Astec Industries (NASDAQ:ASTE) Shares Gap Up – Still a Buy?

Astec Industries, Inc. (NASDAQ:ASTE)’s stock price gapped up before the market opened 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.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ASTE. Wall Street Zen lowered Astec Industries from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Weiss Ratings restated a “hold (c)” rating on shares of Astec Industries in a research note on Tuesday, August 4th. Finally, Zacks Research downgraded shares of Astec Industries from a “hold” rating to a “strong sell” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Astec Industries presently has an average rating of “Moderate Buy”.

Astec Industries Stock Up 0.5%

The company has a debt-to-equity ratio of 0.53, a current ratio of 2.52 and a quick ratio of 1.10. The stock’s fifty day simple moving average is $52.30 and its 200-day simple moving average is $54.21. The stock has a market cap of $1.01 billion, a P/E ratio of 51.53, a PEG ratio of 1.18 and a beta of 1.36.

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

Astec Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 10th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Monday, August 10th. Astec Industries’s dividend payout ratio is presently 61.18%.

Institutional Investors Weigh In On Astec Industries

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Astec Industries during the second quarter valued at $212,732,000. California State Teachers Retirement System grew its position in shares of Astec Industries by 7,130.9% during the second quarter. California State Teachers Retirement System now owns 1,439,311 shares of the industrial products company’s stock worth $88,071,000 after acquiring an additional 1,419,406 shares during the last quarter. Heartland Advisors Inc. acquired a new stake in shares of Astec Industries in the 2nd quarter worth about $14,783,000. Bank of New York Mellon Corp acquired a new stake in shares of Astec Industries in the 2nd quarter worth about $13,538,000. Finally, Millennium Management LLC lifted its position in Astec Industries by 142.3% in the 4th quarter. Millennium Management LLC now owns 347,231 shares of the industrial products company’s stock valued at $15,042,000 after purchasing an additional 203,911 shares during the last quarter. 93.16% of the stock is owned by institutional investors and hedge funds.

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.