Astec Industries (NASDAQ:ASTE) Shares Gap Down Following Weak Earnings

Astec Industries, Inc. (NASDAQ:ASTEGet Free Report) shares gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $41.80, but opened at $35.12. Astec Industries shares last traded at $33.97, with a volume of 71,644 shares.

The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.47). Astec Industries had a net margin of 2.50% and a return on equity of 9.46%. The company had revenue of $309.20 million during the quarter, compared to analyst estimates of $343.27 million. During the same quarter in the prior year, the company posted $0.90 earnings per share. The firm’s revenue for the quarter was down 11.1% on a year-over-year basis.

Astec Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Monday, May 13th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Friday, May 10th. This represents a $0.52 annualized dividend and a yield of 1.57%. Astec Industries’s dividend payout ratio is currently 35.37%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. StockNews.com downgraded Astec Industries from a “buy” rating to a “hold” rating in a report on Thursday. Stifel Nicolaus cut shares of Astec Industries from a “buy” rating to a “hold” rating and decreased their price objective for the company from $47.00 to $37.00 in a research report on Thursday.

Check Out Our Latest Analysis on ASTE

Hedge Funds Weigh In On Astec Industries

Large investors have recently modified their holdings of the stock. Louisiana State Employees Retirement System bought a new position in shares of Astec Industries during the fourth quarter worth about $424,000. Illinois Municipal Retirement Fund acquired a new stake in Astec Industries during the third quarter worth about $695,000. FMR LLC raised its stake in Astec Industries by 65,426.4% during the third quarter. FMR LLC now owns 473,756 shares of the industrial products company’s stock worth $22,319,000 after acquiring an additional 473,033 shares during the period. Kennedy Capital Management LLC raised its stake in Astec Industries by 34.5% during the third quarter. Kennedy Capital Management LLC now owns 108,542 shares of the industrial products company’s stock worth $5,113,000 after acquiring an additional 27,813 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Astec Industries during the third quarter worth about $564,000. Institutional investors own 93.16% of the company’s stock.

Astec Industries Trading Down 1.8 %

The stock has a market cap of $754.06 million, a price-to-earnings ratio of 22.56 and a beta of 1.40. The firm’s 50 day moving average is $41.39 and its two-hundred day moving average is $37.32. The company has a quick ratio of 0.88, a current ratio of 2.41 and a debt-to-equity ratio of 0.11.

About Astec Industries

(Get Free Report)

Astec Industries, Inc designs, engineers, manufactures, and markets equipment and components used primarily in road building and related construction activities worldwide. The company operates in two segments, Infrastructure Solutions and Materials Solutions. The Infrastructure Solutions segment offers asphalt plants and related components, heaters, concrete dust control systems, asphalt pavers, vaporizers, concrete material handling systems, screeds, heat recovery units, paste back-fill plants, asphalt storage tanks, hot oil heaters, bagging plants, fuel storage tanks, industrial and asphalt burners and systems, custom batch plants, material transfer vehicles, soil stabilizing-reclaiming machinery, blower trucks and trailers, milling machines, soil remediation plants, wood chippers and grinders, pump trailers, concrete batch plants, control systems, liquid terminals, storage equipment and related parts, construction and retrofits, polymer plants, and concrete mixers, as well as engineering and environmental permitting services.

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