Astec Industries, Inc. $ASTE Position Reduced by ACK Asset Management LLC

Key Points

• ACK Asset Management reduced its Astec Industries position by 12.2% in the second quarter, selling 96,224 shares. It still held 690,276 shares worth approximately $42.2 million, representing 3% of the company and 4.9% of its portfolio.
• Astec reported quarterly earnings of $0.94 per share, below the $1.04 consensus estimate, while revenue of $408.1 million slightly exceeded expectations. Analysts’ consensus rating remains “Moderate Buy,” though recent ratings included a downgrade to “Strong Sell.”
• The stock opened at $43.55, near its 52-week low of $40.47 and below its 50- and 200-day moving averages. Astec also declared a quarterly dividend of $0.13, equivalent to an annualized $0.52 payout and a 1.2% yield.

ACK Asset Management LLC cut its holdings in Astec Industries, Inc. (NASDAQ:ASTE - Free Report) by 12.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 690,276 shares of the industrial products company's stock after selling 96,224 shares during the period. Astec Industries makes up 4.9% of ACK Asset Management LLC's portfolio, making the stock its 9th largest position. ACK Asset Management LLC owned 3.00% of Astec Industries worth $42,238,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Allworth Financial LP purchased a new position in shares of Astec Industries in the second quarter valued at about $25,000. iSAM Funds UK Ltd bought a new position in shares of Astec Industries during the third quarter valued at about $50,000. Farther Finance Advisors LLC boosted its holdings in shares of Astec Industries by 8,994.1% during the fourth quarter. Farther Finance Advisors LLC now owns 1,546 shares of the industrial products company's stock worth $67,000 after purchasing an additional 1,529 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Astec Industries by 412.0% during the second quarter. Tower Research Capital LLC TRC now owns 2,212 shares of the industrial products company's stock worth $92,000 after purchasing an additional 1,780 shares during the period. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Astec Industries in the fourth quarter worth about $127,000. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ASTE shares. Zacks Research lowered shares of Astec Industries from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 6th. Wall Street Zen downgraded Astec Industries from a "buy" rating to a "hold" rating in a report on Saturday, July 4th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Astec Industries in a report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Astec Industries has an average rating of "Moderate Buy".

Astec Industries Stock Performance

Shares of ASTE opened at $43.55 on Monday. The business has a 50-day simple moving average of $52.64 and a two-hundred day simple moving average of $54.36. The stock has a market cap of $1.00 billion, a price-to-earnings ratio of 51.24, a PEG ratio of 1.18 and a beta of 1.36. Astec Industries, Inc. has a 52 week low of $40.47 and a 52 week high of $65.69. The company has a quick ratio of 1.10, a current ratio of 2.52 and a debt-to-equity ratio of 0.53.

Astec Industries (NASDAQ:ASTE - Get Free Report) last posted its earnings results on Wednesday, August 5th. The industrial products company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.10). The company had revenue of $408.10 million for the quarter, compared to analysts' expectations of $405.50 million. Astec Industries had a net margin of 1.26% and a return on equity of 10.26%. During the same period in the previous year, the business posted $0.72 earnings per share. On average, analysts expect that Astec Industries, Inc. will post 3.36 EPS for the current year.

Astec Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 10th will be paid a $0.13 dividend. The ex-dividend date is Monday, August 10th. This represents a $0.52 dividend on an annualized basis and a yield of 1.2%. Astec Industries's dividend payout ratio (DPR) is presently 61.18%.

Astec Industries 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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