Concrete Pumping (NASDAQ:BBCP) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Concrete Pumping (NASDAQ:BBCP) from a hold rating to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

A number of other research firms also recently issued reports on BBCP. Wall Street Zen upgraded shares of Concrete Pumping from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Weiss Ratings upgraded shares of Concrete Pumping from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Finally, Robert W. Baird boosted their price target on shares of Concrete Pumping from $8.00 to $12.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $10.25.

Concrete Pumping Stock Down 6.2%

NASDAQ BBCP opened at $11.11 on Wednesday. The stock has a fifty day moving average of $9.07 and a 200-day moving average of $7.61. The stock has a market capitalization of $559.87 million, a P/E ratio of 79.36 and a beta of 0.84. Concrete Pumping has a 52 week low of $5.55 and a 52 week high of $12.19. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.61 and a current ratio of 1.73.

Concrete Pumping (NASDAQ:BBCP) last issued its quarterly earnings results on Thursday, June 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.02). The firm had revenue of $106.80 million for the quarter, compared to analyst estimates of $96.71 million. Concrete Pumping had a net margin of 2.23% and a return on equity of 3.47%. On average, equities research analysts forecast that Concrete Pumping will post 0.17 EPS for the current year.

Insider Transactions at Concrete Pumping

In related news, CFO Iain Humphries sold 96,955 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $10.79, for a total value of $1,046,144.45. Following the completion of the transaction, the chief financial officer directly owned 377,812 shares in the company, valued at approximately $4,076,591.48. The trade was a 20.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brent M. Stevens sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $10.65, for a total value of $1,065,000.00. Following the completion of the transaction, the director owned 597,155 shares of the company’s stock, valued at $6,359,700.75. This represents a 14.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 246,955 shares of company stock valued at $2,643,644. Insiders own 28.20% of the company’s stock.

Institutional Trading of Concrete Pumping

Hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada boosted its holdings in shares of Concrete Pumping by 5.7% in the first quarter. Royal Bank of Canada now owns 161,031 shares of the company’s stock valued at $878,000 after buying an additional 8,620 shares during the period. AQR Capital Management LLC bought a new stake in shares of Concrete Pumping during the first quarter worth $78,000. Empowered Funds LLC raised its holdings in shares of Concrete Pumping by 3.7% during the first quarter. Empowered Funds LLC now owns 321,737 shares of the company’s stock worth $1,757,000 after acquiring an additional 11,605 shares during the period. Jane Street Group LLC raised its holdings in shares of Concrete Pumping by 166.4% during the first quarter. Jane Street Group LLC now owns 31,906 shares of the company’s stock worth $174,000 after acquiring an additional 19,929 shares during the period. Finally, Acadian Asset Management LLC bought a new stake in Concrete Pumping in the 1st quarter valued at $54,000. 34.20% of the stock is currently owned by institutional investors and hedge funds.

Concrete Pumping Company Profile

Concrete Pumping Holdings, Inc (NASDAQ: BBCP) is a specialized provider of concrete placing and pumping solutions for commercial, residential and infrastructure construction projects. Through its network of regional operating subsidiaries, the company offers boom pumps, line pumps and volumetric concrete mixers, enabling contractors to efficiently deliver and place concrete on jobsites of varying scale and complexity. Concrete Pumping’s services are designed to streamline the concrete placement process, reduce project timelines and improve overall jobsite safety.

Since its formation through a series of strategic acquisitions beginning in 2020, Concrete Pumping Holdings has focused on consolidating regional operators under a unified platform.