Concrete Pumping (NASDAQ:BBCP) Cut to Hold at Zacks Research

Concrete Pumping (NASDAQ:BBCP) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also commented on the stock. Weiss Ratings raised shares of Concrete Pumping from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Texas Capital raised Concrete Pumping to a “strong-buy” rating in a research note on Tuesday, July 21st. Wall Street Zen raised Concrete Pumping from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, Robert W. Baird increased their price target on shares of Concrete Pumping from $8.00 to $12.00 and gave the company a “neutral” rating in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $10.25.

Concrete Pumping Price Performance

Concrete Pumping stock opened at $9.74 on Tuesday. The stock has a market cap of $490.83 million, a price-to-earnings ratio of 69.57 and a beta of 0.86. The company has a quick ratio of 1.61, a current ratio of 1.73 and a debt-to-equity ratio of 1.59. The business has a 50-day simple moving average of $10.43 and a 200 day simple moving average of $8.20. Concrete Pumping has a 52 week low of $5.55 and a 52 week high of $12.19.

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 analysts’ consensus estimates of $0.06 by ($0.02). The business had revenue of $106.80 million for the quarter, compared to the consensus estimate of $96.71 million. Concrete Pumping had a net margin of 2.23% and a return on equity of 3.47%. On average, research analysts forecast that Concrete Pumping will post 0.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Concrete Pumping news, Director Brent M. Stevens sold 97,700 shares of the stock in a transaction on Friday, July 10th. The shares were sold at an average price of $10.83, for a total transaction of $1,058,091.00. Following the completion of the sale, the director owned 497,155 shares of the company’s stock, valued at $5,384,188.65. This represents a 16.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Iain Humphries sold 96,955 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $10.79, for a total transaction of $1,046,144.45. Following the completion of the sale, the chief financial officer directly owned 377,812 shares in the company, valued at approximately $4,076,591.48. This trade represents a 20.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 346,955 shares of company stock valued at $3,726,529 over the last quarter. 28.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Concrete Pumping

A number of large investors have recently made changes to their positions in BBCP. BNP Paribas Financial Markets lifted its stake in Concrete Pumping by 97.5% in the third quarter. BNP Paribas Financial Markets now owns 4,429 shares of the company’s stock worth $31,000 after acquiring an additional 2,187 shares during the period. Acadian Asset Management LLC bought a new position in Concrete Pumping in the first quarter worth about $54,000. Strs Ohio bought a new stake in Concrete Pumping during the 1st quarter valued at approximately $62,000. Verition Fund Management LLC bought a new position in shares of Concrete Pumping in the 4th quarter worth approximately $69,000. Finally, OakTrust Wealth Advisors LLC purchased a new stake in Concrete Pumping in the fourth quarter worth $71,000. 34.20% of the stock is currently owned by institutional investors.

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.