Astec Industries (NASDAQ:ASTE) Shares Gap Up on Strong Earnings

Astec Industries, Inc. (NASDAQ:ASTE) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $31.17, but opened at $34.82. Astec Industries shares last traded at $35.71, with a volume of 120,589 shares changing hands.

The industrial products company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.46. Astec Industries had a negative net margin of 0.15% and a positive return on equity of 7.69%. The company had revenue of $359.00 million during the quarter, compared to analysts’ expectations of $374.10 million.

Astec Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date is Monday, March 10th. Astec Industries’s dividend payout ratio is currently -650.00%.

Analysts Set New Price Targets

ASTE has been the topic of a number of research reports. StockNews.com cut shares of Astec Industries from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. Robert W. Baird increased their price target on shares of Astec Industries from $36.00 to $40.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th.

Hedge Funds Weigh In On Astec Industries

A number of institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC increased its position in Astec Industries by 802.5% during the 4th quarter. Sterling Capital Management LLC now owns 731 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 650 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in Astec Industries by 6.3% in the 4th quarter. MetLife Investment Management LLC now owns 14,039 shares of the industrial products company’s stock valued at $472,000 after purchasing an additional 834 shares in the last quarter. Tompkins Financial Corp acquired a new stake in shares of Astec Industries during the 4th quarter worth about $34,000. Invesco Ltd. grew its holdings in shares of Astec Industries by 0.3% during the fourth quarter. Invesco Ltd. now owns 381,598 shares of the industrial products company’s stock worth $12,822,000 after buying an additional 1,243 shares in the last quarter. Finally, R Squared Ltd acquired a new position in shares of Astec Industries in the fourth quarter valued at approximately $42,000. 93.16% of the stock is owned by institutional investors and hedge funds.

Astec Industries Stock Up 13.9 %

The firm’s 50 day moving average is $33.40 and its 200-day moving average is $33.64. The firm has a market cap of $809.24 million, a PE ratio of -443.57 and a beta of 1.31. The company has a quick ratio of 0.91, a current ratio of 2.47 and a debt-to-equity ratio of 0.16.

About Astec Industries

Astec Industries, Inc designs, engineers, manufactures, and markets equipment and components used primarily in road building and related construction activities worldwide. The company operates in two segments, Infrastructure Solutions and Materials Solutions. The Infrastructure Solutions segment offers asphalt plants and related components, heaters, concrete dust control systems, asphalt pavers, vaporizers, concrete material handling systems, screeds, heat recovery units, paste back-fill plants, asphalt storage tanks, hot oil heaters, bagging plants, fuel storage tanks, industrial and asphalt burners and systems, custom batch plants, material transfer vehicles, soil stabilizing-reclaiming machinery, blower trucks and trailers, milling machines, soil remediation plants, wood chippers and grinders, pump trailers, concrete batch plants, control systems, liquid terminals, storage equipment and related parts, construction and retrofits, polymer plants, and concrete mixers, as well as engineering and environmental permitting services.