Broadview Advisors buys $22.5 Million stake in Astec Industries (ASTE)

Astec Industries (ASTE) : Broadview Advisors scooped up 950 additional shares in Astec Industries during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 454,500 shares of Astec Industries which is valued at $22.5 Million.Astec Industries makes up approximately 3.27% of Broadview Advisors’s portfolio.

Other Hedge Funds, Including , Ubs Asset Management Americas Inc boosted its stake in ASTE in the latest quarter, The investment management firm added 1,300 additional shares and now holds a total of 8,132 shares of Astec Industries which is valued at $402,534.Blackrock Group Ltd boosted its stake in ASTE in the latest quarter, The investment management firm added 1,191 additional shares and now holds a total of 28,720 shares of Astec Industries which is valued at $1.4 Million.Gabelli Funds boosted its stake in ASTE in the latest quarter, The investment management firm added 8,000 additional shares and now holds a total of 624,300 shares of Astec Industries which is valued at $29.8 Million. Astec Industries makes up approx 0.18% of Gabelli Funds’s portfolio.

Astec Industries closed down -0.68 points or -1.26% at $53.12 with 1,38,309 shares getting traded on Wednesday. Post opening the session at $53.89, the shares hit an intraday low of $52.99 and an intraday high of $54.2 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Astec Industries reported $0.77 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $0.71. The company had revenue of $278.72 million for the quarter, compared to analysts expectations of $305.49 million. The company’s revenue was down -3.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.65 EPS.

Many Wall Street Analysts have commented on Astec Industries. Company shares were Reiterated by Stifel on May 17, 2016 to “Buy”, Firm has raised the Price Target to $ 57 from a previous price target of $50 .Company shares were Reiterated by Maxim Group on May 16, 2016 to “Buy”, Firm has raised the Price Target to $ 60 from a previous price target of $48 .

Astec Industries Inc. designs engineers manufactures and markets equipment and components used primarily in road building and related construction activities. The Company’s products are used in road building from quarrying and crushing the aggregate to application of the road surface. The Company manufactures certain equipment and components unrelated to road construction including equipment for the mining quarrying construction and demolition industries and port and rail yard operators; gas and oil drilling rigs; water well and geothermal drilling rigs; industrial heat transfer equipment; whole-tree pulpwood chippers; horizontal grinders and blower trucks. It also manufactures multiple use plants for cement treated base roller compacted concrete and ready-mix concrete. The Company’s business segments are Infrastructure Group Aggregate and Mining Group and Energy Group.

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