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

Texas Capital upgraded shares of Concrete Pumping (NASDAQ:BBCP) to a strong-buy rating in a report released on Tuesday,Zacks.com reports.

A number of other brokerages also recently issued reports on BBCP. Wall Street Zen raised Concrete Pumping from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Zacks Research raised shares of Concrete Pumping from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 1st. Weiss Ratings raised shares of Concrete Pumping from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Finally, Robert W. Baird raised their price objective on shares of Concrete Pumping from $8.00 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 9th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $10.25.

Concrete Pumping Trading Up 3.4%

BBCP opened at $10.82 on Tuesday. The firm has a market capitalization of $545.22 million, a price-to-earnings ratio of 77.29 and a beta of 0.84. The company’s 50 day simple moving average is $9.90 and its two-hundred day simple moving average is $7.99. Concrete Pumping has a 1-year low of $5.55 and a 1-year high of $12.19. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.73 and a quick ratio of 1.61.

Concrete Pumping (NASDAQ:BBCP) last posted 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 company had revenue of $106.80 million during the quarter, compared to analysts’ expectations of $96.71 million. Concrete Pumping had a net margin of 2.23% and a return on equity of 3.47%. Analysts expect that Concrete Pumping will post 0.17 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Iain Humphries sold 96,955 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $4,076,591.48. This trade represents 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 firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $10.65, for a total value of $1,065,000.00. Following the sale, the director directly owned 597,155 shares of the company’s stock, valued at $6,359,700.75. The trade was a 14.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 346,955 shares of company stock valued at $3,726,529. Company insiders own 28.20% of the company’s stock.

Institutional Investors Weigh In On Concrete Pumping

A number of institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted its holdings in shares of Concrete Pumping by 97.5% in the 3rd 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 last quarter. Acadian Asset Management LLC purchased a new position in shares of Concrete Pumping during the 1st quarter worth approximately $54,000. Strs Ohio acquired a new stake in Concrete Pumping in the 1st quarter valued at approximately $62,000. Verition Fund Management LLC acquired a new stake in Concrete Pumping in the 4th quarter valued at approximately $69,000. Finally, OakTrust Wealth Advisors LLC purchased a new stake in Concrete Pumping in the fourth quarter valued at approximately $71,000. 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.