Astec Industries (NASDAQ:ASTE) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday, December 4th.
According to Zacks, “Despite a healthy backlog, Astec remains cautious for the fourth quarter due to product mix and contract to delivery dates and holiday schedules. Consequently, it expects fourth-quarter 2017 earnings per share to be sequentially lower. The company does not expect any revenues contribution from the Hazelhurst Georgia pellet plant in 2017. Moreover, Astec's performance will be hurt by low oil prices, volatile steel price prices, and economic and political environment in Brazil. The stock has also underperformed the industry in the past year. Despite the setback on the Georgia and Arkansas plants, the company remains confident on the outlook for pellet plants. Astec Industries remains committed to improve its part sales volume over the long term, along with competitive part sales and service sales. Acquisitions remain a key piece of Astec’s growth strategy, along with organic growth.”
Other equities research analysts have also issued reports about the company. BidaskClub lowered Astec Industries from a “buy” rating to a “hold” rating in a research report on Saturday, December 2nd. TheStreet lowered Astec Industries from a “b” rating to a “c+” rating in a research report on Tuesday, October 24th. Finally, Robert W. Baird raised Astec Industries from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $56.00 to $65.00 in a report on Tuesday, October 3rd. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Astec Industries has a consensus rating of “Buy” and an average price target of $75.00.
Astec Industries (NASDAQ:ASTE) last issued its quarterly earnings data on Tuesday, October 24th. The industrial products company reported ($0.12) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.02). The business had revenue of $252.10 million during the quarter, compared to the consensus estimate of $261.06 million. Astec Industries had a return on equity of 5.89% and a net margin of 3.27%. Astec Industries’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.30 earnings per share. equities analysts anticipate that Astec Industries will post 1.61 earnings per share for the current year.
Several hedge funds have recently bought and sold shares of ASTE. 1060 Capital LLC purchased a new position in shares of Astec Industries in the third quarter worth $37,991,000. Gamco Investors INC. ET AL raised its stake in shares of Astec Industries by 21.0% in 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 purchasing an additional 221,167 shares during the last quarter. Granite Investment Partners LLC purchased a new position in shares of Astec Industries in the third quarter worth $11,430,000. State of New Jersey Common Pension Fund D raised its stake in shares of Astec Industries by 10.4% in 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 purchasing an additional 140,000 shares during the last quarter. Finally, Royce & Associates LP raised its stake in shares of Astec Industries by 51.1% in the third quarter. Royce & Associates LP now owns 372,063 shares of the industrial products company’s stock worth $20,839,000 after purchasing an additional 125,900 shares during the last quarter. Hedge funds and other institutional investors own 79.93% of the company’s stock.
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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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