Connor Clark & Lunn Investment Management Ltd. Takes $6.08 Million Position in Astec Industries, Inc. $ASTE

Key Points

• Connor Clark & Lunn Investment Management acquired 99,287 Astec Industries shares worth approximately $6.08 million, representing a 0.43% stake. Institutional investors collectively own 93.16% of the company.
• Analyst views are mixed: two analysts rate Astec a Strong Buy, one rates it Hold and one Sell, resulting in a consensus “Moderate Buy” rating.
• Astec reported quarterly EPS of $0.94, below the $1.04 consensus estimate, although revenue of $408.1 million exceeded expectations. The company also declared a quarterly dividend of $0.13, or $0.52 annualized, yielding about 1.2%.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Astec Industries, Inc. (NASDAQ:ASTE - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 99,287 shares of the industrial products company's stock, valued at approximately $6,075,000. Connor Clark & Lunn Investment Management Ltd. owned 0.43% of Astec Industries as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP bought a new stake in Astec Industries during the 2nd quarter valued at approximately $25,000. iSAM Funds UK Ltd bought a new position in Astec Industries in the 3rd quarter worth approximately $50,000. Farther Finance Advisors LLC boosted its stake in 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 worth $67,000 after purchasing an additional 1,529 shares during the period. Tower Research Capital LLC TRC grew its holdings in 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 valued at $92,000 after buying an additional 1,780 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Astec Industries during the 4th quarter valued at approximately $127,000. Hedge funds and other institutional investors own 93.16% of the company's stock.

Analyst Upgrades and Downgrades

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

Astec Industries Stock Up 0.4%

Shares of NASDAQ:ASTE opened at $44.15 on Friday. The company has a current ratio of 2.52, a quick ratio of 1.10 and a debt-to-equity ratio of 0.53. Astec Industries, Inc. has a 12 month low of $40.47 and a 12 month high of $65.69. The company has a 50-day moving average price of $51.87 and a 200 day moving average price of $54.05. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 51.94, a PEG ratio of 1.19 and a beta of 1.36.

Astec Industries (NASDAQ:ASTE - Get Free Report) last released its quarterly earnings results 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). Astec Industries had a return on equity of 10.26% and a net margin of 1.26%.The company had revenue of $408.10 million during the quarter, compared to analysts' expectations of $405.50 million. During the same quarter in the prior year, the business posted $0.72 EPS. As a group, equities research analysts predict that Astec Industries, Inc. will post 3.36 earnings per share for the current year.

Astec Industries Dividend Announcement

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

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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