Freedom Broker Has Lowered Expectations for Astec Industries (NASDAQ:ASTE) Stock Price

Key Points

• Freedom Broker cut its Astec Industries price target to $52 from $60 but maintained a Buy rating; the new target implies 36.45% upside from the prior close.
• Analysts’ overall consensus remains Buy, with an average price target of $52. Astec shares rose 6.7% to $38.11 in Monday trading.
• Astec missed quarterly expectations, reporting a loss of $0.01 per share versus the $0.47 consensus estimate, and revenue of $352.4 million versus expectations of $375.47 million.

Astec Industries (NASDAQ:ASTE - Get Free Report) had its price target decreased by research analysts at Freedom Broker from $60.00 to $52.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the industrial products company's stock. Freedom Broker's target price indicates a potential upside of 36.45% from the company's previous close.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Astec Industries in a report on Monday, November 2nd. Zacks Research upgraded Astec Industries from a "strong sell" rating to a "hold" rating in a report on Monday, October 5th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $52.00.

Astec Industries Stock Up 6.7%

Shares of NASDAQ:ASTE traded up $2.40 during midday trading on Monday, hitting $38.11. The stock had a trading volume of 137,491 shares, compared to its average volume of 224,628. Astec Industries has a 12 month low of $35.05 and a 12 month high of $65.69. The company has a quick ratio of 0.97, a current ratio of 2.31 and a debt-to-equity ratio of 0.51. The business's 50-day simple moving average is $40.36 and its 200-day simple moving average is $50.38. The company has a market cap of $877.48 million, a P/E ratio of 76.22, a PEG ratio of 0.97 and a beta of 1.37.

Astec Industries (NASDAQ:ASTE - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The industrial products company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.48). The firm had revenue of $352.40 million for the quarter, compared to the consensus estimate of $375.47 million. Astec Industries had a return on equity of 8.60% and a net margin of 0.74%. During the same period last year, the company posted ($0.18) earnings per share. On average, sell-side analysts forecast that Astec Industries will post 3.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Astec Industries

Institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc acquired a new stake in shares of Astec Industries during the 2nd quarter worth $2,997,000. BlackRock Inc. bought a new position in shares of Astec Industries in the second quarter worth $212,732,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Astec Industries in the second quarter valued at about $6,075,000. Bank of America Corp DE acquired a new position in Astec Industries in the second quarter valued at about $3,293,000. Finally, Corient Private Wealth LP acquired a new position in Astec Industries in the second quarter valued at about $2,315,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.

Astec Industries Company Profile

Astec Industries, Inc NASDAQ: ASTE designs, engineers and manufactures equipment used in the construction of roads, bridges and other infrastructure. The company serves businesses involved in the production and processing of aggregates, asphalt, concrete and other construction materials.

Its product portfolio includes asphalt plants and related equipment, concrete production systems, aggregate crushing, screening and material-handling equipment, wood-processing equipment, and machinery used in road construction and rehabilitation.

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