Bank of America Corp DE Makes New $3.29 Million Investment in Astec Industries, Inc. $ASTE

Key Points

• Bank of America purchased 53,817 Astec Industries shares worth approximately $3.29 million in the second quarter, while institutional investors collectively owned 93.16% of the company.
• Analyst sentiment was mixed: Wall Street Zen downgraded the stock to “hold” and Zacks Research to “strong sell,” though MarketBeat’s overall consensus remained “Moderate Buy.”
• Astec reported quarterly earnings of $0.94 per share, below the $1.04 consensus estimate, while revenue of $408.1 million exceeded expectations. The company also maintained a quarterly dividend of $0.13 per share, implying a 1.3% yield.

Bank of America Corp DE purchased a new stake in shares of Astec Industries, Inc. (NASDAQ:ASTE - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 53,817 shares of the industrial products company's stock, valued at approximately $3,293,000. Bank of America Corp DE owned about 0.23% of Astec Industries at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Astec Industries during the 2nd quarter worth about $212,732,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Astec Industries in the second quarter valued at about $6,075,000. Walleye Capital LLC bought a new position in shares of Astec Industries during the first quarter valued at approximately $2,976,000. Legal & General Group Plc bought a new position in shares of Astec Industries in the 2nd quarter worth $2,997,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Astec Industries in the 2nd quarter valued at about $13,538,000. 93.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on ASTE. Wall Street Zen lowered Astec Industries from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Zacks Research downgraded Astec Industries from a "hold" rating to a "strong sell" rating in a report on Thursday, August 6th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Astec Industries in a research note on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy".

Astec Industries Price Performance

Shares of NASDAQ ASTE opened at $40.69 on Wednesday. Astec Industries, Inc. has a 52 week low of $39.72 and a 52 week high of $65.69. The business's 50 day moving average price is $44.72 and its 200 day moving average price is $51.24. The company has a quick ratio of 1.10, a current ratio of 2.52 and a debt-to-equity ratio of 0.53. The firm has a market cap of $936.68 million, a P/E ratio of 47.87, a P/E/G ratio of 1.11 and a beta of 1.34.

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

Astec Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Monday, August 10th were given a dividend of $0.13 per share. The ex-dividend date was Monday, August 10th. This represents a $0.52 dividend on an annualized basis and a yield of 1.3%. Astec Industries's payout ratio is currently 61.18%.

Astec Industries Profile

Astec Industries, Inc designs, engineers and manufactures equipment used in the infrastructure, aggregate processing, mining and energy industries. Its products support the production and handling of asphalt, concrete and other construction materials, as well as road building, recycling and related industrial applications.

The company's product portfolio includes asphalt production plants, concrete plants, rock crushers, screens, feeders, material-handling systems, thermal-processing equipment and industrial heaters.

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