BlackRock Inc. Acquires Shares of 3,476,585 Astec Industries, Inc. $ASTE

Key Points

• BlackRock acquired 3,476,585 Astec Industries shares worth approximately $212.7 million, giving it a 15.12% stake. Institutional investors collectively own 93.16% of ASTE.
• Analyst sentiment remains mixed: ratings include two Strong Buys, one Hold and one Sell, resulting in a “Moderate Buy” consensus. Zacks Research recently downgraded the stock to “Strong Sell.”
• 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 declared a quarterly dividend of $0.13, equal to a 1.2% annualized yield.

BlackRock Inc. acquired a new position in shares of Astec Industries, Inc. (NASDAQ:ASTE - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,476,585 shares of the industrial products company's stock, valued at approximately $212,732,000. BlackRock Inc. owned about 15.12% of Astec Industries as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. UBS Group AG boosted its holdings in shares of Astec Industries by 47.0% in the fourth quarter. UBS Group AG now owns 83,185 shares of the industrial products company's stock valued at $3,604,000 after acquiring an additional 26,588 shares during the period. Easterly Investment Partners LLC increased its stake in shares of Astec Industries by 115.0% during the fourth quarter. Easterly Investment Partners LLC now owns 192,030 shares of the industrial products company's stock worth $8,319,000 after acquiring an additional 102,709 shares during the period. Walleye Capital LLC purchased a new position in shares of Astec Industries during the 1st quarter worth approximately $2,976,000. Assenagon Asset Management S.A. lifted its holdings in Astec Industries by 2,165.0% in the second quarter. Assenagon Asset Management S.A. now owns 146,796 shares of the industrial products company's stock valued at $8,982,000 after acquiring an additional 140,315 shares during the period. Finally, Caxton Associates LLP acquired a new stake in shares of Astec Industries in the first quarter valued at about $765,000. Institutional investors and hedge funds own 93.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ASTE. Zacks Research lowered 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 research 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. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy".

Astec Industries Trading Up 0.4%

ASTE opened at $44.15 on Friday. 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. The firm has a market capitalization of $1.02 billion, a P/E ratio of 51.94, a P/E/G ratio of 1.19 and a beta of 1.36. The firm's 50 day moving average is $51.87 and its 200-day moving average is $54.05.

Astec Industries (NASDAQ:ASTE - Get Free Report) last announced 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). Astec Industries had a net margin of 1.26% and a return on equity of 10.26%. The business had revenue of $408.10 million for the quarter, compared to analyst estimates of $405.50 million. During the same quarter in the prior year, the business earned $0.72 earnings per share. Analysts expect that Astec Industries, Inc. will post 3.36 EPS for the current fiscal year.

Astec Industries Dividend Announcement

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 given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, August 10th. Astec Industries's dividend payout ratio is presently 61.18%.

About Astec Industries

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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