Astec Industries, Inc. (ASTE) Reaches New 12-Month Low on Disappointing Earnings

Shares of Astec Industries, Inc. (NASDAQ:ASTE) hit a new 52-week low during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $50.37 and last traded at $50.48, with a volume of 462,755 shares traded. The stock had previously closed at $55.25.

The industrial products company reported $0.62 EPS for the quarter, missing the Zacks’ consensus estimate of $0.80 by $0.18. Astec Industries had a return on equity of 7.40% and a net margin of 4.08%. The company had revenue of $301.90 million during the quarter, compared to analysts’ expectations of $314.31 million. During the same quarter last year, the firm posted $0.79 EPS. Astec Industries’s revenue for the quarter was up 2.5% compared to the same quarter last year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 29th. Investors of record on Friday, August 11th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date is Wednesday, August 9th. Astec Industries’s payout ratio is currently 19.05%.

A number of equities analysts recently issued reports on ASTE shares. Dougherty & Co cut Astec Industries from a “buy” rating to a “neutral” rating and set a $85.00 price objective for the company. in a report on Wednesday, July 26th. BidaskClub cut Astec Industries from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 21st.

Institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. acquired a new position in Astec Industries during the first quarter worth about $103,000. Victory Capital Management Inc. boosted its position in Astec Industries by 17.5% in the second quarter. Victory Capital Management Inc. now owns 1,938 shares of the industrial products company’s stock worth $108,000 after buying an additional 289 shares during the last quarter. State of Alaska Department of Revenue boosted its position in Astec Industries by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 2,110 shares of the industrial products company’s stock worth $129,000 after buying an additional 40 shares during the last quarter. Quantbot Technologies LP boosted its stake in shares of Astec Industries by 110.2% in the first quarter. Quantbot Technologies LP now owns 2,182 shares of the industrial products company’s stock valued at $134,000 after buying an additional 1,144 shares in the last quarter. Finally, Acrospire Investment Management LLC boosted its stake in shares of Astec Industries by 7.0% in the first quarter. Acrospire Investment Management LLC now owns 2,789 shares of the industrial products company’s stock valued at $172,000 after buying an additional 183 shares in the last quarter. Institutional investors own 79.63% of the company’s stock.

The firm has a 50 day moving average of $52.57 and a 200 day moving average of $59.87. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of 22.34 and a beta of 1.09.

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About Astec Industries

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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