OppenheimerFunds Inc. Trims Stake in Astec Industries, Inc. (ASTE)

OppenheimerFunds Inc. cut its stake in shares of Astec Industries, Inc. (NASDAQ:ASTE) by 19.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,307 shares of the industrial products company’s stock after selling 3,008 shares during the quarter. OppenheimerFunds Inc.’s holdings in Astec Industries were worth $679,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of Astec Industries by 1.1% during the 1st quarter. BlackRock Inc. now owns 2,532,719 shares of the industrial products company’s stock worth $139,755,000 after acquiring an additional 26,528 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Astec Industries by 69.7% during the 1st quarter. Franklin Resources Inc. now owns 1,778,353 shares of the industrial products company’s stock worth $98,129,000 after acquiring an additional 730,594 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Astec Industries by 8.8% during the 4th quarter. Bank of New York Mellon Corp now owns 633,973 shares of the industrial products company’s stock worth $37,088,000 after acquiring an additional 51,112 shares in the last quarter. Gabelli Funds LLC boosted its stake in shares of Astec Industries by 0.9% during the 1st quarter. Gabelli Funds LLC now owns 605,900 shares of the industrial products company’s stock worth $33,434,000 after acquiring an additional 5,700 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Astec Industries by 2.3% during the 1st quarter. Northern Trust Corp now owns 292,064 shares of the industrial products company’s stock worth $16,116,000 after acquiring an additional 6,651 shares in the last quarter. 88.82% of the stock is owned by institutional investors and hedge funds.

ASTE opened at $60.38 on Monday. The firm has a market capitalization of $1.39 billion, a PE ratio of 33.73, a price-to-earnings-growth ratio of 1.78 and a beta of 1.14. Astec Industries, Inc. has a 12-month low of $45.70 and a 12-month high of $64.80.

Astec Industries (NASDAQ:ASTE) last announced its quarterly earnings data on Tuesday, April 24th. The industrial products company reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.01. Astec Industries had a return on equity of 6.09% and a net margin of 3.60%. The business had revenue of $325.50 million during the quarter, compared to analyst estimates of $336.32 million. During the same period last year, the company earned $0.65 earnings per share. Astec Industries’s quarterly revenue was up 2.2% compared to the same quarter last year. sell-side analysts expect that Astec Industries, Inc. will post 3.39 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 30th. Investors of record on Monday, May 14th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, May 11th. This represents a $0.40 annualized dividend and a dividend yield of 0.66%. Astec Industries’s dividend payout ratio is 25.32%.

In related news, CEO Benjamin G. Brock sold 11,000 shares of the stock in a transaction on Tuesday, May 1st. The stock was sold at an average price of $54.41, for a total transaction of $598,510.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is currently owned by company insiders.

A number of research firms have recently issued reports on ASTE. Stifel Nicolaus reduced their target price on Astec Industries from $67.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, April 25th. BidaskClub upgraded Astec Industries from a “sell” rating to a “hold” rating in a report on Wednesday, May 9th. ValuEngine lowered Astec Industries from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Finally, Robert W. Baird restated a “buy” rating and issued a $64.00 target price on shares of Astec Industries in a report on Friday, April 13th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Astec Industries presently has an average rating of “Buy” and a consensus target price of $67.25.

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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Institutional Ownership by Quarter for Astec Industries (NASDAQ:ASTE)

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