As previously reported, William Blair analyst Lawrence De Maria downgraded Astec to Market Perform from Outperform following what he called a "disastrous quarter." The company reported a wide miss with some optimism about next year, but "this refrain has become outright tiresome," said the analyst, adding he can no longer give the company's management team any benefit of the doubt. The analyst, who accuses the company of having essentially "squandered the entire upside in its end-markets," sees the stock being range bound "at best" in the near-term and thinks the bottom in the stock may be about $30. Astec Industries shares are down $10.22, or $21.6%, to $37.06 in afternoon trading.