Millennium Management LLC now owns 148,351 shares of the industrial products company’s stock valued at $5,111,000 after buying an additional 96,883 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Astec Industries by 2.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,577 shares of the industrial products company’s stock worth $2,259,000 after buying an additional 1,358 shares during the period. Finally, Jane Street Group LLC raised 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 worth $1,604,000 after buying an additional 1,305 shares during the period. 93.16% of the stock is owned by hedge funds and other institutional investors.

About Astec Industries

Astec Industries, Inc is a designer and manufacturer of specialized equipment for infrastructure-related markets. Headquartered in Chattanooga, Tennessee, the company develops, engineers and produces machinery for asphalt road-building, aggregate processing, concrete production, underground mining, landscaping and utility installation. Astec’s product portfolio includes asphalt plants, portable crushers, conveyors, screening plants, mixers, continuous miners and related support equipment.

Organized into multiple operating segments—Roadbuilding; Aggregate & Mining; Energy; and Pavement Preservation & Maintenance—Astec Industries serves contractors and municipalities that build and maintain transportation, energy and utility networks.