Astec Industries (NASDAQ:ASTE) Sees Strong Trading Volume – Here’s Why

Astec Industries, Inc. (NASDAQ:ASTE) shares saw unusually-strong trading volume on Monday . Approximately 318,870 shares traded hands during trading, an increase of 279% from the previous session’s volume of 84,219 shares.The stock last traded at $31.38 and had previously closed at $31.40.

Analyst Ratings Changes

Several equities analysts have weighed in on ASTE shares. StockNews.com upgraded shares of Astec Industries from a “hold” rating to a “buy” rating in a report on Wednesday, January 8th. Robert W. Baird boosted their target price on shares of Astec Industries from $36.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, November 7th.

Astec Industries Stock Up 2.3 %

The company has a current ratio of 2.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $757.48 million, a price-to-earnings ratio of -415.20 and a beta of 1.31. The firm’s fifty day simple moving average is $35.85 and its two-hundred day simple moving average is $33.31.

Astec Industries (NASDAQ:ASTE) last posted its earnings results on Wednesday, November 6th. The industrial products company reported $0.31 earnings per share for the quarter, meeting the consensus estimate of $0.31. Astec Industries had a negative net margin of 0.15% and a positive return on equity of 7.69%. The company had revenue of $291.40 million for the quarter, compared to analyst estimates of $312.90 million. During the same period in the previous year, the business posted ($0.01) EPS. Astec Industries’s revenue was down 3.9% on a year-over-year basis.

Astec Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were issued a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $0.52 annualized dividend and a dividend yield of 1.57%. Astec Industries’s dividend payout ratio is currently -650.00%.

Hedge Funds Weigh In On Astec Industries

Several large investors have recently made changes to their positions in ASTE. Harvey Partners LLC lifted its holdings in shares of Astec Industries by 101.4% in the 3rd quarter. Harvey Partners LLC now owns 282,000 shares of the industrial products company’s stock worth $9,007,000 after acquiring an additional 142,000 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Astec Industries by 96.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 171,101 shares of the industrial products company’s stock worth $5,465,000 after acquiring an additional 84,202 shares during the last quarter. Mill Road Capital Management LLC purchased a new stake in Astec Industries during the 3rd quarter worth approximately $2,467,000. John G Ullman & Associates Inc. increased its stake in Astec Industries by 64.3% during the 3rd quarter. John G Ullman & Associates Inc. now owns 134,314 shares of the industrial products company’s stock worth $4,290,000 after buying an additional 52,571 shares during the period. Finally, Gabelli Funds LLC increased its stake in Astec Industries by 7.7% during the 2nd quarter. Gabelli Funds LLC now owns 581,500 shares of the industrial products company’s stock worth $17,247,000 after buying an additional 41,800 shares during the period. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.