Astec Industries, Inc. (ASTE) Shares Bought by BlackRock Inc.
BlackRock Inc. increased its stake in shares of Astec Industries, Inc. (NASDAQ:ASTE) by 10.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,786,449 shares of the industrial products company’s stock after buying an additional 253,730 shares during the period. BlackRock Inc. owned about 12.07% of Astec Industries worth $166,631,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Amalgamated Bank purchased a new stake in Astec Industries during the second quarter worth about $209,000. Dynamic Technology Lab Private Ltd purchased a new stake in Astec Industries during the first quarter worth about $219,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Astec Industries during the second quarter worth about $242,000. Xact Kapitalforvaltning AB purchased a new stake in Astec Industries during the first quarter worth about $257,000. Finally, Blair William & Co. IL purchased a new stake in Astec Industries during the first quarter worth about $260,000. 92.27% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts recently commented on the stock. BidaskClub raised shares of Astec Industries from a “hold” rating to a “buy” rating in a report on Thursday, June 28th. Zacks Investment Research raised shares of Astec Industries from a “sell” rating to a “hold” rating in a report on Tuesday. Robert W. Baird downgraded shares of Astec Industries from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $64.00 to $53.00 in a report on Tuesday, July 24th. ValuEngine downgraded shares of Astec Industries from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Finally, TheStreet downgraded shares of Astec Industries from a “b” rating to a “c+” rating in a report on Wednesday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $64.00.
Astec Industries (NASDAQ:ASTE) last announced its quarterly 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 quarter in the prior year, the firm earned $0.62 earnings per share. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. equities research analysts expect that Astec Industries, Inc. will post 3.3 EPS for the current fiscal year.
Astec Industries announced that its Board of Directors has initiated a stock repurchase plan on Monday, July 30th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 13.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 30th. Shareholders of record on Monday, August 13th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend was Friday, August 10th. This is an increase from Astec Industries’s previous quarterly dividend of $0.10. Astec Industries’s dividend payout ratio is 27.85%.
Astec Industries 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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