Astec Industries, Inc. (NASDAQ:ASTE) Sees Significant Drop in Short Interest

Astec Industries, Inc. (NASDAQ:ASTE) was the target of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 382,100 shares, a drop of 14.5% from the February 13th total of 446,800 shares. Based on an average daily trading volume, of 172,800 shares, the short-interest ratio is presently 2.2 days. Currently, 1.7% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Astec Industries from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 28th. Robert W. Baird lifted their price objective on shares of Astec Industries from $40.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, February 27th.

Astec Industries Stock Performance

Shares of ASTE stock opened at $36.73 on Friday. The firm has a market capitalization of $837.59 million, a PE ratio of -459.07 and a beta of 1.32. The firm has a fifty day simple moving average of $34.28 and a two-hundred day simple moving average of $33.96. The company has a current ratio of 2.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. Astec Industries has a 12 month low of $28.46 and a 12 month high of $44.74.

Astec Industries (NASDAQ:ASTE) last posted its earnings results on Wednesday, February 26th. The industrial products company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.46. Astec Industries had a negative net margin of 0.15% and a positive return on equity of 7.69%. The firm had revenue of $359.00 million during the quarter, compared to analyst estimates of $374.10 million.

Astec Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date is Monday, March 10th. Astec Industries’s dividend payout ratio (DPR) is currently 273.68%.

Hedge Funds Weigh In On Astec Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Astec Industries during the third quarter valued at about $233,000. Advisors Asset Management Inc. increased its position in shares of Astec Industries by 7.9% in the third quarter. Advisors Asset Management Inc. now owns 77,580 shares of the industrial products company’s stock worth $2,478,000 after purchasing an additional 5,668 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Astec Industries in the third quarter worth approximately $319,000. John G Ullman & Associates Inc. increased its position in shares of Astec Industries by 64.3% in the third quarter. John G Ullman & Associates Inc. now owns 134,314 shares of the industrial products company’s stock worth $4,290,000 after purchasing an additional 52,571 shares during the last quarter. Finally, Verition Fund Management LLC bought a new position in shares of Astec Industries in the third quarter worth approximately $236,000. 93.16% of the stock is owned by hedge funds and other institutional investors.

Astec Industries Company Profile

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.