Concrete Pumping (NASDAQ:BBCP) Upgraded by Zacks Research to “Strong-Buy” Rating

Concrete Pumping (NASDAQ:BBCP) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

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

Concrete Pumping Stock Down 6.2%

Shares of BBCP opened at $11.11 on Wednesday. The business’s fifty day moving average price is $9.07 and its two-hundred day moving average price is $7.61. The firm has a market capitalization of $559.87 million, a price-to-earnings 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 released its earnings results on Thursday, June 4th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). Concrete Pumping had a return on equity of 3.47% and a net margin of 2.23%.The firm had revenue of $106.80 million for the quarter, compared to the consensus estimate of $96.71 million. On average, analysts predict that Concrete Pumping will post 0.17 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Brent M. Stevens sold 100,000 shares of the business’s stock in a transaction 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. The trade was a 14.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Iain Humphries sold 96,955 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer owned 377,812 shares in the company, valued at approximately $4,076,591.48. This trade represents a 20.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 246,955 shares of company stock valued at $2,643,644. Corporate insiders own 28.20% of the company’s stock.

Hedge Funds Weigh In On Concrete Pumping

A number of hedge funds have recently modified their holdings of BBCP. BNP Paribas Financial Markets increased its holdings in Concrete Pumping by 97.5% in the third quarter. BNP Paribas Financial Markets now owns 4,429 shares of the company’s stock valued at $31,000 after purchasing an additional 2,187 shares during the period. Acadian Asset Management LLC acquired a new position in Concrete Pumping during the 1st quarter worth about $54,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of Concrete Pumping in the 3rd quarter valued at about $71,000. Verition Fund Management LLC acquired a new stake in shares of Concrete Pumping in the fourth quarter valued at about $69,000. Finally, Occudo Quantitative Strategies LP bought a new position in shares of Concrete Pumping during the third quarter worth about $74,000. Institutional investors and hedge funds own 34.20% of the company’s stock.

About Concrete Pumping

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.