Astec Industries, Inc. (NASDAQ:ASTE) Sees Large Drop in Short Interest
Astec Industries, Inc. (NASDAQ:ASTE) was the recipient of a significant decline in short interest in the month of July. As of July 15th, there was short interest totalling 1,186,400 shares, a decline of 5.8% from the June 15th total of 1,259,900 shares. Approximately 5.3% of the company’s shares are sold short. Based on an average daily trading volume, of 175,400 shares, the short-interest ratio is currently 6.8 days.
Several research analysts have recently commented on ASTE shares. ValuEngine upgraded Zimmer Biomet from a “hold” rating to a “buy” rating in a report on Saturday. BidaskClub downgraded ZIX from a “strong-buy” rating to a “buy” rating in a report on Friday, June 7th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Astec Industries presently has a consensus rating of “Hold” and a consensus price target of $41.00.
In related news, insider Jaco Van Der Merwe acquired 2,000 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were purchased at an average price of $32.75 per share, for a total transaction of $65,500.00. Following the completion of the acquisition, the insider now owns 4,579 shares in the company, valued at $149,962.25. The purchase was disclosed in a filing with the SEC, which is available at this link. 1.80% of the stock is currently owned by insiders.
NASDAQ:ASTE traded up $0.57 during mid-day trading on Tuesday, reaching $33.15. 3,876 shares of the company’s stock traded hands, compared to its average volume of 151,526. Astec Industries has a 12-month low of $27.86 and a 12-month high of $52.88. The firm has a market cap of $745.54 million, a price-to-earnings ratio of 11.33 and a beta of 1.47. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.21 and a quick ratio of 1.13. The firm’s 50 day moving average is $31.37.
Astec Industries (NASDAQ:ASTE) last announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.05). Astec Industries had a negative net margin of 0.20% and a positive return on equity of 7.07%. The business had revenue of $304.80 million for the quarter, compared to analysts’ expectations of $299.96 million. During the same quarter in the prior year, the firm earned $1.03 EPS. The firm’s revenue for the quarter was down 12.2% on a year-over-year basis. On average, research analysts expect that Astec Industries will post 2.04 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Investors of record on Monday, August 12th will be issued a dividend of $0.11 per share. The ex-dividend date is Friday, August 9th. This represents a $0.44 dividend on an annualized basis and a yield of 1.33%. Astec Industries’s dividend payout ratio is presently 15.07%.
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's Infrastructure Group segment provides hot-mix asphalt plants, wood pellet plants, asphalt pavers, material transfer vehicles, soil stabilizing reclaiming machinery, milling machines, paver screeds, and related ancillary equipment.
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