Astec Industries (ASTE) is Downgraded by Seaport Global Securities to Neutral, Price Target at $52

Astec Industries (ASTE) was Downgraded by Seaport Global Securities to ” Neutral” and the brokerage firm has set the Price Target at $52. Earlier the firm had a rating of “Accumulate ” on the company shares. Seaport Global Securities advised their investors in a research report released on Jul 6, 2016.

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 .

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 -0.92 points or -1.63% at $55.52 with 1,52,705 shares getting traded on Tuesday. Post opening the session at $56.05, the shares hit an intraday low of $55 and an intraday high of $56.52 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on May 26, 2016, Richard A Patek (Group Pres Aggregate & Mining) sold 1,769 shares at $53.07 per share price. According to the SEC, on May 19, 2016, Robin A Leffew (Corporate Controller) sold 404 shares at $52.00 per share price. On May 16, 2016, Jeffrey L May (President-KPI) sold 800 shares at $50.09 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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