Astec Industries (NASDAQ:ASTE) Reaches New 52-Week High – Here’s Why

Astec Industries, Inc. (NASDAQ:ASTE)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $50.99 and last traded at $50.5140, with a volume of 102889 shares changing hands. The stock had previously closed at $48.72.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ASTE shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Astec Industries in a research note on Monday, December 29th. Zacks Research upgraded shares of Astec Industries to a “hold” rating in a report on Tuesday, October 7th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Astec Industries has an average rating of “Hold” and a consensus target price of $41.00.

Astec Industries Trading Up 2.8%

The firm has a market capitalization of $1.25 billion, a PE ratio of 26.18, a P/E/G ratio of 2.29 and a beta of 1.45. The firm has a 50 day simple moving average of $46.89 and a 200 day simple moving average of $45.74. The company has a current ratio of 2.58, a quick ratio of 1.01 and a debt-to-equity ratio of 0.48.

Astec Industries (NASDAQ:ASTE) last posted its quarterly earnings results on Wednesday, November 5th. The industrial products company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.02. Astec Industries had a return on equity of 11.93% and a net margin of 3.50%.The firm had revenue of $350.10 million during the quarter, compared to analysts’ expectations of $336.00 million.

Institutional Trading of Astec Industries

Large investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue grew its holdings in Astec Industries by 7.7% during the second quarter. State of Alaska Department of Revenue now owns 13,612 shares of the industrial products company’s stock valued at $567,000 after purchasing an additional 977 shares during the period. Geode Capital Management LLC lifted its position in shares of Astec Industries by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 578,228 shares of the industrial products company’s stock valued at $24,109,000 after buying an additional 11,365 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Astec Industries by 8.3% during the 2nd quarter. Advisors Asset Management Inc. now owns 122,749 shares of the industrial products company’s stock valued at $5,117,000 after buying an additional 9,456 shares in the last quarter. XTX Topco Ltd purchased a new stake in Astec Industries in the 2nd quarter worth approximately $1,374,000. Finally, American Century Companies Inc. increased its holdings in Astec Industries by 49.4% in the 2nd quarter. American Century Companies Inc. now owns 539,935 shares of the industrial products company’s stock worth $22,510,000 after acquiring an additional 178,545 shares in the last quarter. 93.16% of the stock is currently owned by institutional investors.

Astec Industries Company Profile

Astec Industries, Inc is a designer and manufacturer of specialized equipment for infrastructure-related markets. Headquartered in Chattanooga, Tennessee, the company develops, engineers and produces machinery for asphalt road-building, aggregate processing, concrete production, underground mining, landscaping and utility installation. Astec’s product portfolio includes asphalt plants, portable crushers, conveyors, screening plants, mixers, continuous miners and related support equipment.

Organized into multiple operating segments—Roadbuilding; Aggregate & Mining; Energy; and Pavement Preservation & Maintenance—Astec Industries serves contractors and municipalities that build and maintain transportation, energy and utility networks.