Pinebridge Investments L.P. Trims Position in Astec Industries, Inc. (ASTE)
Pinebridge Investments L.P. trimmed its holdings in shares of Astec Industries, Inc. (NASDAQ:ASTE) by 85.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,377 shares of the industrial products company’s stock after selling 13,903 shares during the period. Pinebridge Investments L.P.’s holdings in Astec Industries were worth $133,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of ASTE. 1060 Capital LLC bought a new stake in Astec Industries during the third quarter worth approximately $37,991,000. Gamco Investors INC. ET AL boosted its holdings in Astec Industries by 21.0% during the third quarter. Gamco Investors INC. ET AL now owns 1,274,239 shares of the industrial products company’s stock worth $71,370,000 after buying an additional 221,167 shares in the last quarter. Granite Investment Partners LLC bought a new stake in Astec Industries during the third quarter worth approximately $11,430,000. State of New Jersey Common Pension Fund D boosted its holdings in Astec Industries by 10.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 1,490,000 shares of the industrial products company’s stock worth $83,455,000 after buying an additional 140,000 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Astec Industries by 25.9% during the second quarter. Alliancebernstein L.P. now owns 590,307 shares of the industrial products company’s stock worth $32,768,000 after buying an additional 121,309 shares in the last quarter. Hedge funds and other institutional investors own 79.95% of the company’s stock.
Shares of Astec Industries, Inc. (ASTE) opened at $53.14 on Wednesday. The company has a market cap of $1,257.99, a P/E ratio of 32.46, a P/E/G ratio of 3.39 and a beta of 1.05. Astec Industries, Inc. has a 12-month low of $45.70 and a 12-month high of $73.37.
Astec Industries (NASDAQ:ASTE) last released its earnings results on Tuesday, October 24th. The industrial products company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). Astec Industries had a return on equity of 5.89% and a net margin of 3.27%. The company had revenue of $252.10 million during the quarter, compared to analysts’ expectations of $261.06 million. During the same quarter in the previous year, the company earned $0.30 EPS. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. sell-side analysts forecast that Astec Industries, Inc. will post 1.61 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 29th. Shareholders of record on Monday, November 13th were given a $0.10 dividend. The ex-dividend date was Friday, November 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.75%. Astec Industries’s payout ratio is 23.81%.
Several equities research analysts recently commented on ASTE shares. TheStreet downgraded shares of Astec Industries from a “b” rating to a “c+” rating in a research report on Tuesday, October 24th. Zacks Investment Research upgraded shares of Astec Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, September 26th. BidaskClub downgraded shares of Astec Industries from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Robert W. Baird upgraded shares of Astec Industries from a “neutral” rating to an “outperform” rating and upped their price target for the company from $56.00 to $65.00 in a research report on Tuesday, October 3rd. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $75.00.
Astec Industries Company Profile
Astec Industries, Inc designs, engineers, manufactures and markets equipment and components used primarily in road building and related construction activities. Its segments include Infrastructure Group, Aggregate and Mining Group and Energy Group. The Infrastructure Group segment is made up of five business units, including Astec, Inc, Roadtec, Inc, Carlson Paving Products, Inc, Astec Mobile Machinery GmbH and Astec Australia Pty Ltd.
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