Astec Industries (NASDAQ:ASTE) Reaches New 52-Week High Following Earnings Beat

Shares of Astec Industries, Inc. (NASDAQ:ASTE) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $64.35 and last traded at $56.3620, with a volume of 75689 shares changing hands. The stock had previously closed at $58.50.

The industrial products company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.32. Astec Industries had a net margin of 3.50% and a return on equity of 11.93%. The business had revenue of $400.60 million during the quarter, compared to analyst estimates of $374.21 million.

Astec Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 9th will be given a $0.13 dividend. The ex-dividend date is Monday, March 9th. This represents a $0.52 annualized dividend and a yield of 0.9%. Astec Industries’s payout ratio is presently 25.00%.

Wall Street Analyst Weigh In

A number of research firms recently commented on ASTE. Wall Street Zen lowered shares of Astec Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Astec Industries in a research note on Monday, December 29th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $41.00.

Institutional Investors Weigh In On Astec Industries

A number of large investors have recently modified their holdings of the stock. Teacher Retirement System of Texas grew its holdings in shares of Astec Industries by 190.4% during the 3rd quarter. Teacher Retirement System of Texas now owns 14,234 shares of the industrial products company’s stock worth $685,000 after acquiring an additional 9,332 shares during the period. Geode Capital Management LLC boosted its position in shares of Astec Industries by 2.0% during the second quarter. Geode Capital Management LLC now owns 578,228 shares of the industrial products company’s stock valued at $24,109,000 after purchasing an additional 11,365 shares in the last quarter. Advisors Asset Management Inc. grew its stake in Astec Industries by 8.3% in the second quarter. Advisors Asset Management Inc. now owns 122,749 shares of the industrial products company’s stock worth $5,117,000 after purchasing an additional 9,456 shares during the period. American Century Companies Inc. raised its holdings in Astec Industries by 49.4% in the second quarter. American Century Companies Inc. now owns 539,935 shares of the industrial products company’s stock worth $22,510,000 after purchasing an additional 178,545 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Astec Industries during the second quarter valued at $1,374,000. Institutional investors own 93.16% of the company’s stock.

Astec Industries Price Performance

The firm has a market cap of $1.30 billion, a PE ratio of 27.41, a price-to-earnings-growth ratio of 2.51 and a beta of 1.45. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.58 and a quick ratio of 1.01. The firm has a 50-day simple moving average of $50.38 and a 200 day simple moving average of $47.53.

Astec Industries Company Profile

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.