Nuveen Asset Management LLC Increases Stake in Astec Industries, Inc. (NASDAQ:ASTE)

Nuveen Asset Management LLC increased its holdings in shares of Astec Industries, Inc. (NASDAQ:ASTE) by 2.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 88,463 shares of the industrial products company’s stock after acquiring an additional 2,379 shares during the quarter. Nuveen Asset Management LLC’s holdings in Astec Industries were worth $3,093,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. lifted its stake in Astec Industries by 110.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 677 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 355 shares during the last quarter. Capital Square LLC purchased a new stake in Astec Industries during the first quarter worth approximately $31,000. Marshall Wace North America L.P. purchased a new stake in Astec Industries during the fourth quarter worth approximately $64,000. Man Group plc purchased a new stake in Astec Industries during the fourth quarter worth approximately $259,000. Finally, Oxford Asset Management LLP purchased a new stake in Astec Industries during the fourth quarter worth approximately $280,000. Hedge funds and other institutional investors own 93.85% of the company’s stock.

A number of equities research analysts have weighed in on ASTE shares. BidaskClub upgraded Astec Industries from a “hold” rating to a “buy” rating in a research note on Tuesday, June 9th. Sidoti cut Astec Industries from a “buy” rating to a “neutral” rating and set a $41.00 price objective for the company. in a research note on Thursday, April 23rd. Robert W. Baird boosted their price objective on Astec Industries from $47.00 to $48.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Finally, Stifel Nicolaus boosted their price objective on Astec Industries from $40.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, March 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. Astec Industries presently has a consensus rating of “Hold” and an average price target of $42.50.

NASDAQ:ASTE opened at $46.31 on Wednesday. The firm has a market cap of $1.01 billion, a P/E ratio of 36.75 and a beta of 1.21. The stock’s 50 day simple moving average is $42.68 and its 200-day simple moving average is $40.28. Astec Industries, Inc. has a 12-month low of $25.17 and a 12-month high of $49.18.

Astec Industries (NASDAQ:ASTE) last released its earnings results on Wednesday, May 6th. The industrial products company reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.61. The business had revenue of $288.80 million for the quarter, compared to analyst estimates of $291.53 million. Astec Industries had a return on equity of 6.99% and a net margin of 2.53%. The business’s revenue was down 11.4% on a year-over-year basis. On average, analysts expect that Astec Industries, Inc. will post 1.3 earnings per share for the current fiscal year.

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.

Further Reading: Hedge Funds Explained

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

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