Concrete Pumping (NASDAQ:BBCP) Raised to Hold at Zacks Research

Key Points

• Concrete Pumping (NASDAQ: BBCP) was upgraded to a "hold" rating by Zacks Research, indicating a neutral outlook on the stock.
• The company announced a $15 million stock repurchase plan to buy back up to 4.7% of its shares, suggesting the board believes the stock is undervalued.
• Concrete Pumping reported Q1 earnings with a loss of $0.01 per share, missing expectations, and posted revenue of $93.96 million against estimates of $99.02 million.

Concrete Pumping (NASDAQ:BBCP - Get Free Report) was upgraded by research analysts at Zacks Research to a "hold" rating in a research report issued on Tuesday,Zacks.com reports.

A number of other equities analysts have also recently commented on the company. Robert W. Baird lowered their target price on Concrete Pumping from $6.50 to $6.00 and set a "neutral" rating for the company in a report on Friday, June 6th. DA Davidson set a $8.00 target price on Concrete Pumping and gave the company a "buy" rating in a report on Monday, June 9th.

Concrete Pumping Stock Down 5.4%

Shares of NASDAQ:BBCP opened at $6.86 on Tuesday. The business has a 50-day moving average price of $6.57 and a 200 day moving average price of $6.53. The company has a current ratio of 1.79, a quick ratio of 1.68 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $356.93 million, a price-to-earnings ratio of 31.18 and a beta of 1.07. Concrete Pumping has a 12-month low of $4.78 and a 12-month high of $9.68.

Concrete Pumping (NASDAQ:BBCP - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.04). The business had revenue of $93.96 million for the quarter, compared to analyst estimates of $99.02 million. Concrete Pumping had a return on equity of 5.33% and a net margin of 3.57%. Sell-side analysts expect that Concrete Pumping will post 0.43 EPS for the current year.

Concrete Pumping declared that its Board of Directors has initiated a stock repurchase plan on Thursday, June 5th that authorizes the company to repurchase $15.00 million in shares. This repurchase authorization authorizes the company to buy up to 4.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Concrete Pumping

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC purchased a new position in shares of Concrete Pumping in the 4th quarter valued at about $55,000. Acadian Asset Management LLC purchased a new position in shares of Concrete Pumping in the 1st quarter valued at about $54,000. MetLife Investment Management LLC boosted its stake in shares of Concrete Pumping by 54.0% in the 4th quarter. MetLife Investment Management LLC now owns 11,202 shares of the company's stock valued at $75,000 after buying an additional 3,928 shares during the period. Strs Ohio purchased a new position in shares of Concrete Pumping in the 1st quarter valued at about $62,000. Finally, Kathmere Capital Management LLC purchased a new stake in Concrete Pumping during the second quarter worth approximately $70,000. Hedge funds and other institutional investors own 34.20% 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.

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