Astec Industries (NASDAQ:ASTE) Reaches New 52-Week High – Here’s What Happened

Shares of Astec Industries, Inc. (NASDAQ:ASTE) hit a new 52-week high on Thursday . The stock traded as high as $50.92 and last traded at $50.7650, with a volume of 30596 shares traded. The stock had previously closed at $50.02.

Wall Street Analysts Forecast Growth

ASTE has been the subject of several research analyst reports. Zacks Research raised Astec Industries to a “hold” rating in a research note on Tuesday, October 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Astec Industries in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $41.00.

Astec Industries Trading Down 0.5%

The business’s fifty day moving average is $45.44 and its 200-day moving average is $45.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.01 and a current ratio of 2.58. The firm has a market cap of $1.14 billion, a P/E ratio of 23.94, a price-to-earnings-growth ratio of 2.07 and a beta of 1.44.

Astec Industries (NASDAQ:ASTE) last announced its quarterly earnings results on Wednesday, November 5th. The industrial products company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.02. The firm had revenue of $350.10 million during the quarter, compared to analysts’ expectations of $336.00 million. Astec Industries had a net margin of 3.50% and a return on equity of 11.93%.

Astec Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Shareholders of record on Monday, November 10th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, November 10th. This represents a $0.52 annualized dividend and a yield of 1.0%. Astec Industries’s payout ratio is presently 25.00%.

Hedge Funds Weigh In On Astec Industries

Hedge funds have recently made changes to their positions in the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Astec Industries in the fourth quarter worth approximately $434,000. SG Americas Securities LLC raised its holdings in Astec Industries by 519.0% during the 4th quarter. SG Americas Securities LLC now owns 17,524 shares of the industrial products company’s stock worth $759,000 after purchasing an additional 14,693 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Astec Industries by 41.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 67,387 shares of the industrial products company’s stock worth $3,243,000 after purchasing an additional 19,871 shares during the period. Tudor Investment Corp ET AL bought a new stake in shares of Astec Industries in the 3rd quarter valued at $2,728,000. Finally, Penn Capital Management Company LLC acquired a new stake in shares of Astec Industries during the third quarter worth $10,096,000. 93.16% of the stock is currently owned by institutional investors.

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.