Astec Industries (ASTE) is Reiterated by Maxim Group to Buy, Raises Price Target to $ 60

Astec Industries (ASTE) was Reiterated by Maxim Group to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 60 from a previous price target of $48 . Maxim Group advised their investors in a research report released on May 16, 2016.

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.

Astec Industries closed down -0.56 points or -1.12% at $49.5 with 1,23,971 shares getting traded on Friday. Post opening the session at $50.07, the shares hit an intraday low of $49.46 and an intraday high of $50.39 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on May 11, 2016, Malcolm L Swanson (President-Astec, Inc.) sold 2,987 shares at $49.33 per share price. According to the SEC, on May 11, 2016, Jeffrey J Elliott (Group VP Aggregate & Mining) sold 2,718 shares at $49.35 per share price. On Mar 4, 2016, Stephen C Anderson (VP-Administration & Corp Sec) sold 1,076 shares at $43.09 per share price, according to the Form-4 filing with the securities and exchange commission.

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.

Astec Industries

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