Stock Repurchase Plan Announced by Concrete Pumping (NASDAQ:BBCP) Board

Concrete Pumping (NASDAQ:BBCP - Get Free Report) announced that its board has approved a stock buyback program on Thursday, June 5th, RTT News reports. The company plans to buyback $15.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Concrete Pumping Price Performance

NASDAQ:BBCP traded down $0.19 during trading hours on Monday, hitting $5.88. The company's stock had a trading volume of 175,827 shares, compared to its average volume of 134,917. The business's 50-day moving average is $6.42 and its two-hundred day moving average is $6.75. The company has a market capitalization of $311.94 million, a PE ratio of 22.62 and a beta of 1.13. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.89 and a current ratio of 1.99. Concrete Pumping has a 52-week low of $4.78 and a 52-week high of $9.68.

Concrete Pumping (NASDAQ:BBCP - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The company reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.04). Concrete Pumping had a net margin of 3.81% and a return on equity of 6.19%. The firm had revenue of $93.96 million during the quarter, compared to analysts' expectations of $99.02 million. As a group, research analysts anticipate that Concrete Pumping will post 0.43 EPS for the current fiscal year.

Analysts Set New Price Targets

BBCP has been the subject of several analyst reports. DA Davidson cut their price target on Concrete Pumping from $9.00 to $8.00 and set a "buy" rating for the company in a research note on Monday. Robert W. Baird cut their price objective on Concrete Pumping from $6.50 to $6.00 and set a "neutral" rating for the company in a research report on Friday.

Insider Activity

In related news, CEO Bruce F. Young acquired 49,507 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average price of $5.19 per share, with a total value of $256,941.33. Following the completion of the purchase, the chief executive officer now directly owns 1,722,622 shares in the company, valued at approximately $8,940,408.18. The trade was a 2.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 26.60% of the company's stock.

Concrete Pumping Company Profile

Concrete Pumping Holdings, Inc provides concrete pumping and waste management services in the United States and the United Kingdom. The company offers concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure, and residential sectors under the Brundage-Bone and Capital Pumping brands; and industrial cleanup and containment services primarily to customers in the construction industry under the Eco-Pan brand.