Short Interest in Astec Industries, Inc. (NASDAQ:ASTE) Drops By 10.6%

Astec Industries, Inc. (NASDAQ:ASTEGet Rating) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 376,900 shares, a drop of 10.6% from the August 15th total of 421,800 shares. Based on an average daily trading volume, of 96,100 shares, the days-to-cover ratio is presently 3.9 days. Currently, 1.7% of the company’s stock are short sold.

Astec Industries Stock Performance

Shares of Astec Industries stock opened at $35.41 on Wednesday. The business’s 50 day simple moving average is $41.72 and its 200 day simple moving average is $42.42. Astec Industries has a 52-week low of $34.64 and a 52-week high of $75.00. The firm has a market cap of $809.65 million, a PE ratio of 1,770.50 and a beta of 1.40.

Astec Industries (NASDAQ:ASTEGet Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The industrial products company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.33). The company had revenue of $318.20 million during the quarter, compared to the consensus estimate of $308.70 million. Astec Industries had a net margin of 0.03% and a return on equity of 3.72%. The firm’s revenue for the quarter was up 14.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.49 earnings per share. As a group, equities research analysts predict that Astec Industries will post 1.38 EPS for the current year.

Astec Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 29th. Shareholders of record on Friday, August 12th were paid a $0.12 dividend. The ex-dividend date was Thursday, August 11th. This represents a $0.48 dividend on an annualized basis and a yield of 1.36%. Astec Industries’s dividend payout ratio is 2,400.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. grew its stake in Astec Industries by 4.6% in the first quarter. BlackRock Inc. now owns 4,042,268 shares of the industrial products company’s stock valued at $173,816,000 after purchasing an additional 178,771 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Astec Industries by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 2,387,868 shares of the industrial products company’s stock worth $102,679,000 after acquiring an additional 46,323 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Astec Industries by 2.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,341,277 shares of the industrial products company’s stock worth $57,675,000 after acquiring an additional 28,651 shares during the period. Gamco Investors INC. ET AL boosted its stake in shares of Astec Industries by 3.4% during the 1st quarter. Gamco Investors INC. ET AL now owns 977,980 shares of the industrial products company’s stock worth $42,053,000 after acquiring an additional 31,850 shares during the period. Finally, State Street Corp boosted its stake in shares of Astec Industries by 3.6% during the 2nd quarter. State Street Corp now owns 818,243 shares of the industrial products company’s stock worth $33,368,000 after acquiring an additional 28,126 shares during the period. 95.14% of the stock is currently owned by institutional investors.

Astec Industries Company Profile

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Astec Industries, Inc designs, engineers, manufactures, and markets equipment and components used primarily in road building and related construction activities in the United States and internationally. The company operates in two segments, Infrastructure Solutions and Materials Solutions. The Infrastructure Solutions segment offers asphalt plants and related components, heaters, concrete dust control systems, asphalt pavers, vaporizers, concrete material handling systems, screeds, heat recovery units, paste back-fill plants, asphalt storage tanks, hot oil heaters, bagging plants, fuel storage tanks, industrial and asphalt burners and systems, custom batch plants, material transfer vehicles, soil stabilizing-reclaiming machinery, blower trucks and trailers, milling machines, soil remediation plants, wood chippers and grinders, pump trailers, concrete batch plants, control systems, liquid terminals, storage equipment and related parts, construction and retrofits, polymer plants, and concrete mixers, as well as engineering and environmental permitting services.

Further Reading

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