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 morning. The firm currently has $70.00 target price 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.”

Several other equities analysts have also recently issued reports on the stock. 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 increased their price objective for the stock from $56.00 to $65.00 in a research report on Tuesday, October 3rd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $73.33.

Astec Industries (ASTE) opened at $64.29 on Tuesday. Astec Industries has a 12-month low of $45.70 and a 12-month high of $73.37. The stock has a market cap of $1,420.00, a P/E ratio of 38.04, a price-to-earnings-growth ratio of 2.06 and a beta of 1.05.

Astec Industries (NASDAQ:ASTE) last announced its quarterly earnings results on Tuesday, October 24th. The industrial products company reported ($0.12) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $252.10 million during the quarter, compared to analyst estimates of $261.06 million. During the same quarter last year, the company posted $0.30 earnings per share. The company’s revenue was up 1.7% compared to the same quarter last year. equities research analysts forecast that Astec Industries will post 1.61 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. National Investment Services Inc. WI acquired a new stake in shares of Astec Industries during the fourth quarter worth $447,000. Dean Investment Associates LLC boosted its stake in Astec Industries by 72.1% during the third quarter. Dean Investment Associates LLC now owns 96,415 shares of the industrial products company’s stock worth $5,400,000 after acquiring an additional 40,395 shares in the last quarter. California Public Employees Retirement System boosted its stake in Astec Industries by 5.6% during the third quarter. California Public Employees Retirement System now owns 29,998 shares of the industrial products company’s stock worth $1,680,000 after acquiring an additional 1,598 shares in the last quarter. Boothbay Fund Management LLC bought a new position in Astec Industries during the third quarter worth $305,000. Finally, Segall Bryant & Hamill LLC boosted its stake in Astec Industries by 45.5% during the third quarter. Segall Bryant & Hamill LLC now owns 106,844 shares of the industrial products company’s stock worth $5,984,000 after acquiring an additional 33,394 shares in the last quarter. Institutional investors own 79.93% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This story was first published by Community Financial News and is owned by of Community Financial News. If you are reading this story on another publication, it was illegally copied and reposted in violation of international trademark and copyright law. The legal version of this story can be viewed at https://www.com-unik.info/2018/01/13/astec-industries-aste-rating-increased-to-buy-at-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on Astec Industries (ASTE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Astec Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Astec Industries and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit