Astec Industries (NASDAQ:ASTE) Downgraded to "Buy" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Astec Industries (ASTE) from "strong‑buy" to "buy", while analyst coverage is mixed—two firms rate it Strong Buy and two rate it Hold—yielding an average rating of "Buy".
• Astec posted an earnings beat with EPS of $1.06 versus $0.74 expected and revenue of $400.6M versus $374.2M, and the stock opened at $64.16 (near its 1‑year high of $65.69) with a market cap of $1.47B and a P/E of 38.19.

Astec Industries (NASDAQ:ASTE - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Saturday.

Several other research firms have also weighed in on ASTE. Freedom Capital upgraded shares of Astec Industries to a "strong-buy" rating in a research note on Wednesday, April 1st. Zacks Research lowered shares of Astec Industries from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Finally, Longbow Research upgraded shares of Astec Industries to a "strong-buy" rating in a research note on Monday, March 16th. Two research analysts have rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy".

Astec Industries Stock Down 1.3%

ASTE stock opened at $64.16 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.49 and a quick ratio of 1.07. Astec Industries has a 1-year low of $36.43 and a 1-year high of $65.69. The firm has a fifty day moving average price of $57.46 and a two-hundred day moving average price of $51.03. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 38.19, a PEG ratio of 2.46 and a beta of 1.47.

Astec Industries (NASDAQ:ASTE - Get Free Report) last released its earnings results on Wednesday, February 25th. The industrial products company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.32. Astec Industries had a net margin of 2.75% and a return on equity of 11.35%. The firm had revenue of $400.60 million during the quarter, compared to analyst estimates of $374.21 million. Research analysts predict that Astec Industries will post 3.78 EPS for the current year.

Insider Activity

In other news, insider Edward Terrell Gilbert, Jr. sold 975 shares of the business's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $61.07, for a total transaction of $59,543.25. Following the completion of the transaction, the insider owned 8,828 shares of the company's stock, valued at approximately $539,125.96. The trade was a 9.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.99% of the company's stock.

Hedge Funds Weigh In On Astec Industries

Several hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank boosted its holdings in shares of Astec Industries by 3.4% during the third quarter. Amalgamated Bank now owns 6,736 shares of the industrial products company's stock valued at $324,000 after acquiring an additional 224 shares during the period. Horizon Investments LLC boosted its holdings in shares of Astec Industries by 2.0% during the third quarter. Horizon Investments LLC now owns 12,236 shares of the industrial products company's stock valued at $587,000 after acquiring an additional 237 shares during the period. Martin & Co. Inc. TN lifted its holdings in Astec Industries by 0.5% in the third quarter. Martin & Co. Inc. TN now owns 80,973 shares of the industrial products company's stock worth $3,897,000 after purchasing an additional 373 shares during the period. Janney Montgomery Scott LLC lifted its holdings in Astec Industries by 2.3% in the first quarter. Janney Montgomery Scott LLC now owns 20,693 shares of the industrial products company's stock worth $1,114,000 after purchasing an additional 462 shares during the period. Finally, Swiss National Bank lifted its holdings in Astec Industries by 1.5% in the third quarter. Swiss National Bank now owns 39,800 shares of the industrial products company's stock worth $1,916,000 after purchasing an additional 600 shares during the period. Institutional investors and hedge funds own 93.16% of the company's stock.

Astec Industries Company Profile

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.

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