CHATTANOOGA, Tenn. - Astec Industries , Inc. (NASDAQ:ASTE), a manufacturer of specialized equipment for asphalt road building, aggregate processing, and concrete production, has declared a quarterly dividend of $0.13 per share. The dividend is scheduled to be paid on May 31, 2024, to shareholders of record at the close of business on May 13, 2024.
The announcement comes as part of the company's regular shareholder returns policy. Astec operates under two primary business segments: Infrastructure Solutions, which encompasses road building, asphalt and concrete plants, thermal and storage solutions; and Materials Solutions, which includes aggregate processing equipment.
Astec Industries has a presence in various social media platforms where it shares company news and industry-related information. The company's commitment to maintaining open channels of communication with investors is reflected in its active social media engagement and the provision of direct contact details for its Senior Vice President of Investor Relations, Stephen C. Anderson.
The declaration of the dividend is a continuation of Astec's practice of providing shareholder value and is based on the company's financial performance and outlook. Dividends are a way for companies to distribute a portion of their earnings back to shareholders, and the amount of a dividend can reflect a company's financial health and its board's confidence in future earnings.
Astec's dividend policy is subject to change, as it is influenced by numerous factors, including the company's financial performance, capital requirements, and market conditions. Shareholders often view regular dividends as a sign of a company's stability and profitability, and they can serve as an income stream for investors.
This dividend announcement is based on a press release statement from Astec Industries, Inc. The provided information is intended for shareholders and potential investors to stay informed about the company's financial distributions.
InvestingPro Insights
Astec Industries, Inc. (NASDAQ:ASTE) has recently announced its quarterly dividend, signaling confidence in the company's financial stability and commitment to shareholder returns. This move aligns with the company's history of consistent dividend payments. Here are some key metrics and tips from InvestingPro that provide deeper insight into Astec's financial health and future prospects:
InvestingPro Data:
- Market Capitalization: Astec's adjusted market cap stands at 976.15 million USD, reflecting its scale within the specialized equipment manufacturing sector.
- P/E Ratio: The price-to-earnings ratio is currently at 29.1, with an adjusted P/E for the last twelve months as of Q4 2023 at 14.23, which may indicate the stock's valuation relative to its earnings.
- Revenue Growth: The company has seen a revenue growth of 5.0% over the last twelve months as of Q4 2023, demonstrating its ability to increase sales over time.
InvestingPro Tips:
- Astec has shown a strong return over the last three months, with a 17.86% price total return, reflecting positive market sentiment.
- The company's liquid assets exceed short-term obligations, suggesting a solid financial position for handling its immediate liabilities.
These InvestingPro Tips, along with 5 additional tips available at InvestingPro (https://www.investing.com/pro/ASTE), can help investors gain a comprehensive understanding of Astec's financial health and make informed investment decisions. For those looking to delve deeper, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Astec's upcoming earnings date on May 1, 2024, will provide further clarity on the company's financial trajectory and may influence future dividend policies. With a track record of raising dividends for three consecutive years and maintaining dividend payments for 13 consecutive years, Astec appears committed to rewarding its shareholders consistently.
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