Concrete Pumping (NASDAQ:BBCP) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Concrete Pumping from “buy” to “hold.” Despite the change, analysts overall maintain a “Moderate Buy” consensus with an average price target of $10.25.
• Concrete Pumping opened at $9.21, below its 50-day moving average of $10.30 but above its 200-day average of $8.59. The company reported quarterly EPS of $0.04, missing estimates, while revenue of $106.8 million exceeded expectations.
• Insiders sold a combined 346,955 shares worth about $3.73 million during the last quarter. Institutional investors own approximately 34.2% of the company’s stock.

Concrete Pumping (NASDAQ:BBCP - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

A number of other equities research analysts have also recently commented on BBCP. Zacks Research cut shares of Concrete Pumping from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Weiss Ratings upgraded shares of Concrete Pumping from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, June 5th. Texas Capital raised shares of Concrete Pumping to a "strong-buy" rating in a research note on Tuesday, July 21st. Finally, Robert W. Baird increased their price objective on shares of Concrete Pumping from $8.00 to $12.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $10.25.

Concrete Pumping Price Performance

NASDAQ BBCP opened at $9.21 on Friday. The business's fifty day moving average is $10.30 and its 200 day moving average is $8.59. Concrete Pumping has a fifty-two week low of $5.55 and a fifty-two week high of $12.19. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.61 and a current ratio of 1.73. The company has a market capitalization of $464.09 million, a PE ratio of 65.79 and a beta of 0.86.

Concrete Pumping (NASDAQ:BBCP - Get Free Report) 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 return on equity of 3.47% and a net margin of 2.23%.The company had revenue of $106.80 million during the quarter, compared to analysts' expectations of $96.71 million. Sell-side analysts predict that Concrete Pumping will post 0.17 earnings per share for the current year.

Insider Activity

In related news, CFO Iain Humphries sold 96,955 shares of Concrete Pumping 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 sale, the chief financial officer 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 link. Also, Director Brent M. Stevens sold 97,700 shares of the business's stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $10.83, for a total value of $1,058,091.00. Following the completion of the transaction, the director directly owned 497,155 shares in the company, valued at approximately $5,384,188.65. This represents a 16.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 346,955 shares of company stock valued at $3,726,529 in the last quarter. 28.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Concrete Pumping

Several institutional investors and hedge funds have recently modified their holdings of BBCP. Royal Bank of Canada lifted its holdings in shares of Concrete Pumping by 5.7% in the first quarter. Royal Bank of Canada now owns 161,031 shares of the company's stock worth $878,000 after buying an additional 8,620 shares in the last quarter. AQR Capital Management LLC purchased a new position in Concrete Pumping during the first quarter valued at $78,000. Empowered Funds LLC grew its stake in Concrete Pumping by 3.7% during the first quarter. Empowered Funds LLC now owns 321,737 shares of the company's stock valued at $1,757,000 after acquiring an additional 11,605 shares in the last quarter. Jane Street Group LLC increased its holdings in Concrete Pumping by 166.4% in the 1st quarter. Jane Street Group LLC now owns 31,906 shares of the company's stock valued at $174,000 after acquiring an additional 19,929 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Concrete Pumping in the 1st quarter valued at $54,000. Institutional investors own 34.20% of the company's stock.

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.

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