Suncrete (NASDAQ:RMIX) Shares Down 21.1% – Here’s Why

Suncrete (NASDAQ:RMIX)’s stock price fell 21.1% during trading on Thursday. The company traded as low as $9.58 and last traded at $9.2410. Approximately 276,837 shares changed hands during trading, a decline of 33% from the average session volume of 412,661 shares. The stock had previously closed at $11.71.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Wall Street Zen downgraded shares of Suncrete from a “sell” rating to a “strong sell” rating in a report on Saturday, October 3rd. Weiss Ratings cut shares of Suncrete from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, October 23rd. B. Riley Financial reiterated a “buy” rating and issued a $25.00 price target (down from $26.00) on shares of Suncrete in a research note on Wednesday, August 19th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $22.00 price target on shares of Suncrete in a research report on Tuesday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Suncrete presently has a consensus rating of “Buy” and a consensus target price of $22.25.

Suncrete Stock Down 21.5%

The company has a market cap of $675.74 million, a P/E ratio of -66.74 and a beta of 0.93. The stock has a 50-day moving average of $12.54 and a 200 day moving average of $16.08. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.40 and a quick ratio of 1.15.

Suncrete (NASDAQ:RMIX) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.70). The company had revenue of $97.23 million for the quarter, compared to analyst estimates of $104.93 million. Suncrete’s revenue was up 146.2% on a year-over-year basis. Research analysts anticipate that Suncrete will post -0.01 earnings per share for the current year.

Institutional Trading of Suncrete

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Alyeska Investment Group L.P. acquired a new stake in shares of Suncrete during the 2nd quarter worth approximately $78,044,000. Bank of New York Mellon Corp acquired a new position in Suncrete during the second quarter valued at approximately $27,360,000. Harraden Circle Investments LLC bought a new stake in Suncrete during the second quarter worth $17,647,000. CenterBook Partners LP lifted its stake in Suncrete by 170.0% during the third quarter. CenterBook Partners LP now owns 236,405 shares of the company’s stock worth $3,043,000 after purchasing an additional 148,853 shares during the last quarter. Finally, State Street Corp bought a new stake in Suncrete during the second quarter worth $4,358,000. Institutional investors own 71.07% of the company’s stock.

About Suncrete

Suncrete is a construction-materials company associated with the production and sale of ready-mixed concrete and related concrete products. Its operations support building and infrastructure projects by supplying concrete materials used in residential, commercial, industrial and other construction applications.

The company’s product and service offerings have included ready-mix concrete, concrete masonry products and related construction materials. Suncrete has historically served contractors, builders, developers and other customers involved in construction and development projects.

Publicly available information about Suncrete’s current operations, geographic footprint and leadership is limited.