Astec Industries (NASDAQ:ASTE) Rating Lowered to “Buy” at Wall Street Zen

Astec Industries (NASDAQ:ASTE) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.

Several other research analysts also recently weighed in on the stock. Zacks Research upgraded shares of Astec Industries from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Astec Industries in a report on Monday, December 29th. Finally, Longbow Research raised shares of Astec Industries to a “strong-buy” rating in a research report on Monday, March 16th. Two research analysts have rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy”.

Astec Industries Stock Performance

NASDAQ ASTE opened at $52.14 on Friday. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 31.04, a P/E/G ratio of 1.97 and a beta of 1.38. Astec Industries has a 52 week low of $29.65 and a 52 week high of $64.37. The business has a 50 day moving average price of $55.01 and a 200-day moving average price of $49.25. The company has a quick ratio of 1.07, a current ratio of 2.49 and a debt-to-equity ratio of 0.47.

Astec Industries (NASDAQ:ASTE) last issued its earnings results on Wednesday, February 25th. The industrial products company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.32. Astec Industries had a return on equity of 11.35% and a net margin of 2.75%.The company had revenue of $400.60 million for the quarter, compared to analyst estimates of $374.21 million.

Insider Buying and Selling

In related news, insider Edward Terrell Gilbert, Jr. sold 975 shares of Astec Industries stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $61.07, for a total transaction of $59,543.25. Following the sale, the insider directly owned 8,828 shares in the company, valued at approximately $539,125.96. This trade represents a 9.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.99% of the company’s stock.

Institutional Investors Weigh In On Astec Industries

Several large investors have recently made changes to their positions in the business. Penn Capital Management Company LLC bought a new stake in shares of Astec Industries during the 3rd quarter worth $10,096,000. Millennium Management LLC grew its position in Astec Industries by 142.3% during the fourth quarter. Millennium Management LLC now owns 347,231 shares of the industrial products company’s stock valued at $15,042,000 after buying an additional 203,911 shares during the period. American Century Companies Inc. grew its position in Astec Industries by 49.4% during the second quarter. American Century Companies Inc. now owns 539,935 shares of the industrial products company’s stock valued at $22,510,000 after buying an additional 178,545 shares during the period. Harvey Partners LLC increased its holdings in Astec Industries by 48.3% during the third quarter. Harvey Partners LLC now owns 501,000 shares of the industrial products company’s stock worth $24,113,000 after buying an additional 163,155 shares during the last quarter. Finally, New York State Common Retirement Fund increased its holdings in Astec Industries by 1,800.5% during the third quarter. New York State Common Retirement Fund now owns 142,388 shares of the industrial products company’s stock worth $6,853,000 after buying an additional 134,896 shares during the last quarter. 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.