Concrete Pumping (NASDAQ:BBCP) Downgraded to “Hold” Rating by Zacks Research

Zacks Research lowered shares of Concrete Pumping (NASDAQ:BBCP) from a strong-buy rating to a hold rating in a report released on Tuesday,Zacks.com reports.

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

Concrete Pumping Stock Performance

NASDAQ:BBCP opened at $9.74 on Tuesday. The company has a market capitalization of $490.83 million, a P/E ratio of 69.57 and a beta of 0.86. The business has a fifty day simple moving average of $10.43 and a two-hundred day simple moving average of $8.20. 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 has a 1 year low of $5.55 and a 1 year high of $12.19.

Concrete Pumping (NASDAQ:BBCP) last issued its quarterly earnings results on Thursday, June 4th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). Concrete Pumping had a net margin of 2.23% and a return on equity of 3.47%. The firm had revenue of $106.80 million for the quarter, compared to analysts’ expectations of $96.71 million. On average, analysts expect that Concrete Pumping will post 0.17 earnings per share for the current year.

Insider Activity

In other news, Director Brent M. Stevens sold 97,700 shares of Concrete Pumping stock in a transaction dated Friday, July 10th. The stock was 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 in the company, valued at approximately $5,384,188.65. This trade represents a 16.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Iain Humphries sold 96,955 shares of the company’s stock in a transaction that occurred 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 transaction, 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 ninety days, insiders sold 346,955 shares of company stock worth $3,726,529. Insiders own 28.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets lifted its stake in Concrete Pumping by 97.5% during the third quarter. BNP Paribas Financial Markets now owns 4,429 shares of the company’s stock worth $31,000 after purchasing an additional 2,187 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Concrete Pumping during the 1st quarter valued at about $54,000. Strs Ohio purchased a new position in shares of Concrete Pumping during the 1st quarter valued at about $62,000. Verition Fund Management LLC purchased a new stake in Concrete Pumping in the fourth quarter worth approximately $69,000. Finally, OakTrust Wealth Advisors LLC bought a new position in Concrete Pumping during the fourth quarter valued at approximately $71,000. 34.20% of the stock is currently owned by hedge funds and other 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.