Astec Industries (NASDAQ:ASTE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $70.00 price target on the industrial products company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.59% from the company’s previous close.
According to Zacks, “The third-quarter 2017 marked the sixth quarter since the passage of a long-term highway bill in the United States and this continues to aid Infrastructure Group’s revenues. The Infrastructure Group’s revenues will benefit from infrastructure rebuild. In the Aggregate & Mining segment, there is pent-up demand for new quarries and the company will benefit as these translates into orders. Energy group continues to experience good order intake for products targeted at the construction industry along with increased order activity for water, oil and gas drilling products. Despite the setback on the Georgia and Arkansas plants, the company remains confident on the outlook for pellet plants. Astec Industries remains committed to improve its part sales volume over the long term, along with competitive part sales and service sales. Acquisitions remain a key piece of Astec’s growth strategy, along with organic growth.”
ASTE has been the subject of a number of other research reports. William Blair upgraded Astec Industries from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 2nd. BidaskClub upgraded Astec Industries from a “hold” rating to a “buy” rating in a research note on Saturday, December 30th. TheStreet cut Astec Industries from a “b” rating to a “c+” rating in a research note on Tuesday, October 24th. Finally, Robert W. Baird upgraded Astec Industries from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $56.00 to $65.00 in a research note on Tuesday, October 3rd. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $73.33.
Shares of Astec Industries (NASDAQ:ASTE) traded down $0.56 during midday trading on Tuesday, reaching $62.17. The company’s stock had a trading volume of 168,600 shares, compared to its average volume of 250,740. Astec Industries has a one year low of $45.70 and a one year high of $73.37. The stock has a market capitalization of $1,430.00, a PE ratio of 36.79, a P/E/G ratio of 2.06 and a beta of 1.05.
Astec Industries (NASDAQ:ASTE) last issued its quarterly earnings data on Tuesday, October 24th. The industrial products company reported ($0.12) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.02). Astec Industries had a net margin of 3.27% and a return on equity of 5.89%. The firm had revenue of $252.10 million during the quarter, compared to analysts’ expectations of $261.06 million. During the same quarter in the prior year, the firm posted $0.30 EPS. Astec Industries’s quarterly revenue was up 1.7% compared to the same quarter last year. equities analysts anticipate that Astec Industries will post 1.61 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the company. Legal & General Group Plc increased its holdings in shares of Astec Industries by 8.4% in the second quarter. Legal & General Group Plc now owns 56,156 shares of the industrial products company’s stock valued at $3,117,000 after purchasing an additional 4,354 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Astec Industries by 5.2% in the third quarter. Bank of New York Mellon Corp now owns 582,861 shares of the industrial products company’s stock valued at $32,645,000 after purchasing an additional 28,977 shares during the period. Gamco Investors INC. ET AL increased its holdings in shares of Astec Industries by 21.0% in the third quarter. Gamco Investors INC. ET AL now owns 1,274,239 shares of the industrial products company’s stock valued at $71,370,000 after purchasing an additional 221,167 shares during the period. Cubist Systematic Strategies LLC increased its holdings in shares of Astec Industries by 83.8% in the second quarter. Cubist Systematic Strategies LLC now owns 6,675 shares of the industrial products company’s stock valued at $371,000 after purchasing an additional 3,044 shares during the period. Finally, American Century Companies Inc. increased its holdings in shares of Astec Industries by 2.9% in the third quarter. American Century Companies Inc. now owns 98,578 shares of the industrial products company’s stock valued at $5,521,000 after purchasing an additional 2,766 shares during the period. 79.93% of the stock is currently owned by institutional investors and hedge funds.
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About Astec Industries
Astec Industries, Inc designs, engineers, manufactures and markets equipment and components used primarily in road building and related construction activities. Its segments include Infrastructure Group, Aggregate and Mining Group and Energy Group. The Infrastructure Group segment is made up of five business units, including Astec, Inc, Roadtec, Inc, Carlson Paving Products, Inc, Astec Mobile Machinery GmbH and Astec Australia Pty Ltd.
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