Astec Industries (ASTE) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Astec Industries (NASDAQ:ASTE) from a hold rating to a buy rating in a report issued on Tuesday. The brokerage currently has $70.00 price target on the industrial products company’s stock.

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 reports. William Blair upgraded shares of Astec Industries from a market perform rating to an outperform rating in a research report on Tuesday, January 2nd. BidaskClub upgraded shares of Astec Industries from a hold rating to a buy rating in a research report on Saturday, December 30th. TheStreet cut shares of Astec Industries from a b rating to a c+ rating in a research report on Tuesday, October 24th. Finally, Robert W. Baird upgraded shares of Astec Industries from a neutral rating to an outperform rating and upped their price objective for the stock from $56.00 to $65.00 in a research report on Tuesday, October 3rd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $73.33.

Shares of Astec Industries (NASDAQ:ASTE) opened at $64.29 on Tuesday. Astec Industries has a twelve month low of $45.70 and a twelve month high of $73.37. The firm has a market cap of $1,420.00, a P/E ratio of 38.04, a PEG ratio of 2.06 and a beta of 1.05.

Astec Industries (NASDAQ:ASTE) last issued its quarterly earnings results 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). The firm had revenue of $252.10 million for the quarter, compared to the consensus estimate of $261.06 million. Astec Industries had a return on equity of 5.89% and a net margin of 3.27%. The business’s revenue was up 1.7% on a year-over-year basis. During the same period last year, the company posted $0.30 EPS. equities analysts predict that Astec Industries will post 1.61 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. increased its position in Astec Industries by 11.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,870 shares of the industrial products company’s stock valued at $104,000 after acquiring an additional 198 shares during the period. Victory Capital Management Inc. increased its position in Astec Industries by 17.5% in the 2nd quarter. Victory Capital Management Inc. now owns 1,938 shares of the industrial products company’s stock valued at $108,000 after acquiring an additional 289 shares during the period. SG Americas Securities LLC increased its position in Astec Industries by 80.7% in the 2nd quarter. SG Americas Securities LLC now owns 3,266 shares of the industrial products company’s stock valued at $181,000 after acquiring an additional 1,459 shares during the period. Benjamin F. Edwards & Company Inc. increased its position in Astec Industries by 165.2% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 4,094 shares of the industrial products company’s stock valued at $229,000 after acquiring an additional 2,550 shares during the period. Finally, Piedmont Investment Advisors LLC acquired a new position in Astec Industries in the 2nd quarter valued at approximately $230,000. Hedge funds and other institutional investors own 79.93% of the company’s stock.

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Astec Industries Company Profile

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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