Zacks: Brokerages Anticipate Astec Industries, Inc. (ASTE) Will Post Quarterly Sales of $275.72 Million

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Equities analysts forecast that Astec Industries, Inc. (NASDAQ:ASTE) will announce $275.72 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Astec Industries’ earnings. The lowest sales estimate is $273.10 million and the highest is $280.39 million. Astec Industries reported sales of $252.05 million in the same quarter last year, which indicates a positive year over year growth rate of 9.4%. The company is scheduled to report its next quarterly earnings results on Tuesday, October 23rd.

On average, analysts expect that Astec Industries will report full-year sales of $1.28 billion for the current financial year, with estimates ranging from $1.26 billion to $1.33 billion. For the next fiscal year, analysts forecast that the company will post sales of $1.34 billion, with estimates ranging from $1.31 billion to $1.37 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Astec Industries.

Astec Industries (NASDAQ:ASTE) last released its quarterly earnings results on Tuesday, July 24th. The industrial products company reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.12. Astec Industries had a positive return on equity of 7.55% and a negative net margin of 1.05%. The company had revenue of $347.00 million during the quarter, compared to analysts’ expectations of $332.65 million. During the same quarter in the prior year, the business posted $0.62 earnings per share. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year.

Several research firms have recently issued reports on ASTE. BidaskClub raised Astec Industries from a “hold” rating to a “buy” rating in a research note on Thursday, June 28th. Zacks Investment Research raised Astec Industries from a “sell” rating to a “hold” rating in a research note on Tuesday. Robert W. Baird cut Astec Industries from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $64.00 to $53.00 in a research note on Tuesday, July 24th. ValuEngine cut Astec Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. Finally, TheStreet cut Astec Industries from a “b” rating to a “c+” rating in a research note on Wednesday, July 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $64.00.

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Astec Industries by 10.0% during the second quarter. BlackRock Inc. now owns 2,786,449 shares of the industrial products company’s stock valued at $166,631,000 after buying an additional 253,730 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Astec Industries by 69.7% in the 1st quarter. Franklin Resources Inc. now owns 1,778,353 shares of the industrial products company’s stock valued at $98,129,000 after purchasing an additional 730,594 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Astec Industries by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,726,292 shares of the industrial products company’s stock valued at $103,232,000 after purchasing an additional 48,784 shares during the period. Marcato Capital Management LP acquired a new position in shares of Astec Industries in the 1st quarter valued at $29,016,000. Finally, Royce & Associates LP boosted its position in shares of Astec Industries by 15.1% in the 2nd quarter. Royce & Associates LP now owns 360,648 shares of the industrial products company’s stock valued at $21,567,000 after purchasing an additional 47,300 shares during the period. 92.27% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:ASTE traded down $0.46 on Friday, hitting $50.41. The company’s stock had a trading volume of 121,200 shares, compared to its average volume of 151,829. Astec Industries has a 12 month low of $44.92 and a 12 month high of $64.80. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 31.91, a PEG ratio of 1.54 and a beta of 1.04.

Astec Industries declared that its Board of Directors has authorized a stock buyback plan on Monday, July 30th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the industrial products company to reacquire up to 13.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 30th. Investors of record on Monday, August 13th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, August 10th. This represents a $0.44 annualized dividend and a yield of 0.87%. This is a boost from Astec Industries’s previous quarterly dividend of $0.10. Astec Industries’s dividend payout ratio (DPR) is currently 27.85%.

Astec Industries Company Profile

Astec Industries, Inc designs, engineers, manufactures, and markets equipment and components for the road building, aggregate processing, geothermal, water, oil and gas, and wood processing industries in the United States and internationally. The company operates through Infrastructure Group, Aggregate and Mining Group, and Energy Group segments.

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