Corient Private Wealth LP Acquires Shares of 37,836 Astec Industries, Inc. $ASTE

Corient Private Wealth LP bought a new stake in shares of Astec Industries, Inc. (NASDAQ:ASTE) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 37,836 shares of the industrial products company’s stock, valued at approximately $2,315,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of Astec Industries in the 2nd quarter worth about $212,732,000. Heartland Advisors Inc. bought a new stake in Astec Industries during the second quarter worth about $14,783,000. Bank of New York Mellon Corp purchased a new stake in Astec Industries in the second quarter worth about $13,538,000. Millennium Management LLC grew its holdings in Astec Industries by 142.3% in the fourth quarter. Millennium Management LLC now owns 347,231 shares of the industrial products company’s stock worth $15,042,000 after purchasing an additional 203,911 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in shares of Astec Industries by 2,165.0% during the second quarter. Assenagon Asset Management S.A. now owns 146,796 shares of the industrial products company’s stock valued at $8,982,000 after purchasing an additional 140,315 shares in the last quarter. 93.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Astec Industries in a research note on Tuesday, August 4th. Wall Street Zen cut Astec Industries from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Finally, Zacks Research downgraded Astec Industries from a “hold” rating to a “strong sell” rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

Astec Industries Stock Up 2.8%

Shares of Astec Industries stock opened at $42.32 on Thursday. The company has a 50-day simple moving average of $50.67 and a two-hundred day simple moving average of $53.62. The stock has a market capitalization of $974.42 million, a PE ratio of 49.79, a price-to-earnings-growth ratio of 1.11 and a beta of 1.35. Astec Industries, Inc. has a 52-week low of $40.47 and a 52-week high of $65.69. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.10 and a current ratio of 2.52.

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

Astec Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Monday, August 10th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, August 10th. Astec Industries’s dividend payout ratio is presently 61.18%.

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.