Bank of New York Mellon Corp Makes New $13.54 Million Investment in Astec Industries, Inc. $ASTE

Key Points

• Bank of New York Mellon acquired 221,238 shares of Astec Industries, worth approximately $13.54 million, representing a 0.96% stake. Institutional investors and hedge funds collectively own 93.16% of the company.
• Analyst sentiment is mixed: ratings include two Strong Buys, one Hold and one Sell, producing a “Moderate Buy” consensus. Zacks Research downgraded the stock to “Strong Sell,” while Wall Street Zen lowered its rating to “Hold.”
• Astec reported quarterly revenue of $408.1 million, exceeding estimates, but earnings per share of $0.94 missed expectations of $1.04. The company also paid a quarterly dividend of $0.13 per share, or $0.52 annualized, yielding about 1.3%.

Bank of New York Mellon Corp bought a new stake in shares of Astec Industries, Inc. (NASDAQ:ASTE - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 221,238 shares of the industrial products company's stock, valued at approximately $13,538,000. Bank of New York Mellon Corp owned 0.96% of Astec Industries as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. iSAM Funds UK Ltd bought a new stake in Astec Industries during the third quarter worth about $50,000. Farther Finance Advisors LLC raised its position in shares of Astec Industries by 8,994.1% in the 4th quarter. Farther Finance Advisors LLC now owns 1,546 shares of the industrial products company's stock valued at $67,000 after buying an additional 1,529 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Astec Industries by 412.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,212 shares of the industrial products company's stock worth $92,000 after acquiring an additional 1,780 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in shares of Astec Industries during the 4th quarter worth approximately $127,000. Finally, LSV Asset Management bought a new position in Astec Industries in the fourth quarter valued at approximately $182,000. 93.16% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Astec Industries Trading Down 3.2%

Shares of ASTE stock opened at $41.18 on Wednesday. Astec Industries, Inc. has a twelve month low of $40.47 and a twelve month high of $65.69. The stock's fifty day simple moving average is $51.00 and its 200 day simple moving average is $53.73. 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 capitalization of $947.96 million, a P/E ratio of 48.45, a P/E/G ratio of 1.15 and a beta of 1.35.

Astec Industries (NASDAQ:ASTE - Get Free Report) last released its quarterly 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). Astec Industries had a return on equity of 10.26% and a net margin of 1.26%.The firm had revenue of $408.10 million for the quarter, compared to the consensus estimate of $405.50 million. During the same quarter last year, the firm posted $0.72 earnings per share. As a group, sell-side analysts predict that Astec Industries, Inc. will post 3.36 EPS for the current fiscal year.

Astec Industries Announces Dividend

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