US Concrete (USCR) Bond Prices Fall 2.5%
An issue of US Concrete Inc (NASDAQ:USCR) debt fell 2.5% against its face value during trading on Friday. The high-yield debt issue has a 6.375% coupon and will mature on June 1, 2024. The bonds in the issue are now trading at $97.29 and were trading at $93.51 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.
Several brokerages have commented on USCR. BidaskClub lowered shares of US Concrete from a “hold” rating to a “sell” rating in a report on Friday, December 7th. Sidoti began coverage on shares of US Concrete in a report on Monday, October 15th. They issued a “buy” rating for the company. DA Davidson restated a “buy” rating and issued a $87.00 price objective (down from $95.00) on shares of US Concrete in a report on Thursday, October 11th. ValuEngine upgraded shares of US Concrete from a “strong sell” rating to a “sell” rating in a report on Wednesday, November 7th. Finally, Zacks Investment Research lowered shares of US Concrete from a “hold” rating to a “sell” rating in a report on Saturday, October 13th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. US Concrete currently has a consensus rating of “Hold” and an average price target of $69.83.
Shares of US Concrete stock traded down $0.73 during trading on Friday, hitting $33.94. The company’s stock had a trading volume of 271,300 shares, compared to its average volume of 444,862. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.28 and a quick ratio of 1.10. The firm has a market cap of $593.42 million, a price-to-earnings ratio of 12.52, a PEG ratio of 1.10 and a beta of 1.39. US Concrete Inc has a 52 week low of $27.68 and a 52 week high of $84.95.
In other US Concrete news, Director Robert Martin Rayner purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 20th. The stock was bought at an average cost of $35.25 per share, for a total transaction of $176,250.00. Following the purchase, the director now directly owns 53,028 shares in the company, valued at $1,869,237. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Theodore P. Rossi purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 17th. The stock was acquired at an average price of $34.85 per share, with a total value of $348,500.00. Following the completion of the purchase, the director now owns 78,411 shares in the company, valued at $2,732,623.35. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 64,100 shares of company stock valued at $2,207,936. 5.30% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in USCR. Rehmann Capital Advisory Group purchased a new position in shares of US Concrete in the third quarter worth approximately $136,000. SG Americas Securities LLC bought a new stake in US Concrete in the second quarter worth $181,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in US Concrete during the third quarter worth $208,000. Campbell & CO Investment Adviser LLC purchased a new position in US Concrete during the third quarter worth $255,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in US Concrete during the second quarter worth $265,000.
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About US Concrete (NASDAQ:USCR)
U.S. Concrete, Inc, through its subsidiaries, produces and sells ready-mixed concrete, aggregates, and concrete-related products and services to the construction industry in the United States and Canada. It operates through two segments, Ready-Mixed Concrete and Aggregate Products. The Ready-Mixed Concrete segment engages in the formulation, preparation, and delivery of ready-mixed concrete to customers' job sites; and the provision of various services that include the formulation of mixtures for specific design uses, on-site and lab-based product quality control, and customized delivery programs.
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